‘$250k buy in’: Exclusive chance to buy into legal eagle’s nest
A rare slice of Adelaide’s legal history is up for grabs, with the CBD offices of Hanson Chambers hitting the market for the first time in almost half a century.
The esteemed law firm, which has produced some of the most prominent names in South Australia’s legal system, is off-loading its two-storey office building at 54-56 Carrington St to reduce the costs of barristers buying in as partners, said head of chambers Tom Cox KC.
Currently, those wishing to buy into the law business must contribute about $250,000 to purchase a share of the building – a “substantial’’ imposition to young barristers who were often also seeking to buy their first home, Mr Cox said.
“There’s no change to the chambers beyond the sale of the building,’’ he said.
“We just don’t want to lose potential applicants (partners) because they can’t fund the buy in.’’
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Hanson Chambers on Carrington Street has been listed for sale for the first time in its 46-year history.
The chambers have produced some of Australia’s top barristers.
A rear shot of the building.
Hanson Chambers will continue to operate from the well-known bluestone and red brick building, with selling agent Oliver Totani, of Ray White Commercial, confirming the law firm had recently entered a three-year lease of property, with two option periods of a further three years each.
Ideally situated within the city law precinct and the Adelaide Central Market redevelopment, Mr Totani said the office building was “relatively affordable’’, with a price guide of up to $2.5m.
The initial lease term would provide the buyer with an estimated net income of $132,790 a year, plus GST, he said.
“Obviously (the building) is very well known and it’s a highly respected chamber within the legal fraternity,’’ Mr Totani said.
“It’s in such a good location near the law courts – I think everyone accepts that you are always going to have a legal type of tenant for that type of property.
“There’s no immediate reason or need (for Hanson Chambers) to move…so you’ve an almost guaranteed tenant…for a location that will never go out of favour, in the sense that they’re not going to move the law courts in the next 100 years.’’
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Head of chambers Tom Cox KC. Source: Hanson Chambers
One of the Chamber’s original founders, SA barrister John Doyle, QC, photographed here in 1984.
Federal court judge John Mansfield (third on the right) is also a former member of Hanson Chambers.
The property has capital city zoning, allowing for future development of up to 53m (about 17 storeys) for mixed-used outcomes.
Mr Totani expected while potential buyers may wish to develop the site in the longer term, the ongoing tenancy and core CBD positioning meant it was likely the building would remain as is for at least the next five to 10 years.
Hanson Chambers was founded by Tim Anderson, John Doyle and David Quick in 1977, with the trio initially leasing half of the Carrington Street offices before purchasing the entire property two years later.
Mr Doyle was subsequently appointed SA Solicitor-General and later Supreme Court Chief Justice, while Mr Anderson also went on to serve as a Supreme Court judge.
The chambers has produced a string of other notable judiciary members, including Federal Court Justices John Mansfield and Stephen McDonald and SA Supreme Court Justices Chris Bleby, Tim Stanley and Ben Doyle.
– By Lauren Ahwan
