After in-fighting and re-zoning initiatives, the Cyprus Community of NSW has put its ‘Stanmore Collective’ properties to market for the first time ever.
The historic inner west community club has been the subject of news as it looks to safeguard its future, which has brought about plans to sell property, to lower its more than $8 million in debt.
In February the Board formed a subcommittee to select a real estate firm to manage the process for the Club in Stanmore, and field scenarios from potential buyers that met the Club’s need for maximum use and return in line with its community mission.
The subcommittee, comprising George Phillips, Con Pavlou, Pandeli Antoniou, and Alkis Kadi, will present to the Board the best proposals, and all of these will be put to the members.
International agency Cushman & Wakefield was selected, bringing Kieran Tsipidis, Fab Dalfonso, Tim Cassidy and Tom Barnier, and marketing documents have been finalised for an Expressions of Interest (EOI) campaign, closing Thursday, 6 June.
On offer is part or all of three sites (A, B, C below) of the Cyprus Club at 58-76 Stanmore Road, comprising 16 lots covering a combined 9,140sqm.
The sites enjoy three street frontages and are proximate to both Stanmore and Newtown train stations, and on the doorstep to the Enmore Special Entertainment Precinct.
Zoned Partial MU1 Mixed-Use, the land is suited for a variety of uses, including as a registered club, student accommodation, shop-top housing, healthcare or educational facilities. The NSW government’s new planning reforms to combat the housing supply crisis may present opportunity to unlock further flexibility in height limits and FSR.
“We’ve received plenty of interested from a diverse range of groups, and given the surrounding amenities and proximity to the city, the site appeals to many industries, particularly in the residential space,” offers Tsipidis.
The agents report they are unable to provide a price guide due to the fact that there has never been anything similar sold with which to compare.
Sale of the property comes amid turmoil between the Board and members of the Cyprus Community over the Cyprus Club’s future, and whether to stay or sell at Stanmore.
After years of negotiation, the Department of Planning and Environment (DPE) recently granted conditional approved for rezoning and construction of a new mixed-use development allowing over 1,500sqm of commercial and club floor space and up to 120 residential townhouse and apartment dwellings. Approval requires that the developer widen Alma Avenue and provide public access to open space.
Before construction can begin, the final hurdle is getting the go-ahead from the local Inner West Council. But late 2022 Council recommended refusal of an earlier application, citing concerns over traffic and impact to local amenity.
Consequently, club members have voiced objection to the fact that the current Board still has not negotiated with Council, nor acknowledged the hard work of past Boards.
President Andrew Costa remarked that despite the efforts over the years of several Club Boards the rezoning of the site has proven a “difficult and elusive” goal.
