Up Property Acquires Former Armadale Australia Post Office Site

19 April 2024

Up Property has purchased the iconic former Armadale post office site located at 8 Llaneast Street, Armadale for just under $7 million.

Up Property, with a reputation for its visionary approach to development and investment, seized upon the opportunity.

“The prospect of revitalising this character-rich building aligns perfectly with Up Property’s ethos,” says Marcus Jankie, Up Property General Manager.

“Acquiring this asset, with its short-term lease, affords us the opportunity to meticulously plan our next steps. This acquisition exemplifies our commitment to active participation in the acquisition space, with a keen focus on unlocking value through development and refurbishment,” Jankie added.

Up Property is the developer of the landmark Morris Moor in Moorabbin and has a $500million pipeline of projects in Geelong.

This strategic acquisition marks another milestone for Up Property as it continues to push ahead with an aggressive acquisition strategy across various asset classes.

Stonebridge Property Group facilitated the transaction through a rigorous Expressions of Interest campaign orchestrated by Julian White, Max Warren, and Chao Zhang, acting under instructions from Charter Keck Cramer.

Situated on a 1,111 sqm landholding in the heart of Armadale’s Commercial 1 Zone, the property boasts a distinguished two-level building with a rich history, once serving as a cornerstone of the community as a post office before being repurposed for a telephone exchange.

“The expressions of interest campaign elicited an overwhelming response, with over 170 inquiries from keen investors and developers alike. The site had significant interest, culminating in more than 30 inspections and ultimately yielding six competitive offers. This fierce activity underscores the enduring appeal of quality landholdings in today’s market,”
says Stonebridge Property Group National Partner, Julian White.