Endowment Foundation: Hilton College to sell land for funding

2012-01-31 00:00

PRESTIGIOUS Hilton College is trading land for social responsibility funding.

Buyers of a small portion of the vast estate will build upmarket homes in what will be known as “The Gates at Hilton”.

The first phase involves 50 houses scheduled for sale in the coming weeks.

The entire project is expected to raise R30 million.

The school hopes that the sale will make the institution more accessible to less-affluent pupils, as the proceeds will go to the school’s Endowment Foundation. The foundation is entrusted with providing funds for bursaries to deserving pupils.

Furthermore, the proceeds will go toward paying off a loan that enabled Hilton College to co-fund the development of freehold houses for the families of more than 110 former and current underprivileged black employees.

The development forms part of a wider plan to sell 100 hectares of the 1 760 hectares estate.

Director of development at the Hiltonian Society, Iain McMillan, told The Witness that more than a quarter of Hilton’s pupils rely on funding assistance.

The basic annual fee is R188 400 per pupil.

McMillan said: “Independent educational institutions need to secure their future through significant endowment investments.

“In our case, our Endowment Foundation is the major source of bursary funding.

“We want to provide greater financial assistance to deserving pupils.”

“We want to ensure that the Hilton College education is available to a cross section of our society,” he explained.

A closed tender process involving the Hiltonian community will soon be completed.

“This will be followed by sites being made available for sale to the public,” he said.

The Gates at Hilton will ultimately consist of 81 properties.

Four years ago, the Hiltonian Society also struck a deal with the uMngeni Municipality and the department of Human Settlements, as well as the then department of Land Affairs.

It was aimed at providing free-hold houses to the families of former and current Hilton College employees, in Howick West.

The school has matched the housing grants provided by the department of Human Settlements, thereby doubling the amount spent on each house.

This project has already provided 50 houses in phase one.

“The Hilton College portion has been funded by a loan from the Endowment Foundation and will be repaid through the proceeds of The Gates at Hilton.”

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