Parkville Post Office has moved for the first time since 1889.
Australia Post signed a long 10-year deal for over the former 7-Eleven premises on busy Royal Parade, in a prominent location opposite Melbourne University and a few doors down from the iconic Naughton Hotel.
Talbot and Waddell struck the deal at a rate in the vicinity of $400 per sqm net on behalf of a private investor. The property has an open-plan ground floor retail area of 108sqm.
“A 10-year lease is quite unique, especially in the current climate, and reflects Australia Post’s huge confidence in the location, and in the ongoing service they provide to the community and nearby businesses,” Talbot said.
Waddell said the transaction represented the first time Parkville Post Office had relocated since being established more than 130 years ago. The previous location of Australia Post, a two-storey, neo-Gothic polychrome brick building on a bluestone plinth on Fitzgibbon Street, was sold earlier this year with the purchaser intending to renovate and occupy that building.
“The Royal Parade property presented an outstanding opportunity to secure a high-profile building in a premier location, and Australia Post was seeking a quality space and location that would do justice to their historic move,” Waddell said.
“Accessibility and exposure are always high on the priority list for Australia Post. This property offers excellent exposure to the high levels of traffic along Royal Parade, close to Melbourne University, Lygon Street and renowned medical and education precinct, and has a tram stop on its doorstep allowing for easy access to the Melbourne CBD just one kilometre away.”
Talbot said Australia Post’s integral role in day-to-day life has been reinforced during the COVID-19 period, with delivery services becoming increasingly important as Melburnians spend more on online shopping.