Private school operator takes 17-year lease on former government building
A former Department of Education and Training building in Penrith has been leased to an undisclosed private school operator, destined to become the latest campus in its multi-property group.
Leasing agent Osman Omar, of Industrial Zone Real Estate Bankstown, confirmed that the former adult college at 51-57 Henry Street, Penrith, had been leased on a 17-year contract, with a 10-year option, following a six-month campaign.
Mr Omar said the deal was unique because “most schools are owned by the operator, as opposed to being leased”.
The building, zoned B3 Commercial Core and SP2 Infrastructure under Penrith City Council, was leased for $360,000 per annum net plus GST.
The 10,000 square metre site, once the district office of the Department of Education and Training, consists of multiple buildings over two levels with several individual classrooms, administration office, canteen, assembly area and playgrounds as well as male and female amenities.
The site is close to Penrith’s major transport links. Photo: Supplied
It has been vacant for about a year since the department sold the premises to a private developer.
It is close to Penrith train station with a bus stop bordering the site.
Mr Omar confirmed that the developer could have implemented a hotel design or similar under the existing zoning, but chose to take the “ethical and emotional” decision and lease to the education provider after several prior deals fell through.
The premises will need a refurbishment to bring the various buildings, constructed in the 1970s, into the present decade before commencing operation as a school, but other than that little work is required, according to Mr Omar.
