Conquest Unveils $1B Eastlakes Precinct Plan
Private equity real estate firm Conquest has revealed plans for a $1-billion transformation of the Eastlakes Shopping Centre precinct in Sydney’s south-east, just weeks after securing the site for $75 million.
The purchase, brokered by Savills on behalf of receivers and administrators BDO, represents a significant discount on the site’s estimated value of over $100 million.
GALLERY
Previously held by Crown Group, the site came to market following the company’s voluntary liquidation in August 2023.
Conquest founder Michael Akkawi described the acquisition as a generational opportunity to reimagine one of the largest landholdings in Sydney’s east. “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,” he said.
Located just six kilometres from the CBD, the site will become home to a new mixed-use precinct dubbed Eastlakes City, anchored by a Queensbridge Shopping Centre with a flagship Woolworths. The project will include six residential towers, expanding the previously approved 450 homes to approximately 800 dwellings.
Akkawi said the project would prioritise community and wellness through the inclusion of concierge services, wellness facilities, gyms and communal amenities. A pedestrian-friendly design will link the development with surrounding green spaces to enhance liveability.
Demolition works are expected to begin next month, with construction starting shortly after. Completion is targeted for 2028.
The project, estimated to cost $400 million, is being backed by a $280-million construction finance facility from National Australia Bank. Commonwealth Bank, the senior secured lender, is set to receive approximately $50 million from the site’s sale.
The move comes amid a broader shift in the market, with tighter credit conditions and rising debt costs creating strategic opportunities for well-capitalised developers. Conquest’s Eastlakes announcement closely follows its similarly scaled plans for a North Shore precinct, reinforcing the firm’s expansion into large-scale urban renewal projects across Sydney.
Images via The Urban Developer
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