Government signs off on Sydney GPO sale

The sale, which was revealed by The Australian in May, later became the subject of a public campaign due to heritage concerns raised by heritage consultants and the Clover Moore-led council.

Radio broadcaster Alan Jones also queried the sale last week and the post office will now seek National Heritage listing for the Sydney GPO.

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Although it has sold out of the complex, it cites the building’s historical importance and says it has acted to reinforce existing heritage protections.

The transaction was valued at about $150 million and adds to Far East Organization/Sino Land’s interest in the overall complex where it already holds a 99-year lease on the site and owns the adjoining Westin Hotel.

Frydenberg this week notified Australia Post that he accepted the existing Heritage Management Plan attached to the sale, paving the way for the deal to be completed.

Australia Post general manager of property Adam Treffry says the nomination for National Heritage listing will be made jointly and in full co-operation with Far East/Sino Land.

The pair have a long track records in conserving heritage buildings, including The Fullerton Building in Singapore, which was once home to Singapore’s GPO.

We are deeply respectful of the Sydney GPO’s historical significance to Australians. We are fully committed to operating the property in a way that will honour its rich heritage

“While the existing heritage plan already ensured the protection of the Sydney GPO, National Heritage listing would further reinforce the historical importance of the site to the benefit of future generations,” he says.

“If successful, the building would join other iconic sites including the Australian War Memorial, Sydney Opera House and Bondi Beach covered by the highest level of heritage protections in the country.

Ai Lian Fang, the chair of Far East’s Australia properties executive committee, says Sydney GPO will be a marvellous addition to the National Heritage List.

“We are deeply respectful of the Sydney GPO’s historical significance to Australians. We are fully committed to operating the property in a way that will honour its rich heritage,” she says.

The planned sale of the Sydney GPO was announced in May, after an expression of interest process in relation to Australia Post’s GPO property portfolio, including the Sydney GPO, last year.

That process involved 40 organisations identified to have extensive property experience, including Australian and foreign-owned entities.

The Australian revealed last year that the original process was called off but talks began with Far East/Sino Land after its response identified what was seen as the best commercial outcome, while meeting the post office’s stringent heritage requirements.

An updated Heritage Management plan is attached to the sale to ensure the ongoing protection of the site.

Australia Post has not actually operated the site since the late 1990s when it handed over management under the terms of the 99-year leasehold. The post office based at the GPO will continue to operate under a sublease.