Members to vote on sale of Cyprus Club in Stanmore

The Cyprus Club in Stanmore could potentially be sold off under a proposal which will be put to members at a meeting next month.

Members will be asked to endorse a plan to sell The Cyrpus Club in Stanmore and relocate to a new site. Pictures: John Appleyard

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The Cyprus Club in Stanmore would be sold off under a proposal that will be put to members at a meeting next month.

If the members endorse the plan on March 17, the prime 9040sq m site is expected to sell for at least $60 million.

Club president Soteris Tsouris said the money would allow the club to relocate to a new premises where training fields could be provided for its soccer team, the Stanmore Hawks.

Cyrpus Club of NSW President Soteris Tsouris says it is the most important decision facing the community in four decades. Picture: John Appleyard

Mr Tsouris said it would also allow them to build a $25 million “international club” over three levels with restaurants, bars, an auditorium, community rooms, an expanded gaming area and three to four levels of basement parking for 400 cars.

It would enable them to provide dance classes for more than 150 children and bigger classrooms for their Greek lessons which currently caters to 70 primary school students every Saturday.

The board favours the relocation option over an earlier proposal to redevelop the Stanmore Rd site into between 170 and 200 apartments, a new club, public plaza and shops in a joint venture with a developer.

Mr Soteris said a redevelopment of the Stanmore Rd site would have forced them to relocate for two years.

The facilities at the club are looking tired and outdated.

“It was also going to be risky for us because 90 per cent of the developers who were interested were asking us to put our land up as security to borrow money for the whole project,” Mr Soteris said.

“We want it to be an international club for everybody because we need to welcome all cultures to survive.

“The first generation (Greek Cypriots) are getting very old and many of the third and fourth generation are in mixed marriages so we want to open the club up to everybody.”

About 500 members are expected to attend a meeting on March 17 to endorse the “sell and relocate” option.

The existing bar area.

“This is the most important decision in the 40 years I’ve been involved in the Cyprus community,” Mr Soteris said.

The is on the hunt for a site around 4000sq m and it is unlikely they will find one big enough in the inner west.

“Almost all the available land in the inner west is being developed into units but you never know, we might be able to find a good site.

“We are looking at a site very close to the club and the airport but we may be able to stay in the inner west.”

The land includes six terrace houses on Tupper St.

Ray White Commercial partner Kristian Morris believes the “iconic” site would be worth at least $60 million.

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Mr Morris said the “highest and best” use for the site would be a mixed use activation with commercial on the ground floor and residential above.

“I believe the site would be worth north of $60 million and would be hotly contested by some of the major developers active within the inner west precinct,” Mr Morris said.

“It’s located close to Newington College and walking distance to Stanmore station and the vibrant cafe/retail scene at Enmore Rd and King Street in Newtwon.”

Mr Morris negotiated the sale of another community club in “Samian House” on Great North Rd in Five Dock in 2017.

“The sale of such assets are motivated due to the rising costs of property ownership and dwindling membership support for such ethnic based community clubs.”