Moriah off to a good start
Sydney’s Moriah College has held two functions in the school this week as part of its capital appeal.
Tony, Edith and Peter Ryba
David and Steven Lowy
A spokesperson for the school told J-Wire: “The money being raised is to pay for the purchase of the land on which the College already stands. Buying the land means that we no longer need to pay rent which, is based on the value of the land and therefore escalates every year.”
Giore Friede and Judy Lowy told potential donors: “Fortuitously timed, this year our Appeal coincides with our historic achievement of the acquisition of the land upon which our Queens Park campus is built. We recognise this as a significant opportunity granted by the State Government to a private Jewish Day School. The purchase secures the land that houses our College – including in excess of 50 million dollars worth of infrastructure.
Your contribution to our Appeal, will make a difference. It will allow us to own the land rather than face the unknown and uncontrollable increases in lease payments. Your commitment is vital in ensuring the sustainability and security of our College, the control of our costs, which in turn effect our school fees. The decision to purchase the land is not an extravagant one, but a necessary one and a unique and rare opportunity!
Why buy the land?
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.
The functions, held in the Moriah Moshe Triguboff Auditorium heard speeches from president Mark Schneider, co-chairs Judy Lowy and Giora Friede, principal Kim Fillingham and patron Frank Lowy.
Entertainment was provided by the tour band , the middle school vocal group and primary school singers.
Moriah president Mark Schneider told J-Wire: “It’s too early to assess the financial success, but the spirit of the events was more than encouraging.”
