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It makes perfect business sense. That’s why.
In 1984, when the College entered into the lease on the Queens Park land, the rent was $140,000 per annum. Since then, the rent has steadily increased to $1.4 million, 10 times what it was originally. At that rate, in five years time we’d be looking at $2.8 million. Inevitably, this situation would have become unsustainable.
Buying the land for $27 million is an astute business decision, ensuring long-term viability by giving certainty to our land cost and, in the medium to long term, allowing us to spend more funds on education, teachers and students. It’s the only way to go.
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