The iconic building was set to go under the hammer this morning as part of a 21-property portfolio being sold by Colliers International.

However the Uniting Church in Victoria stopped selling property after it raised enough money to pay off its debts.

The church had planned to sell 56 properties to cover a $56 million debt caused by the collapse of Acacia College but it reached the target early in the day.

Maldon Uniting Church, which was set to be auctioned next week, has also received a reprieve.

A church spokesperson said no more sales will go ahead as part of this process.

“The beauty of the strength of the property market means we were able to reach the target," the spokesperson said.

“No more sales will go ahead now so if a property has not been sold so far then it will not be sold as part of this process.”