Hellenic Village Progresses Towards Land Sale in Kemps Creek/Austral with Unanimous Approval at EGM

10 Gurner Austral 2

Sydney, November 5, 2023 — A significant milestone was achieved as 46 delegates representing 21 organizations gathered at the Extraordinary General Meeting of Sydney's Hellenic Village. The meeting, held on October 30th, witnessed unanimous approval for the results of the Expression of Interest (EOI) campaign and the authorization to proceed with the sale of land in Kemps Creek/Austral.

The meeting, hosted at the Pan-Arcadian Club in Ashbury, was presided over by Hellenic Village President George Mpliokas. The atmosphere was marked by positive discussions and mutual agreement throughout the night.

Key highlights of the meeting included a comprehensive summary report of the EOI campaign results, presented by appointed agents Frank Oliveri and Joe Sacco of Colliers International. The report was met with applause, revealing that the current offers received from the multi-round EOI campaign exceed $100 million.

In an effort to maintain fairness confidentiality, and to protect the ongoing sale process, the names of bidding parties were redacted from the report. Colliers International also verified the suitability and terms of each interested party, ensuring no actual or perceived conflicts of interest.

Following the presentation by Colliers, the delegates had the opportunity to ask questions to the agents, resulting in amicable and professional exchanges.

Subsequently, the Board addressed the attendees regarding each of the Resolutions put forth. Two of these Resolutions, involving adopting an order of preferences among the interested parties and authorization for the sale, received unanimous support from the delegates. However, due to internal organizational circumstances, one organization was required to abstain from voting. Nevertheless, they expressed clear support for the sale to proceed.

A third Resolution, pertaining to the distribution of funds, was briefly discussed and subsequently withdrawn. A future meeting will be convened to further deliberate on this matter. As outlined during the meeting, any funds received will initially cover the costs of the sale process, retire debts, and fund the establishment of a new foundation/charitable entity in alignment with the associations' shared objectives.

The Board extended its gratitude to all 21 organizations for their vote of confidence in the progress made thus far. This historic step paves the way for securing the future of the community.

At present, the sale process remains ongoing. The Board kindly requests that all delegates, organizations, media, and the wider public respect the ongoing negotiations and commit to providing pertinent information at the appropriate juncture.

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