Conquest Plots $1bn Scheme for ‘Bargain’ Sydney Asset

Private equity real estate firm Conquest has announced an ambitious $1-billion suburb-transforming development hot on the heels of its plans for a similar scheme on the North Shore. 

Conquest’s acquisition of the Eastlakes Shopping Centre in Sydney’s south-east for $75 million has been swiftly followed by it unveiling plans for the development that Conquest founder Michael Akkawi said would “transform Sydney’s eastern suburbs”.

The transaction, brokered by Tim Grossman and Stuart Cox of Savills on behalf of receivers and administrators BDO, is a significant discount to the site’s estimated value of more than $100 million, according to Akkawi.

“This is one of the largest land holdings in Sydney’s east, so we saw an incredible opportunity to revitalise a key urban precinct at a good price,” Akkawi said.

“Eastlakes has been overlooked for too long, despite its prime location. This development is an opportunity to redefine the suburb as a thriving destination where people live, work, and connect.”

The site, 6km from Sydney’s CBD, was controlled by Crown Group before the company entered voluntary liquidation in August of 2023 after a falling out between co-founders Iwan Sunito and Paul Sathio.

Construction is due to begin within weeks on the “visionary” precinct that would include a Queensbridge Shopping Centre anchored by Woolworths, alongside six residential towers.

The residential component would expand on Crown’s original plans, increasing the number of homes from 450 to about 800.

The Eastlakes City development would incorporate a range of resident amenities throughout the project, including concierge services, wellness centres, gyms, and communal facilities designed to create a community-focused living environment.

The project aims to integrate with local green spaces through pedestrian-friendly designs.

▲ A rendering of the Eastlakes project as planned by the Crown Group.

The acquisition reflects broader trends in the development sector, where tighter credit conditions and soaring debt costs have created opportunities for well-capitalised firms.

Commonwealth Bank, as senior secured lender, will collect around $50 million from the sale, with the remainder going to Crown Group.

National Australia Bank is providing a $280-million construction finance facility for the project, which has a total estimated cost of $400 million.

Demolition of structures is scheduled to begin next month, with completion anticipated in 2028.

On Wednesday, The Urban Developer reported that Conquest would undertake a $250-million mixed-use development at Castlecrag, where the firm has acquired the Quadrangle Shopping Centre for $68.8 million.

The two projects are part of Conquest’s growing $5-billion pipeline of developments in Sydney and London.