Australia Post finalized a 99-year leasehold agreement in October 2026 to transform Brisbane’s heritage-listed General Post Office into a mixed-use retail and commercial precinct.

Real estate investment management and advisory firm Mackwell secured the long-term lease for the 1872 property at 261 Queen Street, marking the first time the site has been offered to the market.

Under the agreement, Mackwell will reconfigure the historic building into new office accommodation and retail spaces. Australia Post confirmed it will retain its full suite of postal services within the precinct without interrupting regular trading hours. CBRE Capital Markets, Offices, Queensland brokered the transaction.

The overhaul connects the property directly with foot traffic from the adjacent Queen Street Mall retail corridor. Australia Post Group Chief Financial Officer Craig Roberts said the deal allows the state-owned postal operator to monetize dormant floor area.

“We know how important our services are to the community and the Post Office will continue to operate from this site, ensuring CBD workers and residents have easy and convenient access,” said Craig Roberts, Australia Post Group’s CFO.

Mackwell Managing Director John Robson intends to pitch the heritage asset as high-end boutique commercial space. Preserving stone masonry while cutting in modern building services and vertical circulation will form the primary engineering cost.

State infrastructure authorities and commercial property developers are racing to modernise Brisbane’s central business district before the city hosts the 2032 Olympic Games. Private capital continues chasing inner-city parcels that carry established foot traffic rather than speculative peripheral builds. Long-dated ground leases offer public corporations upfront liquidity while retaining freehold title over crown land.

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