In a major reshuffle of one of Waterloo’s most pivotal urban renewal projects, private equity real estate heavyweight Conquest has signed a strategic agreement with Fabcot, the development arm of Woolworths Group, to take the lead on the $220 million mixed-use precinct at 923 Bourke Street.
The deal marks a significant tactical shift for the Bates Smart-designed project. Under the new partnership, Conquest, led by Founder & CEO Michael Akkawi will assume full responsibility for the site’s design refinement, planning, and construction. In turn, Woolworths will pivot from its role as the primary developer to become the precinct’s long-term anchor tenant.
The 923 Bourke Street project is designed to be the heartbeat of a rapidly densifying Waterloo; a suburb forecasted to welcome 40,000 new residents by 2036.
For Conquest, the acquisition of the delivery rights adds a landmark asset to its rapidly expanding $6 billion portfolio, which already includes significant mixed-use plays in Eastlakes, Castlecrag, and Caringbah.
“This partnership reflects our deep commitment to ‘convenience-led’ urban renewal,” said Michael Akkawi, CEO of Conquest. “Our focus is on creating a seamless lifestyle hub where essential services are at the doorstep, saving residents time and enhancing their quality of life.”
Construction is slated to commence in the second half of 2026, bringing the area’s first full-line supermarket to a community that has long been underserved by major retail infrastructure.
Project Snapshot: 923 Bourke Street
The precinct is designed to balance commercial viability with high-density liveability, featuring:
- Retail Anchor: A massive 3,500 sqm+ full-line Woolworths supermarket.
- Residential: Between 110 and 120 architecturally designed apartments featuring dual-aspect ventilation and a heavy emphasis on sustainability.
- Commercial Space: 2,000 sqm of premium office space intended to attract local businesses and creative agencies.
- Public Amenity: Over 20% of the site is dedicated to the public realm, including a landscaped plaza and pedestrian “through-links” to improve neighbourhood connectivity.
- Affordable Housing: In a nod to Sydney’s housing crisis, the project integrates key-worker housing to be managed by City West Housing.
Recognising the sensitivity of large-scale developments in established communities, Woolworths and Conquest have initiated a comprehensive communications transition plan. The “neighbour-to-neighbour” handover is designed to ensure that existing community relationships cultivated during the initial planning phases remain supported as the project moves into the high-impact construction phase.
The transition officially commences this month, signalling a green light for a precinct that promises to redefine the Bourke Street corridor.
With Waterloo’s population set to explode over the next decade, the Conquest-Woolworths alliance is about securing the retail and social infrastructure required to keep the suburb functional.
Related Articles
