Probuild founder Phil Mehrten sells former Prahran Post Office for $13.4 million

The Angus & Bon steakhouse leases retail space on the ground floor of the former Prahran Post Office.

Businessman Phil Mehrten (pictured bottom, right) has sold another Melbourne commercial property.

The former Prahran Post Office, which is now a boutique mixed-use asset containing ground floor retail and upper storey offices, is trading to a China-based family for $13.4 million.

Based on the asset’s annual rental return of about $620,000, it is exchanging on a low passing yield of 4.5 per cent.

Nine offers were received for the three-level building at 164-168 Greville Street (pictured top and left) which cost Mr Mehrten $9.1 million four years ago. The founder of Probuild, who is also a race horse owner, bought the Prahran building off quarry king and developer, Paul Lofitis.

The Prahran sale comes in the same month Mr Mehrten sold a retail asset at 2 Small Street, Hampton, for $3.6 million – also to a China-based buyer.

Probuild founder and race horse owner Phil Mehrten.

In May, an asset Mr Mehrten co-owned with Probuild business associate Edward Yencken and AFL sportsman Wayne Judson traded for $15 million. This office, 1 Oxley Road, in Hawthorn, sold well over the initial price expectation of $9 million.

Three years ago the same consortium sold a city building at 415-417 Collins Street for $8.9 million.

CBRE’s Mark Wizel, Rorey James, Lewis Tong and Julian White marketed 164-168 Greville Street.

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Marc Pallisco

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