Future of the Hellenic Village property in Sydney’s west still unclear

·

Member representatives that sit on the Board of Directors of The Hellenic Village Ltd held an Annual General Meeting (AGM) on December 15 to discuss the Federation’s finances and its 100-hectare property investment located in Kemps Creek, NSW.

The property in the state’s west was bought about 30 years ago. Twenty-one Greek associations* in Sydney make up the Hellenic Village Ltd. These associations purchased a cumulative number of 51 shares.

This investment property in Kemps Creek was initially purchased for approximately $500,000, but it has now been conservatively valued at approximately $55 million.

According to our sources, the sale of this property and it’s future was discussed at the AGM on December 15. Currently, no concrete plans have been made, but there are several options being discussed amongst members as to the future of the property.

Sources close to The Greek Herald suggest it is more likely this investment will be sold, with a redevelopment of the site unlikely to be undertaken at this stage. A number of options for what to do with the profits of the sale were suggested amongst the members.

The main option was that some of the profits would be invested back into the Greek community for a cultural building or something where the Greek community of Sydney can all benefit. 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.

But our sources say this second option is “unconstitutional” as “in accordance to the Constitution… no dividends from the property are to be paid back to any of the associations, directly or indirectly.”

The 2009 Hellenic Village Ltd Constitution obtained by The Greek Herald confirms this in paragraph 4 on page 6, which states:

“The income and property of the federation whensoever derived, shall be applied solely towards the promotion of the objects of the federation as set forth in this Constitution, and no portion thereof shall be paid or transferred, directly or indirectly by way of dividend, bonus or otherwise to the members of the federation.”

The Greek Herald has reached out directly to the current committee of the Hellenic Village Ltd for comment and they replied that: “…the Board will consider whether to issue a Media Release regarding discussions and outcomes of the recent AGM at its next Board meeting scheduled for the new year. Until that time Hellenic Village Ltd will not be making any comments in relation to the AGM.”

With no clarification as to how the sale of the Hellenic Village property would work as yet, its future remains unclear.

*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

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Step into the world of mental health with Georgia Cassimatis’ latest book

Greek Australian author and journalist, Georgia Cassimatis, has released a book all about exploring the world of mental health.

GOCNSW Welfare Service to put a spotlight on cyber security awareness

The Greek Orthodox Community of NSW’s (GOCNSW) Welfare Service has organised three Cyber Security Awareness education and training workshops.

Marriage of a Greek woman abroad: What to watch out for

It is during this registration process that numerous problems arise, which are not dealt with immediately but later on.

Athena Competition Greek winners show olive oil diversity

By Lisa Radinovsky from Greek Liquid Gold. At the 10th anniversary edition of the ATHENA International Olive Oil Competition in Chania, Crete, Greece in May, 175 Greek olive oils...

Greece’s island communities face population crisis

The demographic decline in Greece is hitting its islands hard, with Lemnos and Agios Efstratios showing alarming signs of aging populations.

You May Also Like

Tsitsipas serves up souvlaki for bushfires

A souvlaki named after Hellenic tennis hero Stefanos Tsitsipas is back on the menu at a Melbourne restaurant during the Australian Open, with 100 per cent of sales going to bushfire relief.

‘They cannot be compelled to play’: Lee Hagipantelis on Manly pride jersey saga

Lee Hagipantelis says the seven Manly players who will boycott after the club's decision to wear a pride jersey cannot be compelled to play.

Early Byzantine church discovered in northern Evia

An early Byzantine basilica, dating back to the 6th century AD, was uncovered this past summer in Oreoi, Northern Evia.