Sale process ongoing for Hellenic Village’s $117.5 million property at Austral

The sale process continues for the Hellenic Village’s 105-acre, $117.5 million property at Gurner Avenue in Austral, New South Wales.

According to a letter seen by The Greek Herald and sent to the 21 Greek associations in Sydney (Unit Holders)* which make up the Hellenic Village, the Board is working towards completing the sale of the property and establishing “a new charitable structure” to manage the distribution of the sale proceeds.

The Hellenic Village President George Mpliokas said in the letter that the Board “has successfully completed negotiations and parties have signed the Contract of Sale, with the purchaser now in their Due Diligence period.”

The purchaser has three months to complete their due diligence, with the option to extend by a further three months.

As first reported by The Greek Herald, the Unit Holders unanimously agreed to sell the Austral property for $117.5 million during an Extraordinary General Meeting (EGM) on Monday, 30 October 2023. During the EGM, the Unit Holders could not come to an agreement on how the proceeds of sale from the Austral property should be distributed.

According to a resolution put forward at the EGM, the Board recommended that 50 percent of the Total Net Proceeds from the sale of the land be distributed on a pro-rata basis to Unit Holders on the basis of how many shares each one holds in the land. The remaining funds will be donated by Unit Holders to the proposed charitable structure, Australian-Hellenic Future Fund (AHFF).

The AHFF would be used to invest back into the Greek community for a cultural building or toward existing Greek Australian initiatives for the benefit of the wider Greek Australian community. There is no word yet on how the AHFF will be managed.

Unit Holders expect to discuss this issue of concern at the Hellenic Village’s next Annual General Meeting (AGM) in August 2024.

*The 21 Greek associations who make up the Hellenic Village Ltd:

1. Order of AHEPA NSW INC – 3 shares
2. AHEPA Heracles INC – 3 shares
3. Apollo Sports and Cultural Club – 1 share.
4. Cyprus Hellene Club Inc – 2 shares.
5. Diakofton Association – 3 shares.
6. Elassona Philanthropic Association – 3 shares
7. Greek Taxi Drivers’ Assoc. – 1 share
8. Hassion Philanthropic Assoc – 3 shares
9. Hellenic Club of Sydney – 3 shares
10. Helmos Philanthropic Association – 3 shares
11. Kalavryton Society (NSW) ‘Aghia Lavra’ Inc – 3 shares
12. Lefkadian Brotherhood of NSW LTD – 2 shares
13. Messolonghi Association – 3 PO
14. Meteora Association – 3 shares
15. Pan-Arcadian Association of NSW – 2 shares
16. Pan-Korinthian Association of NSW – 2 shares
17. Pan-Nafpaktian Association ‘Nafpaktos’ – 2 shares
18. Pan-Thessalian Federation – 2 shares
19. Pan-Thracian Association of NSW ‘Democritus’ – 2 shares
20. Association of Plataneon ‘O Platanos’ – 3 shares
21. Saint Barbara Philanthropic Association – 2 shares