Greeks set for major property windfall

The ownership group paid $500,000 for Lot 10 Gurner Avenue.

Hellenic Village Ltd, with 51 shares held by 21 Greek associations, has listed a major development site in Sydney’s west with $100 million-plus price hopes.

The Sydney Society of Model Engineers banked $30 million from a Luddenham site (outlined).

The vendors paid $500,000 for the 41.32 hectare parcel at Austral, near Kemps Creek, in the late 1980s.

At the time, it was intended to make way for a housing estate targeted to friends and families of the member owners.

Now it is being marketed as the suburb’s largest building block with a flexible zoning worthy of a master-planned project.

Colliers’ Joe Sacco and Frank Oliveri are the agents.

Their listing comes 18 months since the Sydney Society of Model Engineers banked over $30m for a 10.1ha Enterprize zoned block at nearby Luddenham held for five decades.

Lot 10 Gurner Avenue

The Hellenic Village parcel, Lot 10, Gurner Avenue, is about 17 kilometres from the Western Sydney Airport, due to open in 2026.

“Zoned sites of this size in established areas are very rare,” Mr Sacco said.

“The scale…offers a significant future development that can be built to meet market conditions over the short, medium and long term” Mr Oliveri added (story continues below).

The Western Sydney Airport will open in 2026.

“Both the Austral and Leppington North precincts have been highly sought-after due to recent rezoning by the NSW government which will allow for urban development,” according to the executive.

“The rezoning will provide enough land for approximately 17,350 dwellings that will potentially house over 54,000 residents”.

Taxi association, Hellenic Club amongst owners

The south west Sydney population is forecast to grow by 1.5 million people by 2036, Mr Oliveri; elsewhere in the area, a third city, Bradfield, is being master-planned.

“On top of this, a forecast of approximately $3.6 billion is due to be spent by local, state and national authorities within the region, including on the future Western Sydney Airport and surrounding Aerotropolis,” he added.

Hellenic Village said it plans to tip proceeds into other essential services and philanthropic projects.

Its members include the Greek Taxi Drivers Association and Apollo Sports and Cultural Club, each with one share.

The Hellenic Club of Sydney, meanwhile, holds three.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of