19/02/2014 - 12:38

Finbar offloads St Marks heritage property

19/02/2014 - 12:38

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Finbar offloads St Marks heritage property
Finbar's St Marks project, featuring the heritage-listed property in the foreground.

Kingston International College will move its English language and vocational school to Highgate early next month, to a heritage-listed building it bought from apartment developer Finbar Group for $3.5 million.

The building, located on Harold Street, was the only part of the former St Marks College that was retained through Finbar's $66 million redevelopment of the site into a 130-apartment project.

The sale was brokered off-market by Colliers International.

Finbar bought the site from the Japan-based GEOS group on a lease back arrangement in 2007, for $11.3 million.

GEOS slipped into administration in 2010, leading to the closure of the St Marks College and subsequently Finbar's redevelopment plan.

The building was originally earmarked for office accommodation, but Colliers International director of institutional investment services, Wayne Lawrence, said Kingston saw the property as an ideal fit.

Kingston currently operates out of a building on Francis Street, and will move to its new premises next month.

"The buyer started searching for a new home well before the lease for their existing premises was due to expire," Mr Lawrence said.

"They looked at a number of properties, and their patience and unwillingness to compromise has rewarded them with a beautiful character building that is well-suited to their needs.

"The transaction was well-timed from both the buyer and seller's point of view, and it is fair to say both are very happy with the outcome."

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