Australia Post sells Fitzroy Business Centre to Piccolo
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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