The Cyprus Community of New South Wales is set to invite all members to an Extraordinary General Meeting (EGM) on Sunday, August 25 to decide the fate of its Club in Stanmore, Sydney.
The Club, a well-known institution founded in 1929, is a cornerstone of the Greek community in Sydney. It hosts the famous Friday-Saturday Taverna, the longest-running event in the state, and has been the venue for hundreds of dances, functions, and shows for over a quarter of a century in Stanmore.
Terry Bieri, the Cyprus Community’s Treasurer, said “the Club’s finances have always been a challenge” and that’s why the building has been “in its current state for years.”
“It’s a very large, old building that requires constant repairs and complete refurbishment. The costs of electricity, water, insurance, gas, wages, and fixing the concrete cancer and Fire Order served on the Club amount to over $1 million. If we don’t comply by August 30, 2025, the Club may close or face steep fines. It’s just not viable anymore,” Mr Bieri added.
According to the external auditor’s report to members in 2023, Club revenue has been extremely poor for over a decade while costs continue to rise.
President of the Cyprus Community, Michael Kyriacou, said “the Club is at a crossroads.”
“Due to the housing shortage, there is support at all levels of government to act now. However, the long-running financial challenges the Club has faced for decades, coupled with the lack of funds, are evident in the state of the building. It needs repair and upgrade, which requires an investment of millions with virtually no financial return. It’s decision time for the members. The Club cannot continue in its current state,” Mr Kyriacou said.
“None of this is new. The Community newsletter, published four times a year, has informed the members. The overwhelming response from members is that it’s time to decide.”
After lengthy consultations with members, stakeholders, and a team of industry experts, the Community drew up a strategic plan to map out its future needs, formulate criteria for maximising the benefit from its Club property, and preserve its mission.
“We looked at every aspect of the Community – its finances, revenue, operations, policies, the state of the building, where we are, and where we should be to secure its viability and drive renewal,” Mr Bieri said.
The Community appointed George Phillips, President of the Inner West Hawks FC, and together with Con Pavlou, Alkis Kadi, and Pandeli Antoniou, formed an Expression of Interest (EOI) Subcommittee. This team, comprising a diverse range of members and experts, was tasked with overseeing the EOI process, ensuring proposals were treated fairly and confidentially.
After a competitive process, the Community retained the international real estate firm Cushman & Wakefield to conduct the EOI campaign, attracting enquiries worldwide. The agents were simply asked to explore what could be done with the land.
Kyriakos Panayi, the Community Secretary, said “members have two options: stay in Stanmore and redevelop the property, or sell and relocate.”
Mr Bieri added, “the Community has no money to redevelop. It has had difficulty raising funds for years. Redeveloping the property or fixing the existing Club requires money that the Community does not have.”
The “stay and redevelop” proposal involves staying at the Stanmore property with a new architecturally designed seven-level freestanding tower with underground parking, containing community facilities, retail, apartments, and a rooftop venue for functions.
“The total value of the proposal to redevelop and stay exceeds $60 million. All debts will be paid. The Community will continue to operate in Stanmore until construction begins or the fire order takes effect. The Community will temporarily relocate in the area and return to Stanmore upon completion,” Mr Panayi said.
Mr Kyriacou added that the Community “has identified sites for temporary relocation while the property is being built, and even possible permanent relocation sites.”
The “sell and relocate” proposal offers two options, both involving large cash payments and a space with parking owned by the Community, which could be used or leased out.
“All three proposals are very unique and different. One is from one of Australia’s largest public listed corporations, another is backed by the nation’s largest financial institutions, and the third is from a major investment fund manager and developer of high-end vertical communities with clubs and retail hubs,” Mr Panayi said.
“The choice is either a 100 per cent investment and Club all on one site in Stanmore, or space-presence in Stanmore with significant cash to diversify and invest, potentially creating a larger Club elsewhere.”
President Mr Kyriacou said “the submission to rezone included a condition for a club-community presence in Stanmore.”
“Claims that the Community proposed a total ‘sell and go’ are not true,” Mr Kyriacou said.
The arguments to stay are well-known, focusing on the Community’s legacy. The property, located near the city of Sydney, is a large block of land worth tens of millions of dollars.
The argument to relocate centres on the cash and the flexibility to move to an area near the members, allowing the Community to grow and invest funds to generate income and fund its mission forever.
“All proposals carry a degree of risk,” Mr Kyriacou said.
“Staying in Stanmore, a suburb facing enormous demographic change on a very valuable block of land, with a Club that is not used or making money five days a week, may strain the Community’s viability.
“The return on the land’s value is likely to be minimal, if not negative. This may not be a good return for the risk, land value, or effort. The upside is that the location is hard to beat, but is it suitable to engage the youth, young adults, and families? These matters must be considered. Selling and relocating is also risky.”
Mr Panayi said, “We all appreciate that this is a sensitive, emotional issue with many strong views. The Greek community, the Australian community, and our compatriots in Cyprus, Greece, the UK, and around the world are watching us closely at this historic time. How we behave, what we say and do, says a lot about who we are, and future generations will judge us.”
Mr Panayi has written to all Community members, reminding them of their responsibility to engage in the debate in a calm, constructive, and respectful manner.
Mr Bieri added that “there has been a lot of noise and emotion about the Stanmore property.”
“Our Community is about people, culture, and language, not real estate. We all have ideas, and there will always be a few with unkind things to say, creating fake noise to distract. That’s why I ask all my compatriots to remember who we are, to respect our legacy, the sweat and sacrifice of our parents, grandparents, and pioneers. We must retain the good name of all Cypriots and our community,” he said.
Mr Kyriacou added that the board has no preference for the property other than the desire for members to respect each other, be part of the process, and refrain from damaging the good name of the community.
“The stay and sell proponents both mean well and have sound arguments, but it’s the future, the youth we must think of, not ourselves and not today. It’s all about tomorrow,” Mr Kyriacou said.
The EGM will be held on August 25, 2024. Further details about the proposals will be announced soon in The Greek Herald.
