A LEGAL obstacle has been removed to allow the sale of the former Acacia College to Adventist Schools, but the price tag remains a secret.
The Uniting Church, which ran Acacia until its collapse last year, refused to comment on the rumoured $8.8 million sale.
But church spokesman Michael Docherty said the figure had been included in the balance sheet, and still left a $36.6 million debt.
A fire sale of church assets in Victoria and Tasmania will be held to raise more than $53 million to cover the debt and other items.
A caveat on the Mernda school site land title – which prevented the sale of the site – was lifted after the Uniting Church and Acacia Developments Pty Ltd, a company owned by now deceased developer Bruce Dorgan, came to a secret agreement in a Supreme Court mediation.
The sale is expected to go through within weeks, ending six months of speculation about the impact of the caveat on the Adventist Schools’ Gilson College, which occupies the former Acacia College site. Adventist Schools did not comment on the rumoured $8.8 million sale price.
Gilson College principal Mark Vodell said in a statement: “The community has had questions regarding the issue of the caveat and how it would affect the long-term viability of the school.
“With the withdrawal of the caveat, it is our hope these questions can now be put to rest so that we can continue to implement our vision for a foundation to year 12 school by 2018.”
Adventist Schools education director Brian Mercer said the sale would be completed in weeks so “we can move forward with our plans to complete the established building works as well as commence investment on planned capital programs for the growth of the school”.
Adventist Schools Victoria opened Gilson College in February with 50 students – four more will join the school for the second semester – and estimates it will have 100 students in 2014.
Gilson College has leased the site for six months since agreeing to buy it last year.
