Billionaire Kerry Stokes wants to buy a public road
Media and mining billionaire Kerry Stokes is trying to buy a public road, understood to be part of an effort to quietly expand the footprint of his influential private office in the middle of Perth.
City of Perth council received an unsolicited offer to purchase the laneway that ran between three West Perth buildings owned by a corporate vehicle tied to the businessman earlier this year.
Seven West Media chairman Kerry Stokes. Trevor Collens
At a June council meeting, the City of Perth closed proceedings to the public to consider the offer for the 177-square-metre road, which was independently valued at $660,000. The offer came from Comserv, a firm 100 per cent owned by Mr Stokes’ Australian Capital Equity.
The lord mayor of Perth, Basil Zempilas, sat out the closed-door vote on the purchase because the local politician and sports commentator remains on the payroll of Seven West Media, which is controlled by Mr Stokes.
The council voted to sell the public road to Comserv for $675,000, and a notice appeared online giving the public until next week to object. The road sits behind the listed offices of Australian Capital Equity on Kings Park Road in West Perth.
Property titles show that Mr Stokes’ Comserv owns that building and two neighbouring buildings. A spokesperson for Mr Stokes did not respond to a request for comment.
The purchase would allow Mr Stokes to expand the footprint of his private office, connecting the three blocks. From its base in Perth, Australian Capital Equity operates the Stokes family’s varied global business interests, which span media, property and mining.
The private firm counts former WA premier Richard Court and Guy Houston, a former chief of staff to ex-premier Mark McGowan, as advisers.
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