Brisbane’s heritage-listed General Post Office has been leased to real estate investors, with plans to transform the colonial building into a mixed-use precinct offering retail and office spaces.

The Queen Street GPO, built in 1872, hit the market for the first time just over a year ago, with Australia Post expressing a desire to profit off the premium site to support its everyday running costs.

A post office will continue to operate from the building, but investment group Mackwell will take over the rest of the building on a 99-year lease.

Mackwell managing director John Robson said the firm was excited to make the most of the downtown space.

“As one of the oldest buildings in Brisbane, the GPO is a landmark, character-filled property that offers a rare opportunity to curate a premium offering within Brisbane’s best retail and office precincts,” he said.

Following the announcement, Australia Post Group chief financial officer Craig Roberts again stated the organisation’s need to drive profit from the space while still providing the essential service of delivering the mail.

“Securing a leaseholder allows this iconic building to be revitalised and activated for the benefit of Brisbane, particularly ahead of the Olympics, while enabling us to reinvest in our network to better support customers and businesses across Australia,” he said.

“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.”

The building was designed by Scottish-born Francis Drummond Greville Stanley, the same man who designed the Roma Street railway station, the Queensland Club and All Hallows’ School in Fortitude Valley.

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