Melbourne GPO, The Strand: Major Melbourne retail hubs are on sale, expected to sell for $180m+
The Strand and the GPO in Melbourne are up for sale.
Two major retail hubs in the heart of Melbourne’s CBD are on sale and could together fetch more than $180m.
Located in the city’s “Golden Mile” of retail, stretching from the Bourke Street Mall through to Lonsdale St, The Strand and GPO are being sold off by super fund manager ISPT.
The group is backed by the likes of TAC, WorkSafe Victoria and Cbus.
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Both properties sit within one of the largest retail catchments in the nation, with an annual retail expenditure pool of $84.3bn, which is forecast to grow to $168bn by 2041, according to location intelligence firm Location IQ.
CBRE head of capital markets Simon Rooney said ISPT’s reason for offloading the iconic properties was to recycle capital and reposition their portfolio moving forward.
“We’ll get significant interest both domestically and offshore, particularly offshore, given that those types of high-profile core assets are very rarely traded and very tightly held,” Mr Rooney.
“It’s expected to be a gross realisation in excess of $180m.”
The Strand and GPO are expected to sell in excess of $180m.
Originally constructed in 1859, Melbourne’s GPO was used as the city’s general post office until 1992.
Now, it occupies around 40 metres of Bourke Street Mall frontage and hosts Australia’s largest H&M flagship store.
The Strand Melbourne has direct access to Emporium and the GPO and is home to leading fashion and lifestyle retailers like Acne Studios, COS and Midas as well as a two-level parking facility.
International expressions of interest close on Thursday 16 November 2023.
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sarah.petty@news.com.au
