‘SCANDALOUS’ SALE PRICE

Australia Post Secretive Sale

The sale price of $150 million for the landmark Sydney GPO building is grossly understated and cannot be considered a true and fair price in line with market value.

The sale price reported of $150 million can only relate to the rental paid under the head lease for basically the ground floor and lower ground floor retail spaces, which is a minimum of $6,500,000 p.a. after all fees, taxes and expenses have been paid for, yielding a return of 4.33%. Separate to that, the following head leases/areas within the GPO building were given away for no specific monetary value, which raises questions as to the correct market value of the building, specifically:

  • Top floors of the building (head lease of $1 per annum to 2096) given for nothing
  • Hotel Grand Ballroom (currently no annual rental to 2096) given for nothing
  • Atrium Hotel lobby bar seating area (currently no annual rental) given for nothing
  • Five levels of basement parking (head lease of $1 per annum to 2096) given for nothing. In fact, the sub-lease to Secure Parking is currently for over $3.8 million per year and using the capitalisation rate of 4.33% (as above) would value the car park at $87 million, and it was given for nothing

MEDIA LINKS

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GPO endgame: Sale of most loved building to Singaporean billionaires an asset strip

Published Date: July 29, 2017 | Source: Sydney Morning Herald

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National Trust angered by Sydney GPO sale

Published Date: July 27, 2017 | Source: news.com.au

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Australia Post confirms sale of historic Sydney GPO, seeks heritage listing

Published Date: July 26, 2017 | Source: Sydney Morning Herald

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Interview: Peter Petroulas, Managing Director of GPO Grand

Speaker: Alan Jones | Published Date: July 18, 2017 | Source: 2gb

Secret Sell-Off Sydney GPO by Ahmed Fahour Australia Post

Secret Deal GPO Building

Broadcast Date: June 1, 2017 | Source: Channel 7 | Reporter: Chris Maher | Host: Mark Ferguson

Prime Minister Malcolm Turnball Opposes Sale of Sydney GPO

Calls for PM Malcolm Turnbull to step in as path clears for sale of landmark Sydney GPO

Writer: Michael Evans | Published Date: June 17, 2017 | Source: The Canberra Times

Heritage Sydney

Ire over sale of Sydney icon to Singapore property developers

Writer: Jonathan Pearlman | Published Date: June 11, 2017 | Source: The Straits Times

Heritage Sydey GPP

Sale of Sydney GPO ‘scandalous’

Writer: Jim Mcilroy | Published Date: June 10, 2017 | Source: Green Left

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Aus Post to sell historic Sydney GPO

Published Date: June 9, 2017 | Source: Property HQ

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GPO building sale shows nothing is sacred any more

Speaker: Chris Smith | Published Date: June 5, 2017 | Source: 2gb

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Historic GPO building to be sold

Speaker: Chris Smith | Published Date: June 5, 2017 | Source: 2gb

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Gladys Berejiklian washes hands of secretive $150m Sydney GPO sale to billionaires

Writer: Michael Evans | Published Date: June 4, 2017 | Source: The Sydney Morning Herald

Sydney GPO Building Heritage Development and Proposals

Australia Post’s sale of historic Sydney GPO in Martin Place ‘scandalous’

Writer: Rebekah Ison | Published Date: June 1, 2017 | Source: The Australian Financial Review

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Clover Moore condemns sale of ‘masterpiece’ Sydney GPO, compares to Opera House

Writer: Michael Evans | Published Date: June 1, 2017 | Source: The Sydney Morning Herald

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ANGER OVER DEAL TO SELL MARTIN PLACE GPO BUILDING OFF SHORE

Writer: AAP | Published Date: June 1,2017 | Source: WSFM

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Historic NSW post office sale ‘scandalous’

Writer: Rebekah Ison | Published Date: June 1,2017 | Source: 9NEWS

Australia Post Secretive Sale

Outrage mounts over plan to sell Sydney’s historic GPO to Singapore developer

Writer: David Ross | Published Date: June 1, 2017 | Source: The New Daily

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Australia Post has sold the Sydney GPO to a foreign buyer for $150 million

Writer: Simon Thomsen | Published Date: June 1, 2017 | Source: Business Insider

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Australia Post to sell historic Sydney building to foreign buyers despite heritage concerns

Writer: Sarah Hawke | Published Date: June 1, 2017 | Source: ABC Australia

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Far East Organization stamps its ownership on Sydney GPO

Writer: Ben Wilmot | Published Date: May 4, 2014 | Source: The Australian

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Australia Post thinks again on $300m sale of GPOs

Writer: Kylar Loussikian / Ben Wilmot | Published Date: September 6, 2016 | Source: The Australian

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Return to sender: Australia Post to sell 1 Martin Place

Writer: Simon Thomsen | Published Date: June 1, 2017 | Source: Business Insider

Sydney GPO Building Heritage Development and Proposals

Secretive sale of the Sydney GPO raises questions

Published Date: June 25, 2017 | Source: The Age.