The long-anticipated sale of the Hellenic Village’s 105-acre property at Gurner Avenue in Austral, New South Wales, is nearing completion, with the Board confirming a new purchaser has made a non-refundable payment of $5.45 million and agreed to proceed with the sale of the land.
The transaction marks a major turning point for the Greek Australian community and the future of the Hellenic Village project.
In a President’s Report seen by The Greek Herald and issued ahead of an overdue Annual General Meeting (AGM) in May, it was confirmed that the purchaser completed its Due Diligence period on Monday, 24 March 2025, and advised that it would proceed with the acquisition.
From setback to success: The journey to securing a new buyer
The Greek Herald first reported in October 2023 that the 21 Greek associations (Unit Holders) that make up Hellenic Village Ltd had unanimously agreed at an Extraordinary General Meeting (EGM) to sell the Austral property for $117.5 million.
However, following the initial agreement, the original purchaser entered a Due Diligence period and paid a non-refundable deposit before ultimately terminating the contract in December 2024, citing unresolved issues, including road access. The Board attempted to renegotiate, seeking a good faith payment and legal cost coverage, but the purchaser declined.
In accordance with the EGM resolutions, the Board swiftly engaged with the second and third preference buyers from the original Expression of Interest campaign.
While the second preference party did not proceed, the third preference buyer entered negotiations, initially offering $117.5 million (inclusive of GST), then increasing it to $119 million, and ultimately to $119.5 million. The offer also includes a $200,000 donation to Australian Hellenic Future Fund (AHFF), a charitable structure set to be created to support future Greek Australian community initiatives.
As part of the agreement, the purchaser made a good faith payment and a second non-refundable payment upon completion of Due Diligence. The funds received to date have allowed Hellenic Village Ltd to fully clear its outstanding debts with the Bank of Sydney.
Strategic additions
The purchaser, during Due Diligence, raised concerns about neighbouring developments—particularly the Landcom site—which could impact their own development timelines.
As such, the Board agreed to grant an extension of up to 270 days for settlement. If fully utilised, this would increase the sale price from $119.5 million to $126.25 million (inclusive of GST), along with the AHFF donation.
The Board also secured two additional non-refundable payments — one due in September 2025, and another in January 2026, should the extension be used.
Unresolved issue: Proceeds distribution and AGM agenda
With the sale nearing finalisation, the Board’s focus is shifting toward realising the AHFF. However, a key issue that remains unresolved is how the proceeds of the sale will be distributed.
At the October 2023 EGM, the Board proposed that 50% of net proceeds be distributed to Unit Holders based on their shareholdings, and the remaining 50% be donated to the AHFF. However, no consensus was reached, and the matter is expected to be a major point of discussion at the upcoming AGM.
The 2024 Financial Statements have now been signed, ratified by the Board, and circulated with the official Notice of AGM. The meeting will also include elections for Board positions and further discussion around future planning.
