Sydney’s Cyprus club site set for $900 million transformation
Property developer Conquest has lodged plans to build a $900 million retail and residential development in Sydney’s inner west, once home to one of the city’s oldest cultural clubs.
The Stanmore site was sold to Conquest earlier this year by an administrator appointed to the Cyprus Community of NSW club after it racked up more than $20 million debt.
Conquest has lodged plans with the NSW government’s Housing Delivery Authority for assessment, a process which can fast-track projects deemed to be state significant developments.
Michael Akkawi, chief executive officer at Conquest, said he wanted to develop a lively precinct which supported Stanmore’s small and independent businesses through its retail arm.
“We saw the potential of this cool suburb, with its great restaurants and vibrant owner-operator businesses, and we want to be part of the next generation coming through by creating something truly special,” he told The Australian Financial Review.
“I see this project, in the heartland of inner Sydney, [as] an ideal urban renewal project for much-needed housing.
“My opinion is it’s on, really, the private sector to step up and support the state government’s ambitious goals for much-needed housing in this great city of ours.”
Designed by Principle Planing + Urban Design and FK Architects, the proposed precinct, dubbed ‘Stanmore Village’, includes a mix of 500 one, two, and three-bedroom apartments. Below them the Queensbridge Shopping Centre will be home to a supermarket, specialty stores and a gym.
If its plans are approved, Conquest hope to start building next year and complete the project by mid-2028.
The $55 million sale of the site to Conquest sparked uproar and ructions through the club’s membership when it was announced by administrator EY in July without putting it to a vote.
The Cyprus Community of NSW club was established in 1929, and it bought the near one hectare property for $2.05 million in 1988.
The sale is due to settle next year. The building is currently empty after the Inner West Council issued the club a fire safety order deeming it no longer fit to continue operating without significant repairs and upgrades.
Kyriakos Panayi, honorary secretary of the Cyprus Community of NSW, said the club had since found a temporary home at the Lakemba Club – about 10 kilometres west of its original Stanmore home.
“We’ll rebuild again with some youth, the old guard just wouldn’t let it go,” he told The Australian Financial Review.
