Brisbane’s heritage-listed General Post Office is poised for a major mixed-use overhaul after the inking of a landmark deal.
Real estate investment management and advisory firm Mackwell has secured a 99-year leasehold over the blue-chip CBD asset at 261 Queen Street.
The transaction brokered by CBRE is the first time the property has been offered to the market as a leasehold in its long history.
Purpose-built for the Australian postal network in 1872, the character-filled building is recognised as one of the oldest structures in Brisbane.
Under Mackwell’s redevelopment strategy, the historic property will be transformed into a vibrant commercial destination featuring a premium retail mix and new office spaces.
The major revamp is designed to breathe new life into one of the city’s most iconic buildings—embracing and preserving its rich heritage while seamlessly complementing the adjacent Queen Street Mall and surrounding cultural and commercial precincts.
Australia Post will maintain a presence within the precinct through its Brisbane GPO Post Office, which will continue to offer a full range of postal services.
Chief financial officer Craig Roberts said securing a leaseholder aligned with the organisation’s long-term strategy to unlock value from underutilised assets while reinvesting back into its core network.
“Securing a leaseholder allows this iconic building to be revitalised and activated for the benefit of Brisbane, particularly ahead of the Olympics, while enabling us to reinvest in our network to better support customers and businesses across Australia,” he said.
Mackwell managing director John Robson said the deal would usher in a new era for the historic building.
“As one of the oldest buildings in Brisbane, the GPO is a landmark, character-filled property that offers a rare opportunity to curate a premium offering within Brisbane’s best retail and office precincts.”
The transaction and revitalisation plans reflect the broader evolution of Brisbane’s CBD ahead of the 2032 Olympic Games.
Within just days of each other this month, the owners of two of the biggest retail assets in the CBD shopping mecca have taken the covers off major revitalisation plans worth hundreds of millions of dollars.
Vicinity Centres and IFM Real Estate have both filed applications with the Brisbane City Council aimed at repositioning their flagship city centre footprints.
