Property developer Conquest Property Group has lodged plans for a $900 million retail and residential precinct on the site of the former Cyprus Community of NSW Club in Stanmore – a landmark redevelopment that follows years of legal and financial turmoil for the once-vibrant cultural institution.
The one-hectare Inner West property, which had been home to the Cyprus Community since the late 1980s, was sold to Conquest earlier this year by administrators from EY Australia for $55 million.
The sale – finalised after the club’s debt surpassed $20 million – has now paved the way for one of Sydney’s largest urban renewal projects.
A bold vision for Stanmore
Conquest has submitted the proposal, titled Stanmore Village, to the NSW Government’s Housing Delivery Authority for assessment under its fast-tracked state-significant development program.
The project, designed by Principle Planning + Urban Design and FK Architects, features around 500 apartments – a mix of one, two, and three bedrooms – above a new Queensbridge Shopping Centre with a supermarket, specialty stores, and a gym.
Chief Executive Officer Michael Akkawi said the goal was to create a precinct that blended modern living with the character of Stanmore’s independent business scene.
“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.
If approved, construction could begin in 2026 and finish by mid-2028, transforming the long-vacant site into a thriving community hub.
From cultural landmark to development catalyst
The Cyprus Community of NSW, founded in 1929, purchased the Stanmore site in 1988 for $2.05 million. It served for decades as a gathering place for Greek Cypriots before financial strain and governance issues led to its voluntary administration.
The drawn-out saga reached a turning point in August, when Justice Ashley Black of the Supreme Court of NSW ruled that administrators Morgan Kelly and David Kennedy could proceed with the sale without member approval.
The court found that the powers of voluntary administrators under the Corporations Act override the Registered Clubs Act, setting a precedent with implications for more than 1,300 registered clubs across the state.
The sale was later endorsed through a Deed of Company Arrangement (DOCA), approved by creditors on 10 September 2025. Under the terms:
- Creditors will be repaid in full, though distributions will take about 12 months.
- The deal will leave a surplus of $22–26 million for the Community’s future use.
- EY’s administrators will recover $2.5 million in fees, with further remuneration capped at $255,979.20.
- Directors have been reinstated, but their powers remain limited under the DOCA.
The Inner West Council had previously issued a fire safety order on the building, forcing its closure. It now sits empty, awaiting redevelopment.
Meanwhile, the Cyprus Community has relocated temporarily to the Lakemba Club, with hopes to rebuild its cultural presence in a new location.
