The State Government has sold the heritage-listed Perth Girls’ School in East Perth for $5 million to a syndicate of local investors, including Multiplex heir Tim Roberts’ Warburton Group.

The syndicate, led by private developer and fund manager Australian Development Capital, was one of nine aspiring buyers for the 1.1ha site at 2 Wellington Street, which has views of the city, the Swan River and Darling Scarp.

After Mt Eliza in Kings Park, the former school building is at the highest point in the city and the site is next to the Metropolitan Redevelopment Authority’s 40ha Riverside development.

Australian Development Capital, the brainchild of Adam Zorzi and Rod Hamersley, was the developer behind the refurbished West Perth heritage building housing Julio’s Restaurant, now home to restaurant and bar Julio’s Italian, and the 14-storey Sage Hotel.

Sage Hotel, finished in May last year, is leased to Singapore-based international hotel operators Silverneedle Hospitality for 10 years. Australian Development Capital acquired the site, raised the capital, negotiated the lease and managed the development and manages the property on behalf of a unit trust.

Colliers International director metropolitan markets Nicholas Agapitos said there were a multitude of options for the girls’ school site, including a residential and commercial mix.

Camera Icon The former Perth Girls School in East Perth. Credit: PerthNow, Google Maps.

“It presents a unique opportunity to develop one of Perth’s most historic and elevated locations,” Mr Agapitos said.

“With its sporting venues and riverfront land just minutes from the CBD, East Perth will be a key area for infill development.”

Yesterday, Mr Zorzi said the company wanted to restore the existing heritage buildings at Perth Girls’ School and had appointed Chaney Architecture and Melbourne’s NH Architecture to devise a plan for the site.

Despite there being many residents in Claisebrook, Adelaide Terrace and in future, in Lend-lease’s Waterbank community, East Perth was missing a focal point. “We see this as a real opportunity to create a town centre for East Perth,” Mr Zorzi said.

The school building was developed by government architect A.E. Clare and its workmanship and design was recognised with a 1939 architectural award.

The art deco style emerges in the pyramid-shaped roofs and striped columns of the building, which was a school from 1936 until 1962 and then later used by WA Police.

The State Government is using the proceeds of the sales of its surplus and underused property to reduce WA’s debt.