The Philippine-Australian Community Foundation Inc through its Chairman of the Board of Trustees Mansueto Villon has announced that the PACF property (Philippine-Australian Cultural Centre) on Grange Avenue in Schofields has been sold for the amount of $2,500,000.
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.