Member representatives that sit on the Board of Directors of The Hellenic Village Ltd have unanimously agreed to put its 105-acre Kemps Creek property in NSW to tender, according to The Greek Herald‘s sources.
The unanimous approval from the 21 Greek associations in Sydney which make up The Hellenic Village came after an Extraordinary General Meeting was held on Monday, February 21 with over 50 delegates present.
The meeting was held at the Pan-Arcadian Club in Ashbury and chaired by the President of the Hellenic Village George Mpliokas.
Our sources said there was an understanding at the meeting to set up a Future Fund for the proceeds from the sale, however, there was no agreement on how the proceeds of the sale will be used.
In December 2020, The Greek Herald reported that an allocation of profits would be invested back into the Greek community for a cultural building or toward existing Greek Australian initiatives for the benefit of the wider Greek Australian community.
READ MORE: Future of the Hellenic Village property in Sydney’s west still unclear
After that: (1) some of the profits would go towards paying the Federation’s debt, which is “more than $500,000,” or (2) a “portion would go back to the associations,” who have shares in the property, in order to reimburse costs relating to the ongoing maintenance of the property.
The Greek Herald contacted the Hellenic Village to ask how the proceeds from the sale will be distributed and invested back into the community. The response received was “Hellenic Village has no further comment.”
