Educational Institute Pays $21m for Perth CBD Office

A Western Australian college has acquired a Perth office to give itself a permanent base and attract more international students to the city. 

The sale of 10 William Street to higher education and vocational training provider Stanley College marks the first transaction of a major CBD office to be negotiated and settled this year, according to the agents, Knight Frank.

The $21-million deal was brokered by a team from Knight Frank after an expressions-of-interest campaign by Greg McAlpine, Tony Delich and Zach Schreier.

The six-storey building is on a 1560sq m site and has 4248sq m of net lettable area. 

The property was sold with 75.5 per cent occupancy and a current net income of $1.4 million a year. 

The 4-Star NABERS rated building has undergone $2.5 million of base building upgrades and is described as having “huge development potential”.

Stanley College president Alberto Tassone said the purchase was an opportunity to secure a long-term home in the Perth CBD.

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