Our Land Our Buildings
Our Land - Our buildings
Buying the land at Queens Park
In 1984, when Moriah College entered into the lease agreement on the land occupied by the College, the rent was $140,000 per annum. Taking into account regular land valuations and adjustments, the annual rent at the time of the purchase of the land (2011) was valued at $1.4 million, nearly 10 times the original amount, equating to an average 9% annual increase. With escalating land values in the Eastern Suburbs of Sydney and corresponding increases in our rental repayments, this was unsustainable in the short to medium term.
The College’s most responsible pathway, therefore, was to acquire the land from the State Government at a cost of $27 million. This ensured the long-term viability of the College, including over $50 million of the community’s money in buildings and facilities, and provided certainty of land debt, which we aim to pay off within 15 years from purchase. Had we not bought the land, we would have paid the same amount in rent as we will now pay in principal and interest, the difference being that by 2026, we will own the land outright.
Buying the land means we will save $70 million over thirty years.
The 2011 Moriah College Capital Appeal was highly successful, raising $12 million. We remain extremely grateful for the support and generosity of our Moriah Family.
By no longer paying rent to the State Government and paying off the freehold instead, your investment will go towards giving Jewish children a more affordable, sustainable and secure Jewish education.
How can I make an investment in the Capital Management of Moriah College?
For more information or to make a donation, please contact the Foundation Director on (02) 9375 1774 or email email@example.com
All donations to the Moriah Foundation Building Fund are tax deductible.