AFTER years of deliberating over its future, the Cyprus Community of NSW (CCNSW) has put up for sale its expansive club site in Sydney’s inner south-west
Michael Kyriacou, President of the Cyprus Community, conveyed in a notice to members that the Board established an EOI Subcommittee in February 2024. This subcommittee's mandate is to engage a prominent real estate firm to oversee the EOI process for either the complete or partial sale of the Club's Stanmore properties.
Kyriacou emphasized that the independent EOI Subcommittee aims to ensure the impartiality and integrity of the EOI process. This setup also enables the Cyprus Club Board of Directors to dedicate more attention to the Club’s operations and community initiatives.
He explained, “The EOI Subcommittee's responsibilities include coordinating with selected real estate firms and collecting and organizing substantial EOI offers from sizable, financially robust entities aligned with the Club’s objectives to maximize the utilization and returns on the properties.” Kyriacou clarified that the subcommittee is not tasked with selecting which EOI offer to accept but to present the Board with the most favourable EOI offers based on various scenarios preferred by potential buyers, subject to members' consideration.
The EOI Subcommittee comprises community members George Phillips, Con Pavlou, Pandeli Antoniou, and Alkis Kadi.
Expressions of Interest by real estate firms have been solicited, with the EOI Subcommittee conducting comprehensive interviews with four major firms. After a thorough evaluation of written submissions and interviews, the Subcommittee unanimously chose international real estate firm CUSHMAN & WAKEFIELD as the exclusive selling agent. This decision was based on criteria including the professionalism and commitment of their Senior Executives, the quality of their submission, their international experience, and the competitive commission they proposed.
Subsequent to the selection of CUSHMAN & WAKEFIELD, the EOI Subcommittee collaborated with them on finalizing the international and local Marketing Strategy. Marketing materials, including an 'Information Memorandum,' have been completed and are set to be circulated to local and international investors and developers in early May 2024.
This decision to commence the EOI process arises amidst internal disputes within the Cyprus Community concerning the future of the Cyprus Club in Stanmore and the deliberation over whether to retain or sell the property.