Bill Papastergiadis, president of the Greek Orthodox Community of Melbourne and Victoria (GOCMV) told Neos Kosmos this week, that progress on Melbourne’s new Hellenic Cultural Centre is on-track, and that the projected loan required for construction will be half the figure originally forecast.
“We were anticipating to need a loan of up to $6m, and we now think the loan necessary will be closer to $3m. So it looks like we’ll be borrowing around 25 per cent, which is a very low loan ratio towards construction, and more importantly, to the end value, estimated at $20m.” The centre’s business plan, once operational, estimates a return of $900,000 to $1m annually.
“We’re very happy with how the project is stacking up financially, and we’ve now begun the planning and design stage of the project with the City of Melbourne,” said the Community’s president, “it’s all the background work that’s needed to start toiling the soil.”
The GOCMV president says that better-than-expected financing outcomes to meet the centre’s construction bill of $12m, points to work beginning on the site, as previously forecast, during the course of next year.
In May, GOCMV announced donations totalling $1.3m from fifteen generous private contributors, who have contributed sums of between $50,000 and $250,000 to the project. “The total figure from private donations may well represent one of the largest ever private donations to a Greek community project of this kind in Australia.” The Community’s president feels that yet more may be realised by donations from individuals who want to help the cause: “We’ve been approached by a GOCMV board member from the early 1990s, who says he’s starting up ‘the $10,000 club’ of contributions.”
Papastergiadis added, that since the announcement of the major private donations, including a $50,0000 offer of support, from the Pan Cretan Association of Victoria, the GOCMV board has been ensuring the economic viability of the project.
The GOCMV president says the next phase will include inviting groups from the wider community to assist the fund raising process by making donations. Those same community groups will be able to have access to four floors in the new building.
“It’s going really well, “says Papastergiadis, who feels that Melbourne’s iconic new centre is well on its way to being realised. “We’re at the middle part of the phase with construction hopefully commencing in 2012. The construction period will be approximately twelve months.” GOCMV’s president says that he is confident he will be able to announce additional large donations for the centre in the near future.