Press release: New Innovative partnership on the North Shore

The Hyman Abramovich Foundation, Masada College and Montefiore formalise innovative partnership on the North Shore.

Press Release | 10 December 2024

The Hyman Abramovich Foundation (HAF), Masada College (Masada) and The Sir Moses Montefiore Jewish Home (Montefiore) have today announced the signing of a Heads of Agreement for the sale of the Masada College oval to the Montefiore.

The proposed deal, which is conditional on Montefiore receiving a satisfactory planning approval to construct an integrated retirement living and residential aged care campus on the site, is transformative as it allows the land to remain in the hands of the Sydney Jewish community while also opening extraordinary opportunities for Masada College and the wider North Shore Jewish community.

HAF was established as an independent organisation in 1983, with Masada as its sole beneficiary. All HAF shareholders are former Board presidents or vice presidents of the college. HAF owns the College oval.

HAF distributes funds to support its two primary purposes: providing financial assistance to Masada and supporting the construction and maintenance of Masada’s buildings. The transaction will strengthen HAF’s ability to support Masada, by addressing key challenges currently impacting private Jewish education in Australia.

Upon completion of the transaction, HAF will be in a strong financial position to fund initiatives designed to:
1. make it more affordable for all Jewish families to access Masada’s premium private education offering; and
2. assess the school’s infrastructure to ensure it meets current and future community needs.

Chairperson of HAF, Steven Gross, said “Jewish education is a fundamental pillar of Jewish identity, community and life but the reality is that a significant number of Jewish families across Australia are no longer able to afford to send their children to a Jewish day school. The
completion of this transaction will provide HAF with the financial means to deliver initiatives aimed at enabling more Jewish children to access a Masada education thereby serving to strengthen the connection of students and their families to Jewish identity and culture”

“At a time in our history when a strong Jewish identity and community has never been more important, we sincerely hope that the successful completion of this transaction goes a long way to ensuring the continued strength and togetherness of the Masada, North Shore and wider Jewish communities.” Masada Board Co-Presidents, Danny Cohen and Howard Sher, said the college would use the innovative transaction as a springboard to improve its already strong offering. “Masada has a long-standing reputation for delivering an exceptional education. This innovative transaction will ensure this educational gift can be extended to students for many generations
to come and marks the beginning of the next great chapter in Masada’s celebrated history”. President of the Montefiore, David Freeman AM, said “being able to provide financial support to Masada College while at the same time addressing the need for quality retirement living and aged care services on the upper north shore of Sydney is a great benefit to both the community and those seeking our industry-leading care and accommodation”.

President of the Jewish Communal Appeal (JCA), Ian Sandler, said the deal represented the best of Jewish community innovation and collaboration.

“These three organisations have combined to create something incredibly powerful and innovative, which will serve to strengthen Jewish identity and life across every generation of our community,” Mr Sandler said.

Having signed the Heads of Agreement, the parties will now proceed to draft and execute the formal transaction documentation, which is expected to be signed in the first half of 2025. The Montefiore will at this point commence its detailed design and the preparation of documentation required to lodge a formal Development Application. No changes will occur on school grounds until after this period, including the use of the school’s oval.

Families wishing to stay informed about these exciting developments are invited to follow Masada College on LinkedIn, Facebook, Instagram or email enquiries@staff.masada.nsw.edu.au.
Media contact: media@staff.masada.nsw.edu.au