Australia Post sells Fitzroy Business Centre to Piccolo

The office/warehouse occupies a 1192 square metre site.

Australia Post has sold its Fitzroy Business Centre to apartment developer Piccolo.

The 1192 square metre site, 371-385 Gore Street, at the north west corner of Argyle, is trading for an undisclosed price understood to be around its last guide which was, according to sources, just over $14 million.

The vendor paid $400,000 in 1992.

It was offered with a short-term leaseback.

Piccolo director Michael Piccolo said it intends to landbank, however, a residential redevelopment is expected in the medium-term.

The property is opposite an amalgamation of sites acquired by Pace Development Group in 2019, and earmarked for 12-level buildings containing a total of 113 dwellings (story continues below).

Martin Strode’s SMA Projects has also completed a tower of this height in the area – replacing the Star Lyric Theatre.

JLL’s Josh Rutman, Tim Carr and MingXuan Li were the agents.

Last month Australia Post announced it was quitting the CBD for a new national headquarters, at inner-east Burnley.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of