Brisbane’s heritage-listed General Post Office is set for a major mixed-use redevelopment after Mackwell secured a 99-year leasehold over the CBD asset at 261 Queen Street. The deal, brokered by CBRE, marks the first time the property has been offered as a leasehold in its long history.
Built in 1872 for the Australian postal network, the character-filled building stands as one of the oldest structures in Brisbane. Mackwell’s redevelopment plan will transform the historic property into a premium commercial destination featuring high-end retail and new office spaces.
The major revamp aims to breathe new life into one of the city’s most iconic buildings—preserving its heritage while complementing the adjacent Queen Street Mall and surrounding cultural and commercial precincts. Australia Post will maintain a presence through its Brisbane GPO Post Office, continuing to offer full 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 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,” he said.
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.