Sale process ongoing for Hellenic Village’s $117.5 million property at Austral

·

The sale process continues for the Hellenic Village’s 105-acre, $117.5 million property at Gurner Avenue in Austral, New South Wales.

According to a letter seen by The Greek Herald and sent to the 21 Greek associations in Sydney (Unit Holders)* which make up the Hellenic Village, the Board is working towards completing the sale of the property and establishing “a new charitable structure” to manage the distribution of the sale proceeds.

The Hellenic Village President George Mpliokas said in the letter that the Board “has successfully completed negotiations and parties have signed the Contract of Sale, with the purchaser now in their Due Diligence period.”

The purchaser has three months to complete their due diligence, with the option to extend by a further three months.

The Hellenic Village property at Austral.
The Hellenic Village property at Austral.

As first reported by The Greek Herald, the Unit Holders unanimously agreed to sell the Austral property for $117.5 million during an Extraordinary General Meeting (EGM) on Monday, 30 October 2023. During the EGM, the Unit Holders could not come to an agreement on how the proceeds of sale from the Austral property should be distributed.

According to a resolution put forward at the EGM, the Board recommended that 50 percent of the Total Net Proceeds from the sale of the land be distributed on a pro-rata basis to Unit Holders on the basis of how many shares each one holds in the land. The remaining funds will be donated by Unit Holders to the proposed charitable structure, Australian-Hellenic Future Fund (AHFF).

The AHFF would be used to invest back into the Greek community for a cultural building or toward existing Greek Australian initiatives for the benefit of the wider Greek Australian community. There is no word yet on how the AHFF will be managed.

Unit Holders expect to discuss this issue of concern at the Hellenic Village’s next Annual General Meeting (AGM) in August 2024.

*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

Mother’s Day for Greek Australians: A time for love, memory and reflection

The roots of Mother’s Day can be traced back to Ancient Greek and Roman festivals which honoured the mother goddesses Rhea and Cybele.

Greek olive oil poised for growth in booming Australian market

A study by the Economic and Commercial Affairs Office of the Greek Consulate in Sydney highlights strong opportunities for Greek olive oil.

The Greek alphabet may be older than first thought

Associate Professor Willemijn Waal, with the help of a Vici grant, aims to explore whether the alphabet could be several centuries older.

Evangelos Demos to give seminar on the geopolitics of Greek foreign policy

Evangelos Demos is currently a PhD candidate at the University of Sydney under the supervision of Professor Vrasidas Karalis.

Niki Louca shares her recipe for Daktylies (Cypriot-style bread)

Niki Louca from My Greek Kitchen shares her favourite recipe for Daktylies (Cypriot-style bread) with The Greek Herald.

You May Also Like

Greek singer and scientist Nikos Filippatos brings Greek twist to The Wiggles

If you’ve ever wondered who the most recent musician to join The Wiggles is, let us introduce you to Nikos Filippatos.

Hellenic Community of WA welcomes appointment of new St Andrew’s Grammar Principal

The Hellenic Community of WA has welcomed the appointment of Mrs Dawn Clements as the new Principal of St Andrew's Grammar.

Neoléa collaboration with Adelaide High School supports intergenerational connections

Modern Greek students of Adelaide High School visited the Greek Orthodox Community of South Australia’s St Nicholas Church senior group.