Conquest buys Eastlakes Shopping Centre with development plan
Michael Akkawi’s Conquest has swooped on another permit ready residential-based mixed-use development site.
Eastlakes Shopping Centre, six kilometres south of Sydney’s CBD, is costing the private equity real estate firm $75 million.
Construction of a replacement mall – branded Queensbridge – will start immediately, starting with demolition of the existing single storey structure, next month.
The airspace meanwhile will make way for 800 apartments in six towers.
Conquest is estimating the end value will circle $1 billion.
The deal comes a fortnight since Conquest outlaid $69m for Castlecrag’s Quadrangle Shopping Centre, which also came with plans for a residential based redevelopment.
Another Crown asset shed
Crown Group had intended to replace the Eastlakes site – though its six level towers would have contained a total 450 dwellings.
Following a split two years ago of its co-directors, Iwan Sunito and Paul Sathio, that company’s portfolio has been divided or sold down.
BDO as receiver has been managing the carve-up.
Senior lender, the Commonwealth Bank, will collect $50m from the Eastlakes sale to Conquest.
Crown Group will pocket the rest.
That executive also controls a row of shops across the road, acquired following the Crown split, for c$12.5m.
In March we reported a West End, Brisbane, block once controlled by the company sold to Traders in Purple.
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