NSW Law Soc's College of Law building sold for approximately $25 Million; in its place a proposed development worth billions in sales and rental: Could NSW Law Society done a lot better?

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          This could well be what replaces the College Of Law building 



  by Ganesh Sahathevan 









The extracts above are from the College Of Law Ltd's 2016 Annual Report . They concern the sale of the College's. building in 2015.


In the charity’s governor's report (page 7) it is quoted:

 

During the year the college established an endowment fund, utilising cash reserves from the sale of the St Leonards building and operational surpluses. The fund professionally managed and has been established to generate investment returns overs the long term. The initial investment in May 2016 was $45.5 million, with the closing balance being $45.9 million, reflection the fair value gain of $0.4 million. 

 

Note 12 (page 37) details the sale of the charity’s St Leonards building originally cost $15M and was sold on 12 November 2015. A net gain on the disposal of $8.8M was recorded in Note 6.


The cashflow statement confirms that cash of approximately $23 Million was received for the building.

Nothing is said of the land. However, in February 2019 this document was lodged with regards the site.



SUBMISSION ON THE ST LEONARDS AND CROWS NEST 2036 DRAFT PLAN 2 – 12 CHANDOS STREET, ST LEONARDS T



This submission is written on behalf of Billbergia Pty Ltd (Billbergia) in relation to its landholdings at the ‘College of Law’ site at 2 – 12 Chandos Street, St Leonards (The site) in response to the St Leonards and Crows Nest 2036 Draft Plan (Draft 2036 Plan) that is currently on public exhibition for community and stakeholder feedback. 



This letter is to be read in conjunction with the Preliminary Urban Design and Options Analysis Report prepared by Kannfinch Architects (Attachment A). It builds on the design development Billbergia has been undertaking in relation to the site since 2017 and the consultation with both Willoughby Council and the Department of Planning and Environment (the Department).

 
The document in full can be read at the link above. It is clear that what is proposed is development worth billions in sales and rental. 

While the College Of Law Ltd is the entity that owned the building (and presumably the land it stands on), the NSW Law Society has ultimate control over the land given its control over the College of Law Ltd. Hence the question: could NSW's lawyers have done better out of this deal? 


END 

TO BE READ WITH ,FROM JUSTINIAN 



Constitutional crisis

 • FRIDAY, SEPTEMBER 26, 2014

Slicing-up the pie for the post-admission legal education market ... Lots of loot at stake as College of Law tries to push the NSW Law Society off a cliff ... Constitutional amendment ... Getting out from under the skirts 


IT'S dreadful to have to report an unhappy stand-off between the Law Society of NSW and its love child the College of Law. 

The COL wants to break its ties with the society and has pressed for a change to its constitution so as to remove the Law Soc's power of veto over major decisions

Last month Joe Catanzariti, the chairman of the College of Law, wrote to the Law Society asking that the relationship between the two bodies be terminated. 

The COL claims that the Law Society's role on its board of governors is conflicted because it also engages in continuing legal education, one of the COL's core businesses. 

The Law Soc has a veto power on the board of the college, under a constitution drawn up by Mallesons in December 2010. 

As founder of the college, the Law Society nominates a "preferred foundation ordinary member" to the COL's corporate entity, usually the Law Soc president - at the moment Ros Everett. The PFOM is not on the board of the college, but effectively can have the final say in most of its major decisions. 

Effectively, Catanzariti and the COL were asking Everett to sack herself from any engagement with the organisation the Law Society spawned and funded with solicitors trust account money (now totalling about $30 million).................MORE 


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