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

Public outcry as Yarra Council upholds order to remove gate at Alphington Grammar

People have united in strong opposition to a controversial decision by Yarra City Council to remove a front gate at Alphington Grammar School

Kyrgios and Osaka join forces for US Open mixed doubles shake-up

Nick Kyrgios is set to return to the court at this year’s US Open in a high-profile mixed doubles pairing with Naomi Osaka.

Kastellorizian spirit, Australian heart: Eleni Millios-Hullick’s mission to cure brain cancer

Eleni Millios-Hullick is a passionate Greek Australian from Townsville, Queensland, and the current CEO of The Cure Starts Now Australia.

Arthur Sinodinos AO shares strategic global insights at Business Sydney briefing

Former Australian Ambassador to the United States, the Hon. Arthur Sinodinos AO, delivered a timely and insightful address.

Victoria Floratos crafts beauty from fragile shells and migrant histories

In a Richmond studio, surrounded by tubs of meticulously washed eggshells, Victoria Floratos is piecing together more than just artworks.

You May Also Like

Cypriot Foreign Minister pays first official visit to Greece to discuss Cyprus issue

Cypriot Foreign Minister, Constantine Kombos, paid his first official visit to Greece and met with his Greek counterpart, Nikos Dendias.

‘The Maniatisses’ painting to be unveiled at AHEPA NSW’s Greek Independence Day event

On Wednesday, March 26 all roads lead to AHEPA NSW Hall in Rockdale for the celebration of the Greek War of Independence

Mangas family in favour of NSW Government’s new parenting website

The NSW Government has launched a new website to assist parent with multiple resources for raising their kids.