The Philippine-Australian Community Foundation (PAFC) Inc. on Thursday announced that its property on Grange Avenue in Schofields has been sold for $2,500,000.
Contracts were exchanged unconditionally on 17 July 2015 and a 10% deposit of $250,000 was paid to the agent, the announcement said, adding that settlement is due on or before 14 October 2015.
The more than 2 hectare Schofields property was purchased in 2008 at a cost of $1.1 million partly funded by the proceeds from the sale of the Multi-Purpose Centre in Rooty Hill.
“Now PACF is poised to take advantage of a booming market due largely to the 2012 re-zoning of land in the Schofields Precinct by the NSW Government,” the announcement said.
“Selling the property at a profit will enable PACF to pay off all outstanding loans and have money left over to purchase and fully pay for a smaller property to house the replacement Philippine-Australian Cultural Centre.”
A replacement site in the same area which is close to the train station is being considered, said PACF Board of Trustees chairman Manny Villon on Friday morning in an interview with Sandigan community radio program 2RDJ 88.1fm.
Mr Villon said that the replacement site under consideration has a smaller block of land but has a larger building (1,000 seating capacity) and can also accommodate an indoor basketball court.
The PACF board has also scheduled a thanksgiving mass for September 12 with members of the community invited to attend.