A court has sanctioned a $9.6 million compensation payout to a boy left brain-damaged after being sucked down a drain at an elite Anglican school on the Gold Coast.

The settlement is believed to be one of the largest compensation payouts in Queensland.

Myles Hill was a Year Seven boarder at The Southport School in February 2003 when he was sucked into an uncovered drain on the school grounds and swept about 400m down a pipe into a river.

He was submerged for about eight minutes and suffered a severe brain injury which means he now requires 24-hour care.

His family last year launched legal action in the Supreme Court in Brisbane against the Corporation of the Synod of the Diocese of Brisbane, seeking damages to help pay for Myles' care..

Late last month the parties reached a compromise - which was sanctioned on Tuesday in the Supreme Court in Brisbane - on the amount Myles will receive.

According to the court order, the Anglican Church has agreed to pay Myles and his family $9.63 million.

This figure includes $376,000 already paid to the family as advances on damages.

The family has previously alleged The Southport School breached its duty of care by allowing Myles to play on the flooded sports field, but no liability has been admitted as part of the compromise.

Speaking outside court, barrister Tim Matthews said he was pleased with the settlement granted to his client.

"In order to sanction the compromise (Justice Roslyn Atkinson) had to be satisfied ... that the compromise was in Myles' best interest," he said, adding that the settlement would come as a "great relief" to the Hill family.

"They can get on with life ... and not be subjected to the rigours of litigation, because the trial would have been very long and very expensive."

Anglican Diocese of Brisbane general manager Peter Read said the church hoped the settlement would allow Myles and his family to begin a new phase in their lives.

"The church's focus has always been one of compassion and pastoral care," Mr Read said in a statement.

"We assisted the family where we could during the sometimes lengthy legal process."

The Southport School headmaster Greg Wain said the school was pleased the family "will be looked after appropriately" through the settlement.

"We have always worked cooperatively and compassionately with the parents and remain in contact with them," he said.