- A local family has owned the asset for the past 30 years
- Before that, building was owned by Australia Post itself
- Will be leased to retail and office tenants
In a sign of investors seeking out scarce assets, the Carlton Post Office has sold for just the second time in its near 140 year history.
Chris Kombi and Ervic Niyaz of Fitroys negotiated the sale on behalf of the local family that has owned the property for 30 years. Previously, it was owned directly by Australia Post.
The 645 sqm site’s $5.525 million sale price reflects a building rate of $14,540 per sqm.
The two-level 1883 building was constructed in a classical style that sites between conservative and boom classicism. It is listed on the Heritage Register of the National Trust and is offered with vacant possession. It was home to the post office for 135 years on the ground floor with offices above. The site is zoned Commercial 1.
The undisclosed buyer intends to initially lease out the premises to retail and office tenants before occupying the premise in the future.
Mr Kombi reiterated the purchase reflected a rare chance to secure a part of the inner Melbourne suburb’s history.
“Historic inner-Melbourne buildings such as the Carlton Post Office are very tightly held. We had owner-occupiers, investors and value-add players all pursuing the rare chance to be a part of this celebrated suburb’s rich history,” he said.
“More than 120 enquiries were generated during the Expressions of Interest campaign. “Owner-occupiers were looking to take the opportunity to acquire their own landmark premises on the fringe of Melbourne’s CBD, while investors and value-add players noted the popularity of inner-city offices with flexible working arrangements in vogue.
“Character buildings provide a point of difference for owner-occupiers and businesses. They never go out of fashion.”
It is located near Lygon Street and Carlton’s most popular eateries and wine bars.
Multiple tram routes are nearby, as are the University of Melbourne and RMIT precincts.
“The Carlton Post Office provided the highly sought-after qualities of character elements, close proximity to hospitality amenity, and an easily accessible inner-city location,” Mr Niyaz said.
Following greater control over health security and logistical issues, self-contained buildings have been increasingly sought after by tents in the covid period, he added.