The Philippine-Australian Community Foundation Inc through its Chairman of the Board of Trustees Mansueto Villon has announced that the PACF property known as (Philippine-Australian Cultural Centre on Grange Avenue in Schofields has been sold for the amount of $2,500,000.
The property comprise of five acres of land, made-over three bedroom house, a backyard all purpose awning and gardening plot as well as a religious grotto.
PACC was formerly known as Multipurpose Centre or MPC and had been the long running symbol of the efforts of the Philippine community in Sydney to establish a community-owned hub for Filipinos and friends.
The Schofield property was bought by PACF for $1.1 million after the community body sold its old MPC site in Rooty Hill, for $700,00.00 , and put the owners later in difficulty in servicing its loan.
Now contracts were exchanged unconditionally on 17 July 2015 and a 10% deposit of $250,000 was paid to the agent. Settlement is due on or before 14 October 2015.
The decision to sell was based on the objective of becoming debt-free. The 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.
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.