The Hellenic Village’s 41.32-hectarge block of land in Austral has undergone a mammoth sale of $119.5 million to Western Sydney-based residential developer Castle Group, a record price that will go a long way towards boosting its future.
The land at Lot 10 Gurner Avenue was sold by Joe Sacco of Colliers and Frank Oliveri of Oliveri Capital on behalf of the Hellenic Village, a collection of 21 Greek community associations throughout Sydney representing a number of ancestral groups and cultural organisations.
In a media release prepared by Colliers and Castle Group, Hellenic Village President George Mpliokas stated:
“This sale brings Hellenic Village a step closer to realising our vision, of a united Greek-Australian charitable organisation that serves our community into the future.”
He added: “On behalf of the Board and all our member organisations, I wish Castle Group the very best with their project, and I thank Frank, Joe and the team at Colliers for their excellent work”.
The land in South West Sydney is expected to be converted into a connected and sustainable master-planned community of 550 homes.
Interest in Austral has surged given its proximity to the future Western Sydney International Airport (due to open in 2026) and the Western Sydney Aerotropolis.
Castle Group’s master-planned community aims to help its residents benefit from proximity to major infrastructure and jobs at the Western Sydney Airport and aerotropolis.
Austral has also been earmarked for significant residential and commercial development, supported by local and state government initiatives.
The suburb benefits from ongoing upgrades to road networks, including Bringelly Road and The Northern Road, which improve access to major motorways like the M7 and M5.
