Melbourne's historic Genazzano FCJ College, a Catholic girls' school, is selling its prime Kew property to tackle a multimillion-dollar debt. The 137-year-old institution has faced financial strain due to declining enrollments, operating in the red for nine out of 12 years between 2013 and 2024. The 2024 annual report highlights the urgency, stating that selling the neighboring 628-square-meter block is crucial for the school's survival. The land, valued at $2.1 to $2.3 million, was previously home to a demolished residence. The school's financial report was silent on the property sale but acknowledged the challenges of rising costs and competition. The Catholic Development Fund's $6.5 million loan, due by 2034, and a $2 million overdraft arrangement provide temporary relief. Despite the financial strain, the school boasts a $62,569 surplus and $9.7 million in fees. The college's spokeswoman attributes the enrollment decline to economic pressures and changing demographics, emphasizing the school's commitment to educational quality. The sale of the Moonbria Avenue property is seen as a solution to the 'going-concern' issue, ensuring the school's long-term viability.
