Conquest buys waterfront Whitsundays site
Conquest Group founder Michael Akkawi, via a family office, Cedar Private, has bought his first significant Queensland site – on the waterfront at Airlie Beach.
The 1.4 hectare Coconut Grove parcel is permit-ready for a resort hotel-based mixed use project, which the Sydney developer plans to deliver.
Within the Port of Airlie marina precinct, the holding has been dormant several years.
$300m project
The Whitsundays project will take place in stages with a five-star, 180-suite hotel to be followed by hospitality, retail and residential.
The end value is put at c$300 million.
“As a long‑term investment, this project will be executed with patience and precision,” Mr Akkawi said, adding the company will engage with stakeholders, planners and the community as planning progresses (continues below).
The deal comes 11 months since we reported Conquest bought the Eastlakes Shopping Centre.
Six kilometres from Sydney’s CBD, the airspace of that property is earmarked for six towers with some 800 dwellings.
Not long earlier Conquest bought a prominent retail development site at Castlecrag, again in the New South Wales capital.
Dr Stanley Quek via his investment house Greencliff was that vendor.
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