General Post Office, Melbourne
Role
Acquisition
Financing
Purchase Negotiation
Creative Direction
Date
2006
Location
Bourke Street, Melbourne, Australia
Reviving Heritage
Testamentary to Garrisson's investment acumen is the transformation and resurrection of a historic site, the Melbourne GPO, into a high-end retail precinct. Holding a 50% stake in the asset, he negotiated and restructured the purchase, and navigated the complex facets of the acquisition, landholding documentation, and financing. In so doing, he enhanced the value and attractiveness of the property significantly. This success was predicated on his sophisticated understanding of legal frameworks, debt covenants, and capital structures, and his ability to orchestrate the financial components of the deal for a winsome outcome. His creativity in funding solutions in the deal adds to his repertoire of skills and underlies his capacity to see beyond the obvious and unlock deep value.
Historical Significance
The GPO building in Melbourne is one of Australia's most significant public landmarks. Completed in 1859, this neo-Renaissance structure seamlessly blends classical architectural design with the French Second Empire style. Situated at the intersection of Bourke and Elizabeth Street, this heritage property was acquired by Garrisson in 2001, who led its transformation into the iconic retail arcade it is today. Before his acquisition, the property had languished as a non-viable asset which many groups decided not to proceed with due to its significant complications. His 50% partner was well-known local Morry Schwartz.
GPO, 1925
Uphill Task
The project faced heritage, architectural, and economic challenges, including a major fire caused by an electrical fault on September 10, 2001, which damaged the interior of the building. Garrisson, with expertise in heritage restoration, proposed a new development concept in early 2002 to transform the historic site into a vibrant retail space while preserving its cultural heritage and adding a new contemporary structure on the part of the land.
GPO Postal Hall after the fire 2001
Award-Winning
The GPO was redesigned by Williams Boag Architects, also under the supervision of heritage architect Lovell Chen, transforming the historic building into a vibrant retail and commercial space. The project earned significant recognition, including the RAIA National Award for Commercial Buildings and the Sir Osborn McCutcheon Commercial Architecture Award in 2005.
General Post Office, Melbourne
In 2005, the GPO played a significant role in the L'Oréal Melbourne Fashion Festival by showcasing an art installation titled "When on a Winter's Night a Traveller" by Slovenian artist Matej Andraž Vogrinčič. Also, in a rare event, GPO hosted the Fashion Festival and other events while under construction. Garrisson handled the difficulties of holding events within a construction site to build the profile of this soon-to-be major global retail destination.
Upshot
In orchestrating the Melbourne GPO project, Garrisson played a pivotal role in its financial restructuring; he was chief of the creative rejuvenation process and the mastermind behind its commercial success. Taking charge of the leasing strategy, he worked meticulously and in a totally 'hands-on' way with top retail brands, both local and international, curating a mix that would attract a diverse clientele and a robust cash flow from the leases. His strategic move in selecting and negotiating with these retailers laid the foundation for the precinct's vibrant retail environment, turning it into a sought-after destination in Melbourne's shopping landscape. This holistic approach to development, where Garrisson's leadership in leasing, collaboration with retail giants, and creative direction converged, not only maximized the project's financial returns but also reaffirmed his capacity to transform spaces into enduring legacies. Garrisson Group exited the investment in 2005 with a sale to well-known Superannuation fund ISPT and a top-quartile return. This audacious transformation brought to light his deep respect for architectural heritage, thoughtfulness in design, and exceptional ability to amplify value for all stakeholders involved.
Architects: Williams Boag and Lovell Chen (Heritage)
Photography: Peter Bennetts
State Library Victoria,
Artist: Matej Andraz Vogrincic