The tumultuous Cyprus Club is moving on and moving out, set to relocate after the emotional sale of its treasured clubhouse and more than four decades located in Stanmore.
The Cyprus Community of NSW Ltd is a high-profile organisation that supports Sydney’s Cypriots and has called Stanmore home since 1989.
Accumulated debt forced the appointment of receivers in late 2024, before Ernst & Young (EY) took over in February this year.
Internal disputes and leadership battles led to reams of documents filed with the NSW Supreme Court and EY successfully applying to extend its tenure, granted until October, with an affidavit and supporting documentation outlining the significant challenges. EY’s Morgan Kelly cited difference in opinion on the club’s future and property portfolio, dissatisfaction with the Board and arduous legal proceedings.
Some of the disputes centred on a proposal for developer Platino to make over the club site, which was rejected by EY on the basis that some of those involved – including a former president – stood to gain financially from the deal.
Burdened by in-fighting, legal battles and disrupted trade, the club’s debt rose from $12 million to more than $20 million over the course of a year, prompting EY to claim its powers under the Corporations Act to proceed with sale of the property to cover financial liabilities, despite having not executed a member vote.
The site has been deemed no longer fit to stay in operation without expensive repairs and upgrades. Inner West Council applied a fire safety order and the building is due to be closed by 30 August.
The club had attempted a sale of the nearly one-hectare block in 2024, but was unsuccessful.
A hot-tempered meeting at the end of July had members accusing EY of selling the club “from under them” and questioning why proposals such as a 99-year lease were not an option.
After assessing which was the best commercial option out of seven offers, EY confirmed a deal with developer Conquest for $55 million. A legal injunction by a party of members means the sale remains subject to a judgement in the Supreme Court of NSW.
Settlement on the sale is expected by mid-2026. Profits will be put in a trust for a potential future purchase by the club.
EY remains positive a DOCA (Deed of Company Arrangement) amenable to creditors can be constructed that will allow the Club to continue trading as it pays down debt.
In the meantime, the Community has relocated to The Lakemba Club, Lakemba, which will host its Cypriot kafenio, bistro, and Greek School, for dancing students. Further classes will be held at the NSW School of Languages, in Petersham.
Cyprus Club members will also be provided access to the facilities and services of Canterbury Leagues Club, opposite Belmore Train Station.
The club, as part of its “legacy mission”, will soon be announcing a new programme of events.
After four decades, a dedicated committee has been assembled to collate the scores of events, functions and milestones that took place at the Stanmore venue, in a public invitation dubbed ‘Memories Made in Stanmore’ that will form the base for an exhibition at the new digs. The first 100 entries received will get a $50 voucher for Lakemba.
And bidding farewell to the Stanmore site, an “End of an Era” party will take place onsite Saturday (23 August).
Assistant Secretary of the club, Andrew Paschali, is positive about the change, suggesting “relocation offers new opportunities, new amenities,” and inviting the broader community to come and “enjoy Cypriot hospitality” in Lakemba.
“This will be the beginning of a new era. All our traditions continue,” Panayi told the Greek Herald.
