Private Equity Real Estate firm Conquest has unveiled a landmark vision for the former Cyprus Club site in Stanmore, announcing plans for a $900 million-dollar mixed-use precinct that promises to transform the inner-west community. The application for the ambitious development, which aims to address Sydney’s critical housing crisis, has been lodged with the Housing Delivery Authority (HDA) for assessment.
Conquest transacted the nearly one-hectare prime site in an administrator-led sale earlier this year and has wasted no time in conceptualising a premium lifestyle development. The project is set to be anchored by a Queensbridge Shopping Centre, the firm’s signature neighbourhood village retail brand, alongside approximately 500 new apartments.
The Stanmore precinct follows Conquest’s highly successful urban renewal models at Eastlakes and Castlecrag, focusing on integrated community living. The development is designed to be a self-sufficient, fully integrated community hub.
“The former Cyprus Club site is an irreplaceable one-hectare parcel in one of Sydney’s most central and culturally rich locations,” Conquest Founder and CEO Michael Akkawi said. “We saw the potential of this cool suburb, with its great restaurants and vibrant owner-operator businesses, and we want to be part of the next generation coming through by creating something truly special.”
“In my opinion it’s on the private sector to step up and support the state government’s ambitious goals for much needed housing in this great city of ours,” added Akkawi.
“Our approach, often dealing with administrators like EY to solve complex site issues, positions us as problem-solvers in the market. This Stanmore project is a crucial step for us in working closely with the State Government to create much-needed housing supply. This
$900 million investment will deliver approximately 500 quality apartments to help ease the current housing crisis, ensuring good quality real estate for generations to come,” Mr Akkawi added.
The site’s rich history and high profile within Sydney, particularly among the large Greek and Cypriot communities, has created intense public interest following a protracted period of internal board disputes at the former club.
Mr Akkawi acknowledged the history, noting the “very spirited” and passionate nature of the past dealings over the valuable land, which was acquired with substantial debt.
The new precinct is set to embrace the area’s contemporary vibe while delivering essential amenity.
Carlo Di Giulio, Director – Planning at Principle Planning + Urban Design, outlined the comprehensive scope of the proposal.
“Principle Planning + Urban Design, together with FK (Fender Katsilidis) Architects, is assisting in the preparation of plans for this redevelopment. Our objectives are clear: to deliver a self-sufficient, fully integrated community,” Mr Di Giulio said.
“The design includes a new Queensbridge neighbourhood village shopping centre with an on-site full-line supermarket and specialty stores, wellness and extensive basement parking. Crucially, we are incorporating varied and extensive ground floor communal open space, including gardens and play areas, alongside approximately 500 apartments in one, two, and three-bedroom options to cater to a diverse range of residents.”
The submission to the HDA highlights Conquest’s commitment to delivering a modern, mixed-use lifestyle precinct that enhances the local streetscape and provides significant public benefits for Stanmore and the broader Inner West community.
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