The Board of Hellenic Village Ltd has confirmed significant progress in the sale of its long-held land at Austral, revealing that more than $11.9 million in non-refundable funds has already been transferred, with a further $3 million due in January 2026, as the organisation edges closer to completing one of the largest property transactions in Australian Greek community history.
In a December 2025 update issued to member organisations of the Hellenic Village, advances across three key areas were outlined: the sale process itself, the resolution of outstanding land tax liabilities, and the ongoing work to establish a future charitable structure linked to the proceeds of the sale.
Sale progress and settlement outlook
The land, comprising approximately 105 acres at Gurner Avenue, Austral, was sold to Western Sydney developer Castle Group for $119.5 million (inclusive of GST), following a lengthy and at times uncertain sale process that began with unanimous approval by unit holders at an Extraordinary General Meeting in October 2023.
Speaking to The Greek Herald, Hellenic Village Director James Stevens confirmed that settlement is currently anticipated for late November or early December, subject to the terms of the agreement and any exercised extensions.
Under the sale terms, Castle Group has the option to extend settlement for up to 270 days, at a cost of $25,000 per day payable to Hellenic Village. If the full extension period were utilised, this would add $6.75 million to the purchase price, lifting the total consideration from $119.5 million to approximately $126.25 million, plus the agreed $200,000 donation to the Australian Hellenic Future Fund (AHFF).
Land tax liability explained
The December update also disclosed that Hellenic Village received a Revenue NSW land tax assessment totalling $441,467.42, covering the years 2020 to 2024.
According to Mr Stevens, the Board only became aware of the liability in October 2025, after correspondence had been sent for several years to an outdated address linked to a former office-holder. He said once the liability became known, the Board acted promptly.
“It’s simply the sum total of four or five years of land tax that’s due, and we’ve duly paid the land tax out of the proceeds that we’ve received,” Mr Stevens said.
The Board has since engaged HQB Accountants Auditors Advisors following a market process, with the firm assisting in securing a payment arrangement with Revenue NSW. Two instalments of $90,364 were paid in November, with the remaining balance scheduled across December, January and March 2026.
Disclosures to Revenue NSW could potentially result in an adjusted land tax assessment, either upward or downward.
Financial reporting and transparency
Responding to questions about governance and transparency given the scale of the transaction, Mr Stevens said the Board recognised its duty to keep member organisations informed of all material developments.
“If something significant was to fall over, that would be something we would have to communicate immediately to our members,” he said. “At the same time, we don’t want to be burdening them with unnecessary information.”
He said directors remained accessible to member organisations seeking clarity.
The appointment of a new accounting firm and the preparation of FY25 financial statements are expected to pave the way for the issuing of a formal Notice of Annual General Meeting once completed.
The unresolved question: proceeds and the charitable structure
While the sale itself is progressing, the distribution of net proceeds remains unresolved — a point of ongoing discussion among the 21 Greek associations* that collectively make up Hellenic Village Ltd.
The Board has previously proposed that 50 per cent of net proceeds be distributed to unit holders according to their shareholdings, with the remaining 50 per cent directed to a new charitable vehicle, the AHFF. No formal consensus has yet been reached on this model.
Mr Stevens stressed that participation in any charitable structure would ultimately be a decision for individual organisations.
“Everybody can choose whether they want to contribute to the charitable trust or not,” he said. “That will depend on their respective situations and their tax positions.”
The Greek Herald has spoken to several unit holders involved in the matter, including the Hellenic Club of Sydney. While the Hellenic Club has confirmed its own approach to managing any proceeds, it remains committed to supporting the Greek community through its established programs. Notably, the Hellenic Club is one of the few organisations among the unit holders that was originally established to provide directly to the Hellenic community in Sydney.
We note that most unit holders continue to align with the original ethos of reinvesting funds back into the community, as intended from the outset.
Looking ahead
As settlement approaches, the Hellenic Village Board continues to work with legal advisers Clayton Utz on the structure, tax implications and compliance requirements of the proposed AHFF, ensuring it is fit for purpose before any substantial funds are directed to it.
For many within the Greek Australian community, the sale represents both an historic financial achievement and a defining moment that will shape how the legacy of Hellenic Village is carried forward.
As one of the largest community-owned land transactions in Australian Greek history nears completion, attention is now turning from the mechanics of the sale to the longer-term question of how its proceeds will best serve future generations.
*The 21 Greek associations who make up the Hellenic Village Ltd are:
- Order of AHEPA NSW INC – 3 shares
- AHEPA Heracles INC – 3 shares
- Apollo Sports and Cultural Club – 1 share.
- Cyprus Hellene Club Inc – 2 shares.
- Diakofton Association – 3 shares.
- Elassona Philanthropic Association – 3 shares
- Greek Taxi Drivers’ Assoc. – 1 share
- Hassion Philanthropic Assoc – 3 shares
- Hellenic Club of Sydney – 3 shares
- Helmos Philanthropic Association – 3 shares
- Kalavryton Society (NSW) ‘Aghia Lavra’ Inc – 3 shares
- Lefkadian Brotherhood of NSW LTD – 2 shares
- Messolonghi Association – 3 PO
- Meteora Association – 3 shares
- Pan-Arcadian Association of NSW – 2 shares
- Pan-Korinthian Association of NSW – 2 shares
- Pan-Nafpaktian Association ‘Nafpaktos’ – 2 shares
- Pan-Thessalian Federation – 2 shares
- Pan-Thracian Association of NSW ‘Democritus’ – 2 shares
- Association of Plataneon ‘O Platanos’ – 3 shares
- Saint Barbara Philanthropic Association – 2 shares
