“You know what? I probably won’t (make any money from it)”, the Sydney developer told The Newcastle Herald.
“It’s a posterity thing that I would love to do because I have got quite a big foot-print in the Hunter,” he added.
“It’s just something I want to do, I think it would be a shame for the post office to be ruined and turned into some sort of money-making project”.
The basement level of the sandstone post office is now mooted to become an Aboriginal cultural centre.
The ground floor will be refitted as retail – to be targeted to wedding-focussed outlets (including a florist, photographers, and dress shop, suggested), while the top storey will be a function centre.
No application has been applied for .
Mr Schwartz missed out on buying the property in 2010 – his $3.3m offer not accepted, paving the way for the NSW government to acquire it (for $4.6m).
The Awabakal Land Council acquired it in 2014.
It was reported the asset was offered after the owner couldn’t raise the speculated $15m needed to restore it.
Nine months ago Mr Schwartz paid $65.25m for Phoenix Acres – the Vaucluse estate of Singapore- based businessman Chio Kiat Ow – a property built on what was years ago a park connected to a wharf and ferry service to Circular Quay.
The developer and cosmetic surgeon subsequently listed his outgoing family home, Loch Maree, also in the suburb, for $32m.
Mr Schwartz has for years been lobbying City of Sydney to convert a former monorail station outside his Rydges World Square in the city’s Liverpool Street as a boardroom and office.
Decommissioned five years ago, there are five vacant monorail stations in Sydney’s CBD.