ICAC to investigate mayor Angelo Tsirekas’ role in $2.1m million land sale

A Sydney mayor facing corruption allegations was part of discussions to sell council land to a developer mate who netted a six-figure profit from the sale.

A Sydney developer shared in a $200,000 profit on land bought from Canada Bay Council and then resold, after the council’s mayor did not ­declare the buyer was a friend and donor.

The windfall can be revealed as the Independent Commission Against Corruption prepares to probe several planning decisions made at the small council in Sydney’s inner west later this month.

The land at 231 Victoria Rd, Drummoyne is at the centre of allegations mayor Angelo Tsirekas used his position at the council to benefit those close to him for financial reward.

A company owned by real estate agent Frank Colacicco and another firm bought a former council carpark for $2.1 million before selling it for a profit two years later, according to property records.

Mr Colacicco is a longtime donor of Mr Tsirekas and the Independent Commission Against Corruption is investigating claims Mr Tsirekas failed to disclose their relation­ship.

Real estate agent Frank Colacicco.

Council documents show the mayor did not leave the room or declare an interest when councillors agreed to sell the land at meetings in 2016 and 2018.

Councillors have to declare an interest if they, or someone they know, could financially benefit from a decision or if they have a relationship with someone behind the proposal.

Angelo Tsirekas on the campaign trail last year when he was re-elected as mayor. Picture: Sam Ruttyn

Mr Colacicco’s company Sydney City Pty Limited – and two others – sold the land for $2.3 million to companies linked to construction giant Henley in 2020.

Henley, which is not accused of any wrongdoing, is building a six-storey apartment block on the site next to the Drummoyne McDonalds.

The site is one of several being looked at by the corruption watchdog which is probing allegations the mayor received financial benefits, including overseas trips, for favourable planning decisions.

Last year Mr Tsirekas had to declare that he would pay a debt back to Mr Colacicco after the sale of his home in Russell Lea went through.

Mr Tsirekas has gone on leave while ICAC runs a four-week public inquiry.

It comes as the mayor this week told the council he would be taking a leave of absence until May 24 as ICAC begins a four-week public inquiry into his dealings over more than 10 years later this month.

The inquiry will probe several planning decisions at Rhodes where the mayor did notdeclare his relationship to developers Billbergia and iProsperity, who allegedly provided financial reward for favourable decisions on a massive renewal project in the suburb.

Mr Tsirekas did not respond when reached for comment on Friday.

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