CHABAD North Shore will be debt free next year after a huge deal to sell one of its St Ives properties.
The organisation sold its Killeaton Street property, which has been used to house a day-care facility and mikvah, to consolidate onto its main site at College Crescent in St Ives.
“The debt will be cleared and we will have a new mikvah,” North Shore Chabad’s Rabbi Nochum Schapiro told The AJN.
“This was something we have been working on with a group of people for a number of years to get the right value for our property.”
Rabbi Schapiro said Chabad has been very lucky with the College Crescent property because, despite challenges, it has proven to be a great purchase.
“The bottom line is that Chabad isn’t about property, it’s about what we are able to do and the work that we can do for the community.”
The North Shore Mikvah will remain fully operational until a the brand-new state-of-the-art facility is built.
While the Mivkah will be built immediately, the childcare centre could take some more time.
In July this year North Shore Chabad submitted a development application to Ku-ring-gai council to remove a tennis court at the College Crescent site to build a childcare centre that can cater for 89 students, but the proposal has not been accepted.
Based on the application submitted to council, the building proposal would cost $3.5 million.
It would have space for eight children under the age of one, a further 16 children between the ages of one and two, 25 children between the ages of two and three and 40 children between the ages of four and five.
Chabad and Council are still working together to make the childcare centre a reality.
The sale of Chabad’s Killeaton Street properties was part of a massive deal for a new aged care facility in St Ives.
The owners of six properties came together to sell as a block for $21 million, with a sale price of $2555 per square metre.