Australia Post is looking to sell 7 of its historic GPO buildings

Australia Post is looking to sell seven of its historic GPO buildings across the country including the one in Sydney’s Martin Place and Melbourne GPO on Bourke Street.

A review into whether the national postal company should sell $300 million of its property portfolio comes as the company tries to recover from a $222 million loss last year as a result of its failing letters business.

The AFR reports the freehold of six GPO buildings as well as the leasehold of Canberra’s GPO would be transferred into an unlisted trust managed by Eureka Funds Management, with Australia Post to keep a 40% stake.

“We are in the early stages of reviewing our GPO properties to evaluate if there are opportunities to maximise return on these assets so that we can reinvest in our business to ensure our long-term sustainability,” said an Australia Post spokesperson in a statement to Business Insider Australia.

“If we decided to proceed, we would ensure the heritage significance of these properties is maintained.”

The GPO buildings will span across Australia’s major cities including Brisbane, Hobart, Perth, Adelaide and Canberra as well as Sydney and Melbourne.

Recent changes introduced by Australia Post includes a 42% hike for the price of letter postage to $1, $9 for uncollected parcels as well as drone delivery testing to boost its parcel business.

You can read more about that here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.