HYECORP Property Group receives approval for growth Wednesday, 19 August 2009 SYDNEY: HYECORP Property Group is pleased to announce that it has received development approval for a significant development in the suburb of Roseville, on Sydney's leafy lower North Shore.

The approval, for the $35 million development of two 6storey towers comprising of 48 residential apartments, signifies the next major growth stage for HYECORP Property Group.

"After first purchasing the site 24 months ago, we are pleased to finally have the development application approved," says development director, Stephen Abolakian.

Mr Abolakian said the development was specifically designed to take into consideration the needs of the local residents as well as environmental concerns ""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 Kuringgai municipality not required to negotiate the development in the Land and Environmental
Court"

The northfacing development on Corona Ave and Nola Rd in Roseville is set amongst the leafy and tranquil surroundings of the Nola Rd Reserve and fronts the Blue Gum Creek. "We undertook a lot of ecological work to make sure the council was satisfied with the environmental impact of the development. For example, we had to test for bats with sonar equipment and check under the bridge on nearby Nola Rd for spiders. Although this is very much an urban area, we were sensitive to the needs of the area, the local flora and fauna and our neighbours, and were pleased to submit a fully compliant development."

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 5year 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," Mr Abolakian said. "We are seeing some interesting opportunities emerge in the development site market and are fortunate to be in a position to capitalise on these opportunities should the deals meet our investment criteria" Mr 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. This will ensure a larger spread of investors are given an opportunity to join. We are very much looking forward to inviting more and more investors to invest in our funds.

"We are encouraging those who are interested in joining us in our developments to register their interest from now to avoid missing out"

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For Further Information:

Christine Harris
Financial Media Connections
+61 2 9232 8789
+61 414 621 163
charris@finmc.com.au