Conquest Reveals $300m Plan to Reset Whitsundays Gateway
Sydney-based private equity group Conquest is poised to plant a $300-million flag in the palm-fringed waterfront of Queensland’s tropical north.
It has secured the long-dormant and controversial 14,000sq m Coconut Grove site at Airlie Beach, about 1100km north of Brisbane.
The off-market acquisition sets the stage for a bold mixed-use play—including what would be the tallest building in the mainland gateway hub to the Whitsunday islands.
It also marks a strategic pivot by Conquest—led by Michael Akkawi— beyond its core urban regeneration and mostly New South Wales-focused pipeline, comprising $6 billion in assets.
But beyond the institutional intent the deal was also sealed with a degree of personal attachment and gut instinct.
“This is a passion project,” Akkawi said. “Airlie is my second home. I’ve spent years there as a local fisherman exploring the reef, and I’ve watched this site sit idle for a long time in what is one of the most extraordinary locations in the country. It deserves a world-class outcome.”
In 2021, the Coconut Grove waterfront holding within the Port of Airlie marina precinct was approved for a five-star, 12-storey resort, sparking community backlash.
Two years later, however, the Whitsunday Regional Council decision was upheld in the Planning and Environment court, which ruled “the public interest would not be served by refusing this development”.
But Conquest’s new vision for the site goes well beyond a hotel.
Under its plans, the hotel would be just the beginning, anchoring the first phase of delivery of a broader masterplan—integrating hospitality, retail, public space and housing—to be staged over the next decade.
Central to the mixed-use play is urban integration— the extension of Airlie Beach’s main high street into the precinct, effectively stitching the development into the existing urban fabric and creating a seamless connection between the marina, the town centre and the waterfront.
“We’re not building a resort you drive into and leave,” Akkawi said. “This has to feel like part of Airlie Beach—where the high street flows into the marina and becomes a destination in itself.”
Early stage masterplanning is under way, with residential development—across multiple price points, targeting the region’s acute accommodation shortage, particularly for tourism and hospitality workers—a key component.
“The housing shortage is one of the biggest barriers to unlocking the full potential of regional tourism,” Akkawi said. “If we want these destinations to grow, we need to deliver the infrastructure that supports them and housing is at the centre of that.”
Akkawi said Conquest was in discussions with major international brands “to bring a flagship hotel to the heart of the reef” and will be engaging with key stakeholders across planning, tourism and the community.
“This is a 10-year journey for us,” he said. “We’re not in the business of rushing projects…[and if you get the product right in a location like this, the market will follow.”
