A $300 million slice of Australia's history will go under the hammer as Australia Post uses its heritage buildings to restore its flagging financial fortunes.
The stunning, colonial-era GPOs have long been at the heart of city life across Australia's seven capitals. Now they are the centrepiece in chief executive Ahmed Fahour's latest bid to save the ailing postal business from financial ruin. 
The rescue plan to attract property investment into a fund run by Eureka Funds Management is revealed in confidential investment documents obtained by The Australian Financial Review.
"This is truly an exceptionally rare offering of prime real estate, unlikely ever to be repeated," the expression-of-interest documents say.
The GPOs, many of them more than 150 years old, comprise some of the country's most significant public buildings, including Sydney's GPO building at 1 Martin Place and Melbourne's GPO in the Bourke Street mall.
Australia Post has been laying the groundwork for a big turnaround after posting a $222 million loss last year.
Since then, Mr Fahour has cut 900 workers, increased the price of ordinary stamps to $1 and introduced a two-speed mail service to stem the record losses in its mail business.
The seven historic GPOs - those at Brisbane, Hobart, Perth, Adelaide and Canberra are also in the offer - represent the crown jewels for a 207-year-old postal service now fallen on hard times.
The freehold of six of the properties, and the leasehold of the Canberra GPO, will be transferred into a property trust, according to the confidential investment documents.
Under the proposed deal, Australia Post will initially retain a 40 per cent stake in the unlisted Australian GPO Trust, to be run by Eureka.
An incoming investor will take the remaining a 60 per stake. Each co-investor will have first right of refusal to buy each other's units.
"The portfolio represents a compelling blue-chip investment proposition, being well diversified by location, use and tenants," the EOI documents say, setting a   May 20 deadline for bids.
Long leasehold deals are in place at several of the GPOs. Far East Organisation and Sino Group have an 80-year tenancy at Martin Place, where a Westin Hotel is now established.
In Melbourne, super fund investor ISPT has an 85-year lease at the old GPO, now a retail hub host to H&M's flagship Melbourne store. Australia Post itself is a tenant at three of the properties.
The portfolio is forecast to deliver $16.5 million in net income in 2017, with an average lease expiry of 32 years.
Australia Post says no final decisions have yet been made.
"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," Australia Post spokesman Mark Gardy said.
"If we decided to proceed, we would ensure the heritage significance of these properties is maintained."
Letters p35