In a landmark deal underscoring the transformation of Sydney’s inner west and the city’s urgent housing agenda, the former Cyprus Community Club site at 58–76 Stanmore Road has been acquired by Conquest for $55 million. The developer has already lodged plans for a $900 million mixed-use retail and residential precinct on the prized 9,140 sqm parcel.
Just six kilometres from the CBD, the site represents one of the most significant inner-city landholdings to come to market in recent years, marking a pivotal step in unlocking large-scale development potential within one of Sydney’s most supply-constrained corridors.
“This is more than a transaction—it’s a turning point,” said Kieran Tsipidis of Cushman & Wakefield, who led the campaign alongside Fab Dalfonso, Tom Barnier, and Tim Cassidy. “It’s a win for the buyer, a milestone for the community, and a wake-up call for policymakers: Sydney needs more sites like this unlocked if we’re serious about solving the housing crisis.”
Brought to market by administrators Morgan Kelly and David Kennedy of EY Parthenon, the campaign drew extraordinary interest from a broad range of local and offshore developers, student accommodation operators, build-to-rent groups, healthcare providers, and education institutions—reflecting the site’s rare scale, triple street frontage, and strategic positioning.
“This was the best development site in inner Sydney—full stop,” Mr Tsipidis added. “We were inundated with proposals. The depth of demand shows just how starved the market is for quality, scalable residential opportunities.”
That demand is being fuelled by a chronic shortage of new supply. The inner west has seen virtually no new residential stock delivered in nearly a decade, driving affordability pressures and forcing buyers and renters into increasingly competitive markets.
With Stanmore apartments averaging $840,000 and houses exceeding $2.19 million, the call for more diverse and attainable housing options is growing louder. Nearby in Marrickville, new two-bedroom apartments are already selling for up to $1.3 million, underscoring the mounting price pressure across the region.
The Stanmore deal also signals a renewed wave of capital flowing into Sydney’s inner-ring suburbs, following major transactions such as the $300 million Kings Bay site in Five Dock and Dasco’s $128 million acquisition in Waterloo.
“We’re seeing confidence return to the inner west,” said Mr Barnier. “Offshore capital is coming back, particularly in sectors like student accommodation, where demand is surging on the back of Australia’s education reputation and a favourable exchange rate.
“With NSW forecast to welcome 85,000 new residents annually over the next 20 years, the Stanmore sale is a timely reminder: unlocking strategic, underutilised sites isn’t optional—it’s essential.”
