The Council of Education had already authorised construction of a new publicly funded[2] schoolhouse, which was opened on 17 February 1859.

[4] At some stage, Cole purchased the land between the schoolhouse and Commercial Street, and in 1863 began construction of his private school building, with four rooms at the rear section of what would become the present-day two-storey structure.

Anne Parker advertised "boarding for young gentlemen" in conjunction with Cole's school.

[11] Although primarily a boys' school, there were occasional girl students, and possibly female boarders.

A Mr. Flett is mentioned, as is a Mrs. Jordan, later Mrs. F. W. Johnson, who opened her own private school in Watervale, then served as "house mother" at Stanley Grammar for five years.

The building passed through a number of hands, many with the idea of converting the old school into a private residence, before running up against the sad reality of the cost of such a project.

He owned it for 14 years, then sold it to Denise and Frank Kuss, the present owners, in 2007, and now its various suites are offered as luxury boutique accommodation.