The sale of the Hellenic Village’s 105-acre property at Gurner Avenue in Austral, New South Wales, has taken a significant turn following the withdrawal of the initial purchaser.
According to a President’s Update seen by The Greek Herald, the Board of Hellenic Village Ltd has now entered negotiations with a third-party buyer, with a new offer of $119.5 million, an increase from the previous agreement.
Background and Sale Developments
The Greek Herald first reported in October 2023 that the 21 Greek associations (Unit Holders) that form Hellenic Village Ltd unanimously agreed at an Extraordinary General Meeting (EGM) to sell the Austral property for $117.5 million. The decision came after lengthy discussions about the future of the land, which has been a key asset for the Greek Australian community for decades.
Following this agreement, the original purchaser entered a Due Diligence period and paid a non-refundable deposit. However, in December 2024, they terminated the contract, citing unresolved issues, including concerns about road access to the site.
The Board attempted to renegotiate, requesting a good faith payment and coverage of legal costs, but the purchaser declined. This led the Board to approach other interested parties in line with the resolutions adopted at the EGM in October 2023.
New Buyer and Financial Improvements
With the original purchaser withdrawing, the Board engaged with the second and third preference buyers from the original Expression of Interest campaign.
The second preference party declined to make an offer, but the third preference buyer entered negotiations, initially offering $117.5 million (inclusive of GST) before increasing their bid to $119 million and later to $119.5 million. This new offer also includes a $200,000 donation to the Australian-Hellenic Future Fund (AHFF), a charitable structure intended to support future Greek Australian community initiatives.
As part of the agreement, the new buyer made a non-refundable good faith payment, followed by a non-refundable fee for the Due Diligence period.
The total funds received by Hellenic Village from both transactions has now enabled the Board to clear all outstanding debts with the Bank of Sydney, marking a significant financial milestone for the organisation.
The Due Diligence period for the new purchaser is scheduled to conclude in March 2025, at which point a 5% deposit will be made. A second 5% deposit will follow six months later, with settlement planned for February 2026.
Future Plans and AGM Considerations
A key issue that remains unresolved is the distribution of the proceeds from the sale. During the October 2023 EGM, the Board proposed that 50% of the net proceeds be distributed to Unit Holders based on their shareholdings, while the other 50% would be donated to the AHFF. However, no consensus was reached, and this matter is expected to be discussed further at the next Annual General Meeting (AGM).
In his update, Hellenic Village President George Mpliokas said the AGM, which will also include elections for new Board positions, has been delayed due to the ongoing preparation by BT&A Consultants of the financial statements for the 2024 financial year.
Mr Mpliokas said the Board has considered holding the AGM without finalised financial statements but remains committed to completing this process before issuing an official notice.
Despite this, sources have told The Greek Herald that Unit Holders are increasingly frustrated, questioning the reasons for the delayed financials. With the AGM now eight months overdue, many are pushing for it to be held as soon as possible to address the distribution of sale proceeds.
