This article is from the Australian Property Journal archive
HYECORP Property Group has received development approval for a significant development in Roseville on Sydney's leafy lower North Shore.
The $35 million development includes two 6-storey towers comprising of 48 residential apartments.
Hyecorp Property Group development director Stephen Abolakian said after first purchasing the site 24 months ago, the company is pleased to finally have the development application approved.
“We worked tirelessly with the council assessors, staff and the KMC Planning Panel to ensure the development met with the areas specific requirements. Our approach has meant that we were one of the few developers in the Ku-ring-gai municipality not required to negotiate the development in the Land and Environmental Court,” he added.
Abolakian said the project also signifies a new growth path for Hyecorp.
“With a current forward work book of development projects in excess of $150 million Hyecorp is on track to reach its 5-year project portfolio of over $500 million worth of developments.
“We have another project in Roseville currently being assessed by council (a $40 million development of 62 apartments nearby). We also have larger sites in Lane Cove, Ryde and the Sydney CBD currently in due diligence,” he continued.
Abolakian said the next stage for the development would be a capital raising, through a special purpose fund.
“Hyecorp has a strong track record of delivering solid returns to our investors via our development funds. For this investment, we have reduced the minimum investment to only $10,000 and lowered the maximum investment by any single investor,” he concluded.
Australian Property Journal
