WA Club sold for $8.9m

THE Western Australian Club has sold its four-storey building on St Georges Terrace for $8.9 million to private investors, Tony and Maria Priolo. The WA Club acquired the property in 1995, but formally put the property on the market in March this year in a bid to shore up its finances after suffering seven consecutive net losses. The club’s long-term debt stood at $2.92 million at June 30 2006. WA Business News reported in March that the club had launched a formal campaign seeking interest in the property, following 18 months of discussions with developers. The WA Club also introduced a $275 levy for members on top of their annual membership fees as well as seeking a commitment from them to spend a minimum of $90 a quarter on food and beverage. Mr Priolo said he had appointed a heritage architect to provide advice for upgrading the building.

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