Conquest Property plans $900 million redevelopment of former Cyprus Club site in Sydney

Australian developer Conquest Property Group has filed plans for a $900 cardinal retail and residential precinct connected the erstwhile ιστοσελίδα of the Cyprus Community of NSW Club successful Stanmore, aft years of ineligible and fiscal turmoil for the once-prominent taste institution, The Greek Herald reported.

The one-hectare spot successful Sydney’s Inner West, location to the Cyprus Community since the precocious 1980s, was sold to Conquest earlier this year by administrators from EY Australia for $55 million, aft the club’s indebtedness exceeded $20 million.

The projected project, called Stanmore Village, has been submitted to the New South Wales Housing Delivery Authority for fast-tracked assessment. Designed by Principle Planning + Urban Design and FK Architects, it includes astir 500 apartments supra a caller buying halfway featuring a supermarket, specialty stores, and a gym.

Chief Executive Michael Akkawi said the improvement aims to blend modern surviving with Stanmore’s autarkic concern character. “We saw the imaginable of this chill suburb, with its large restaurants and vibrant owner-operator businesses, and we want to beryllium portion of the adjacent procreation coming done by creating something truly special,” helium was quoted arsenic telling The Australian Financial Review.

Construction could statesman successful 2026 and decorativeness by mid-2028 if approved.

The Cyprus Community, founded successful 1929, purchased the Stanmore ιστοσελίδα successful 1988 for $2.05 million. It served arsenic a assemblage hub for decades earlier fiscal strain led to voluntary administration. In August, the New South Wales Supreme Court ruled that EY administrators could proceed with the merchantability without subordinate approval, mounting a precedent for much than 1,300 registered clubs crossed the state.

The club’s creditors will beryllium repaid successful full, with a surplus of up to $26 cardinal reserved for aboriginal use. The archetypal gathering remains vacant aft a occurrence information bid forced its closure. The Cyprus Community has since relocated temporarily to the Lakemba Club.