Conquest Unveils $900m Vision for Stanmore Club Site

Private equity real estate firm Conquest has filed plans for a $900-million mixed-use development on the former Cyprus Club site at Stanmore.

The application now with the NSW Housing Delivery Authority proposes an FK-designed building with 500 apartments of one, two and three bedrooms, anchored by a full-line supermarket, specialty stores and wellness facilities.

Conquest acquired the site through an administrator-led sale this year after the Cyprus Community of NSW club found itself more than $20 million in debt.

Conquest founder and chief executive Michael Akkawi said the former Cyprus Club site was an “irreplaceable 1ha parcel in one of Sydney’s most central and culturally rich locations”.

“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,” he said.

Akkawi said the private sector had to help address Sydney’s housing crisis through projects such as the Stanmore development.

“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,” he said.

Principle Planning + Urban Design director of planning Carlo Di Giulio said the project would deliver a self-sufficient, fully integrated community.

Ground-floor communal open space would include gardens and play areas.

The site would include the Queensbridge Shopping Centre, with outdoor amenity areas integrated with the retail podium.

The Stanmore proposal is part of Conquest’s $5-billion development pipeline of domestic and international projects.

The company has expanded its Eastlakes Shopping Centre redevelopment from 800 to 1000 apartments, for an estimated development cost of about $650 million.

▲ Conquest founder and chief executive Michael Akkawi: The post-Covid way is for people wanting to be close to amenities and ease of access.

Conquest’s Castlecrag development has also been expanded from the original 38-unit approval to a revised 150-unit tower valued at $250 million. The company acquired the Quadrangle Shopping Centre site for $68.8 million this year.

The Cyprus Community of NSW club, which was formed in 1929, acquired the Stanmore property for $2.05 million in 1988.

EY, as administrator, brokered the $55-million sale to Conquest in July without member consultation, reportedly causing controversy among the club’s membership. The club has temporarily relocated 8km west to the Lakemba Club.

Shopping centres across Australia are increasingly being transformed into integrated precincts combining residential, retail and community facilities.

Market data shows live-work-play apartment completions quadrupled from 10,000 to 43,700 units from 2012 to 2021, while shopping centre vacancy rates remained below 5 per cent in 2024.

Conquest is an active player in this space, focusing on acquiring shopping centres for mixed-use transformation, integrating residential towers with ground-level amenities designed for convenience.

“It provides a better amenity for the homeowners, even their wellbeing. I think all their aspects of life improve when they have convenience and timesaving,” Akkawi told The Urban Developer.