GPT Group’s wholesale office fund is selling a 50 per cent stake in the CBW complex in Melbourne
GPT’s flagship office vehicle will put a 50 per cent interest in Melbourne’s CBW complex on the market for about $400m, taking its tally of assets on the market to about $700m.
The move comes as the trust – the unlisted GPT Wholesale Office Fund – starts a separate campaign to sell the Google headquarters building, Workplace6, in Sydney that is expected to garner $300m.
Like many wholesale property funds, GPT has been selling to meet investor redemptions. They amount to close to $1.5bn, but it has until the end of 2027 to satisfy requests in its well-performing fund.
Google has struck a fresh lease with its landlord and also extended at a nearby Mirvac-owned building. It is also undertaking a redevelopment of the Revy building, indicating it will be locked into the area for the long term.
The six-level Workplace6 building spans 18,196sq m of space and sits on a 5694sq m waterfront site, which could suit a future residential redevelopment.
The GPT Wholesale Office Fund is selling Workplace6 in Sydney.
Cushman & Wakefield and Savills are handling both the Sydney and Melbourne offers.
The agencies will also kick off a campaign to sell the GPT fund’s 50 per cent interest in 181 William Street and 550 Bourke Street, which comprise Melbourne’s landmark CBW complex, next week. GPT teamed with the fund to purchase the CBW property from Cbus Property for $608.1m in 2014.
GPT will retain the remaining 50 per cent interest in the CBW complex and provide management services. Both assets were previously identified as possible sales candidates as part of GWOF’s strategy to manage its $8.5bn portfolio.
The GPT fund has successfully sold other assets and last year sold 750 Collins Street, Melbourne, occupied by Monash University, to Singapore-based TCA for $383m.
A year earlier, the GPT fund dumped plans for major office skyscrapers in North Sydney and Parramatta, agreeing to sell the sites to residential developer Freecity for about $219m.
Proceeds from the latest sales will contribute to funding redemption requests under an upfront 25 per cent liquidity offering to GWOF investors. This was agreed in November 2025, where big investors backed changes to the fund’s liquidity mechanism.
This resulted in an upfront liquidity offering of 25 per cent of units on issue, with the accepted requests expected to be satisfied by mid-July 2027. The fund will face a full liquidity event in July 2028.
The upfront liquidity offer resulted in $1.47bn of redemptions being accepted. GPT plans to meet these by selling assets and potentially drawing down on its existing debt capacity, its accounts said. GPT has until December 2027 to meet redemption requests but expects to get it done six months earlier.