News

Six-year deal in Slade purchase

Both council and CCM have called the six-year installment plan a good outcome.
Both council and CCM have called the six-year installment plan a good outcome. Contributed

THE church group buying Warwick's Slade Campus for $4 million will have six years to pay it off under a special deal struck with the Southern Downs Regional Council.

Council chief executive officer Rod Ferguson yesterday confirmed Christian Community Ministries (CCM), which plans to relocate the Warwick Christian College to Slade, has paid a deposit of $300,000, with an instalment of $400,000 due in August.

But the remaining balance of $3.3 million - plus interest - may not be fully inside council's coffers until August 2018 under the terms of the sale contract, with the title to be handed over at that time.

MR Ferguson said CCM would make annual payments, but was not specific about a figure.

He disagreed that the deal with CCM could be described as "unusual" and said it had been vetted by the Queensland Treasury Corporation and given the all-clear.

"This is a unique property we are talking about and while you might expect someone to walk in with a cheque for $4 million, in big business this arrangement is not uncommon," Mr Ferguson said.

"Christian Community Ministries will be paying full commercial interest, set at 6% in the first year by the Queensland Treasury Corporation."

Mr Ferguson said a "premium" had been added to the interest, but could not specify a figure.

He did confirm that if CCM could not service its debt ownership of Slade would automatically revert back to the council.

Mr Ferguson denied suggestions CCM had council over a barrel, saying their interest "component" alone would be significant.

The council announced the purchase price for Slade in early March, having bought the campus from the Anglican Church Grammar School for $3.6m in 2007.

With staff and maintenance having cost the council $354,000, the sale represented little more than a break-even for ratepayers.

CCM intends to begin operating the new primary Warwick Christian College next year and will add a senior year every following year.

CCM chief executive officer John Lyndon said the instalment plan method of payment was the "only way we could organise" the purchase of Slade, but insisted it was a "good outcome" for all.

He said CCM expected to pay off Slade "earlier" than the August 2018 deadline, but would not be specific about a time frame.

"We are now in our fourteenth year of operation with seven schools across Queensland and an eighth about to open," he said.

"We started with 100 students and we are now up to 4000."

Topics:  church council deal slade campus



Bright plan for Rose City

A SPRAWLING 30 hectare field blanketed in solar panels on the cards

Yoga a vital tool in the search for inner peace

INNER PEACE: Kate Collins runs KooYoga from her Grafton St home.

For Kate Collins, yoga is more about balance than business.

Businesses say they'll stay in Rose City

An artist's impression of the Rose City Shoppingworld redevelopment.

A number of Rose City Shoppingworld's lease holders will stay.

Local Partners

New doco argues ‘OJ Simpson is innocent, and I can prove it’

O.J. Simpson

NEW documentary series claims to have found “missing evidence".

REVIEW: Undressed is more than titilating entertainment

Nathan and Tahlia meet for the first time on the TV series Undressed.

'DIVERSE' dating show goes more than skin deep.

Noll meltdown won't affect Gympie Oz Day concert

Shannon Noll

Photo Contributed

Shannon Noll is still expected to perform in Gympie next Thursday

Will there be a Game of Thrones spin-off?

Emilia Clarke and Peter Dinklage in a scene from season six episode 10 of Game of Thrones.

HBO’S original programming president has teased fans.

Ed Sheeran's intimate gigs down under

Singer Ed Sheeran

CHART-topper playing invite-only shows in Australia next month.

Eddie McGuire's scandal-free focus and new-look Hot Seat

Eddie McGuire hosts the new Millionaire Hot Seat Super Game.

HOST wants out of the hot seat himself to focus on game show revamp.

Historical home leaves family's hands after 75 years

SALE CONFIRMED: The Gympie Regional   Realty team which sold the Ramsey property are (back) Mel Gastigar, Dorothy Palmer and Margaret Cochrane, with (front) home seller Terri-Jayne Ramsey.

Ramsey family played a huge role in Gympie's growth.

What a year 2016 proved to be

Entrance Island, Birtinya

Get the inside info from the agents themselves

REVEALED: What Coast wants in an international airport

Sunshine Coast business people share their views on what's needed

Time for a cool change

43 Eckersley Ave, Buderim.

Family home goes to the auction floor

Designer home set in lush tropical gardens

This home has it all and more

Ready to SELL your property?

Post Your Ad Here!