Michael Akkawi is the CEO of Conquest, a private equity real estate firm that has undertaken numerous milestone acquisitions and developments. This article will look at Conquest’s $1 billion project at Eastlakes, a development touted as redefining the eastern suburbs of Sydney, breathing life into an overlooked gem located just six kilometres from the central business district.
Conquest successfully acquired Eastlakes Shopping Centre in a deal worth a reported $75 million. The transaction was brokered by Stuart Cox and Tim Grossman of Savills on behalf of the administrators and receivers of BDO.
Construction is set to start on Eastlakes City in coming weeks, paving the way for the development of a state-of-the-art mixed-use precinct that will redefine modern living. Featuring a world-class shopping centre anchored by Woolworths, the development will comprise a carefully curated assortment of specialty retailers with an emphasis on food, beverages and wellness. The Eastlakes City development will also feature six residential towers to complement the retail precinct, rising above the shopping centre. Elevating the standard of urban living, the project will seamlessly integrate world-class amenities and green spaces into the local community. The residential component of the development will expand on previous plans, boosting the number of homes from 450 units to around 800.
Reflecting on the redevelopment, Michael Akkawi – Conquest CEO and founder – highlighted his company’s commitment to shaping living spaces with a hospitality mindset, enabling residents to enjoy the comforts of a five-star experience every day. From wellness centres and concierge services to cinemas, gyms and golf simulators, Conquest is committed to creating innovative developments capable of establishing new benchmarks in urban living. Mr Akkawi pledged that Conquest will establish a vibrant, community-driven precinct at Eastlakes City, seamlessly integrating local green spaces and pedestrian-friendly designs.
The Eastlakes City development is predicted to have a significant impact on the broader community, fuelling property value growth. The project is being undertaken with an emphasis on enhancing existing infrastructure and fostering commercial investment in the eastern suburbs. As Mr Akkawi pointed out, despite its prime location, Eastlakes has been somewhat overlooked for some time. He cited the project as a prime opportunity to define the suburb, providing people with a thriving destination in which to live, work and connect. Demolition of existing structures at the site is set to commence in the coming weeks, with completion scheduled for 2028.
In addition to the Eastlakes City project, Conquest has also committed to a second major development project in Sydney this year, having recently signed off on a $250 million mixed-use development at Castlecrag. The projects will contribute to Conquest’s ever-increasing global pipeline, a $5 billion portfolio of developments at prime locations across Sydney and London.
Conquest’s Eastlake City development is poised to drive a wave of urban renewal, catalysing commercial growth, infrastructure expansion and long-term investment in Sydney’s eastern suburbs. Conquest acquired the prominent site in Eastlakes following the collapse of Crown Group. In addition to developing 800 homes, the $75 million acquisition also comes with plans for a Queensbridge-branded retail centre.
The transaction has been cited as the latest example of how opportunities are arising in the development sector as rising debt costs and tighter conditions are pushing weaker players to the brink. In an interview with The Australian Financial Review, Conquest CEO Michael Akkawi pointed out that the site’s valuation had deteriorated, creating a rare opportunity to secure a well-located urban infill site at a material discount. Highlighting the site’s status as one of the largest land holdings in Sydney’s east, Mr Akkawi said he saw it as an incredible opportunity to revitalise a key precinct at a good price.