Cyprus Community of NSW erupts in backlash after administrators confirm sale of beloved Stanmore site

Sky News AU

2 days ago

A heated meeting on July 29 saw Cyprus Community of NSW members accuse administrators of selling the club "from under them" after confirming the $55 million deal with developer Conquest.
The nearly one-hectare Stanmore property was sold without a member vote, with administrators claiming the Corporations Act gives them power to proceed during voluntary administration.
Members protested outside with signs reading 'Our heritage not for sale' and 'We built this not you', demanding EY stop interfering in community decisions.
Administrator Morgan Kelly said the sale was essential to pay off over $20 million in debt, arguing the deal was the best commercial option after assessing seven offers.
The full $55 million will be paid by mid-2026, with proceeds to be placed in a trust for a future club purchase, while temporary venues are being arranged for community activities.
Members questioned why redevelopment proposals like a 99-year lease were not pursued, and criticised the lack of transparency around bidders and the property steering committee.
Tensions also flared over the absence of board elections, which EY blamed on past court injunctions.
'I already have the right (to sell the property as an administrator). That's already there. The court process is orders confirming that administrator order,' Kelly said.
The Stanmore clubhouse is also set to close by August 30 due to a fire safety order by the Inner West Council, with Kelly saying the site is no longer legally fit to operate without costly upgrades.
Overall, Kelly revealed that financially the community's debt rose from $12 million to over $20 million in one year, worsened by legal battles and delays caused by internal disputes, making the administrators take this decision.