$5.3m in the mail as former Redfern Post Office sells

The City of Sydney has beat out cashed-up investors to claim Redfern’s historic former post office for its own use.

The local government paid $5.3 million for the heritage-listed property, with agents saying the building will now be utilised for “indigenous usage”.

While the building’s zoning potentially allowed for a transformation into a grand residential home, a recent refurbishment by architectural firm TKO saw its most obvious future as a trendy office building.

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Built in 1882 in the Victorian Italianate style and consisting of 330sqm of commercial space across two levels, the post office was formerly owned by prominent publicist and celebrity agent Max Markson, who used it as the base for his business Markson Sparks for five years.

The former Redfern Post Office was built in 1882.

The property’s latest sale eclipsed the vendor’s price expectations, which were understood to be around $5 million.

Colliers International’s Trent Gallagher and Tony Crane marketed the building, with Gallagher previously saying there were few opportunities to buy heritage-listed properties of this quality.

“It has a 140-year history, is heritage-listed on a corner block and has a clock tower so it’s a pretty special offering,” Gallagher said.

The interiors of the former Redfern Post Office have been renovated.

“It’s extremely rare to see heritage buildings restored to this level while still retaining the original heritage façade.

“Redfern has become a burgeoning hub for creative business and 119 Redfern St is well suited to the area.”

The sale price represented a sharp 4% yield.