Conquest Doubles Down on Eastlakes Apartment Plan

Conquest has expanded its Eastlakes Shopping Centre redevelopment to include 1000 apartments—a significant increase from the 800-unit proposal the group announced earlier this year.

The mixed-use project apartment mix would include a 10 per cent affordable housing component and a two-level commercial podium, according to the new scoping report.

Conquest’s expanded plans more than double Crown Group’s original 450-unit proposal that company had in place before it entered voluntary liquidation in August of 2023.

That proposal had an existing Major Project Approval, which had been modified multiple times and qualified for a State Significant Development Application (SSDA) under the NSW Housing Delivery Authority.

The private equity real estate firm has indicated to The Urban Developer it may seek to progress the revised project as a new SSDA under the HDA scheme.

Conquest chief executive Michael Akkawi told The Urban Developer “Conquest hasn’t lodged an SSDA yet” but said “the team is still in the process of designing it and working closely with all the relevant authorities”.

“We believe in a bright future for this site and Sydney. We’re committed to engaging respectfully with all stakeholders and assisting the NSW Government with the housing crisis, providing good quality real estate for generations to come.

“Eastlakes reinforces Conquest’s dedication to responsible urban renewal and long-term value creation for local communities,” Akkawi said.

Akkawi said the development would “transform Sydney’s eastern suburbs” when announcing the acquisition for $75 million in May.

The former Eastlakes Shopping Centre is 6km from Sydney’s CBD. Akkawi said the project would comprise six residential towers that would include build-to-rent apartments.

A new lifestyle precinct is also planned, with gyms, green spaces, and cinemas and a rebranded Queensbridge Shopping Centre anchored by Woolworths.

The development site spans 17,740sq m within the Bayside Local Government Area, currently zoned E1 Local Centre under the Bayside Local Environmental Plan 2021.

The development would include build-to-rent and build-to-sell housing models, with the affordable housing provisions in force for 10 years.

The residential component would be home to about 2000 residents across a mix of studio, one, two, and three-bedroom apartments across the six towers, which could reach up to 79 metres.

According to the scoping report, the project seeks a residential floor space ratio of 5.5:1 and non-residential FSR of 2.5:1, requiring rezoning to accommodate the build-to-rent component which is not currently permissible under E1 Local Centre zoning.

The development would provide basement parking for about 1500 vehicles alongside car share services and site-specific bus facilities.

▲ A rendering of the new Queensbridge Shopping Centre.

Commercial facilities would include retail spaces, medical centres, childcare facilities, and recreational amenities across the two-level podium.

Estimated development costs for the project are, so far, around $650 million.

Conquest’s application through the Housing Delivery Authority pathway aims to fast-track development approval compared to traditional local government processes.

The scheme targets increased housing supply through streamlined planning assessments for eligible mixed-use projects incorporating affordable housing components.

The project follows Conquest’s concurrent $250-million Castlecrag development, where the firm acquired the Quadrangle Shopping Centre for $68.8 million in early 2025 with existing approval for a five-storey, 38-unit development.

Conquest has since lodged plans for an expanded 11-storey, 150-unit tower valued at $250 million, classified as state significant development by the Housing Delivery Authority.

Both projects are part of Conquest’s $5-billion development pipeline spanning domestic and overseas markets.