GPT Wholesale Office Fund has announced plans to sell approximately $700 million worth of assets as part of its strategy to address investor redemption requests. The fund will offer a 50 percent interest in Melbourne’s CBW complex for around $400 million and simultaneously launch a campaign to sell the Google headquarters building, Workplace6, in Sydney, which is expected to fetch about $300 million.
The CBW complex includes properties at 181 William Street and 550 Bourke Street. These were acquired in partnership with GPT in 2014 for $608.1 million. Following the sale, GPT will retain its remaining 50 percent stake in the complex and continue to provide management services. Both assets had previously been identified as potential sales candidates within the fund’s wider portfolio management strategy, which oversees assets valued at approximately $8.5 billion.
Workplace6 in Sydney is a six-level office building covering 18,196 square meters on a 5,694 square meter waterfront site. The property’s location and characteristics may also offer potential for future residential redevelopment. Google, the main tenant, recently renewed its lease and expanded at a nearby Mirvac-owned building. The company is additionally undertaking redevelopment works on the Revy building, signaling a long-term commitment to the area.
The sale campaigns for both the Sydney and Melbourne properties are being managed by Cushman & Wakefield and Savills. These efforts follow previous successful divestments by the fund, including the sale of 750 Collins Street in Melbourne to Singapore-based TCA for $383 million last year. In 2024, the fund also sold development sites in North Sydney and Parramatta to residential developer Freecity for approximately $219 million after abandoning plans for major office skyscrapers at those locations.
The sales are part of GPT Wholesale Office Fund’s response to investor redemption requests totaling close to $1.5 billion. These redemptions stem from an upfront liquidity offering approved by investors in November 2025, allowing the fund to satisfy 25 percent of units on issue. Accepted redemption requests are expected to be met by mid-July 2027, ahead of a full liquidity event scheduled for July 2028.
GPT has indicated it plans to meet redemption obligations by selling assets such as those currently on the market and may also use existing debt capacity if necessary. Although the fund has until the end of 2027 to complete the process, management expects to finalize redemptions about six months earlier. The fund continues to perform well overall despite these liquidity measures.