The Cyprus Community of New South Wales have begun the Expression of Interest (EOI) process for the sale of The Cyprus Club at 58-76 Stanmore Road in Sydney’s Inner West.
According to a notice issued to members by President of the Cyprus Community Michael Kyriacou, the Board formed an EOI Subcommittee in February 2024 with the task to select a major real estate firm to manage the EOI process for the total or partial sale of the Club’s Stanmore properties.
Mr Kyriacou said the purpose of the independent EOI Subcommittee was to ensure the independence and integrity of the EOI process, and to allow the Cyprus Club Board of Directors more time to concentrate on the Club’s operations and community activities.
“The EOI Subcommittee duties include liaising with selected real estate firms and to receive and collate serious EOI offers of various scenarios from large, financially strong entities consistent with the Club’s needs to achieve maximum use and return on the properties and safeguard the Club’s operations, assets, and assure the financial viability of the Club and its community mission now and in the future,” Mr Kyriacou said.
“It is not the duty of the EOI Subcommittee to select which EOI offer or scenario to accept, but to merely present to the Cyprus Club Board of Directors with the best EOI offers based on various scenarios preferred by a potential buyer, all of which will be put to the members.”
The EOI Subcommittee consists of the following Community members: George Phillips, Con Pavlou, Pandeli Antoniou, and Alkis Kadi.
Expressions of Interest by real estate firms
Four major real estate firms have been interviewed in depth by the EOI Subcommittee and were asked to submit offers to become the exclusive selling agents.
The EOI Subcommittee sat through several interviews with representatives from various large real estate firms and then evaluated written submissions they made.
After carefully considering the written submissions received and the interviews conducted, the EOI Subcommittee unanimously decided to select the international real estate firm CUSHMAN & WAKEFIELD as the exclusive real estate firm. This decision was based on the following:
- The professionalism and commitment displayed by their four Senior Executives.
- The quality and professionalism of the written submission presented.
- The international contacts and experience in selling large scale projects worldwide.
- The competitive commission they offered.
Following the selection of CUSHMAN & WAKEFIELD as the Club’s exclusive agents, the EOI Subcommittee held several meetings with them to finalise the international and local Marketing Strategy to be adopted.
The marketing ‘Information Memorandum’ and various other marketing documents have now been finalised and will go live to local and international investors / developers in early May 2024.
This decision to start the EOI process comes amid turmoil between members of the Cyprus Community and the Board of Directors over the future of the Cyprus Club at Stanmore and whether to ‘stay or sell’ the property.
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