Stanley College buys Perth office building

Stanley College has purchased a Perth office building for $21 million, with a view to moving into the property in the long term.

Gregory George Wright, Friedrich Pangratz, and Albert Anthony Martinez sold the six-storey building at 10 William Street, with 75.5 per cent occupancy.

Stanley College, which provides vocational training, English language courses and bachelor degrees, has campuses in Northbridge, West Perth and Mirrabooka.

College president Alberto Tassone said the purchase provided an opportunity to secure a long-term home in the Perth CBD, as well as a strong investment asset for the future of the College.

“We took a long-term view with this acquisition, which allows Stanley College to continue delivering training and education to international and local students which will create job-ready graduates with skills which are in high demand in WA such as nursing, community care and ICT,” he said.

Stanley College chair Suzanne Ardagh said the acquisition would contribute to the vibrancy of the CBD by attracting students globally to study and live in Perth.

Knight Frank Australia’s Greg McAlpine, Tony Delich and Zach Schreier brokered the deal via an expressions of interest campaign.

The building has 4,248 square metres of net lettable area and sits on a 1,560sqm site, with a current net income of $1,356,524 per annum and 2.05 year weighted average lease expiry. 

“10 William Street provided a compelling offering for potential buyers, primarily due to the advantageous building location, the size of the landholding and the exceptional value-add potential,” Mr Delich said.

“It is a large landholding of 1,560 square metres in this prime location, with significant future development potential, which offered substantial growth prospects for buyers.”

Mr McAlpine said there was strong buyer interest during the campaign from both investors and owner occupiers, but enquiries were particularly strong from the latter.

“The majority of the building has a 9B classroom certification, and this point of difference provided an opportunity for education users, from which interest was solid,” he said.