Plans for Montefiore to buy Masada oval
A Heads of Agreement for the sale of the Masada College oval to Montefiore has been signed in Sydney.
The signatories were The Hyman Abramovich Foundation (HAF), Masada College (Masada) and The Sir Moses Montefiore Jewish Home (Montefiore) .
Montefiore is planning to construct an integrated retirement living and residential aged care campus on the site subject to council approval.
The sale allows the land to remain in the hands of the Sydney Jewish community while also opening extraordinary opportunities for Masada College and the wider
North Shore Jewish community.
HAF was established as an independent organisation in 1983, with Masada as its sole
beneficiary and owns the College oval.
It distributes funds to support its two primary purposes: providing financial assistance to Masada and supporting the construction and maintenance of Masada’s buildings.
When the transaction itself is signed, HAF will be in a strong position to support Masada by addressing key challenges currently impacting private Jewish education in Australia and
Make Masada’s premium private education more affordable for all Jewish families.
HAF will be able to assess the school’s infrastructure to ensure it meets current and future community needs.
Chairperson of HAF, Steven Gross, said: “Jewish education is a fundamental pillar of Jewish identity, community and life but the reality is that a significant number of Jewish families across
Australia are no longer able to afford to send their children to a Jewish day school.
The completion of this transaction will provide HAF with the funds to deliver initiatives aimed at enabling more Jewish children to access a Masada education thereby serving to
strengthen the connection of students and their families to Jewish identity and culture
At a time in our history when a strong Jewish identity and community has never been more important, we sincerely hope that the successful completion of this transaction goes a long way
to ensuring the continued strength and togetherness of the Masada, North Shore and wider Jewish communities.”
Masada Board Co-Presidents, Danny Cohen and Howard Sher, said the college would use the innovative transaction as a springboard to improve its already strong offering.
“Masada has a long-standing reputation for delivering an exceptional education. This innovative transaction will ensure this educational gift can be extended to students for many generations to come and marks the beginning of the next great chapter in Masada’s celebrated history” .
President of the Montefiore, David Freeman, said: “Being able to provide financial support to Masada College while at the same time addressing the need for quality retirement living and aged care services on the upper north shore of Sydney is a great benefit to both the community and those seeking our industry-leading care and accommodation”.
President of the Jewish Communal Appeal (JCA), Ian Sandler, said the deal represented the best of Jewish community innovation and collaboration.
“These three organisations have combined to create something incredibly powerful and innovative, which will serve to strengthen Jewish identity and life across every generation of our
community,” Mr Sandler said.
No changes to Masada’s grounds will be made until the DA is received and the transaction completed.
When asked about the loss of the oval Masada co-Chairman Danny Cohen said: “This transaction will enable HAF and Masada to consider the school’s academic, social and sporting infrastructure and ensure it meets current and future community needs. Masada will provide more information about opportunities in these areas in due course.”
