In a significant development for the Sydney Hellenic Village saga, the Extraordinary General Meeting held last Monday saw unanimous approval for the Expression of Interest (EOI) campaign results and the authorisation to proceed with the sale of land at Kemps Creek / Austral.
The meeting, which took place at the Pan-Arcadian Club in Ashbury, attended by 46 delegates representing all 21 organisations involved, was chaired by George Mpliokas, president of the Hellenic Village.
In a statement provided by the president from the night, ‘positive and constructive discussions prevailed, indicating strong support for the initiative’.
At the heart of the meeting was the presentation of a comprehensive EOI campaign summary report, conducted by real estate agents Frank Oliveri and Joe Sacco from Colliers International, who were appointed as for the process.
The report was said to be met with applause, as the current offers received through the multiple-round EOI campaign exceeded $100 million, surpassing expectations.
In order to protect the integrity of the ongoing sale process, as well as to ensure fairness and confidentiality, the names of the bidding parties were redacted from the report.
Colliers International, who have been overseeing the process, validated the terms and appropriateness of each interested party, confirming there are no actual or perceived conflicts of interest.
Following the presentation by Colliers, the delegates had the opportunity to ask questions of the agents. The president stated that “all queries were addressed amicably and professionally, ensuring transparency in the process.”
Members of the board then addressed the attendees on each of the resolutions. Two of the resolutions, one to adopt an order of preferences amongst the interested parties and another to authorise the sale, received unanimous support from the delegates.
One organisation, due to its internal circumstances, abstained from voting, but their delegates expressed clear support for the sale.
A third resolution, pertaining to the distribution of funds, was discussed briefly and then withdrawn.
The board expressed their intent to hold a future meeting to deliberate this matter.
The president stated that “during the meeting, any funds received will initially cover the costs associated with the sale process, retire outstanding debts, and fund the establishment of the new foundation/charitable entity, in alignment with the associations’ shared objectives.”
The sale process and negotiations remain ongoing.
