New acquisition Tuesday, 13 November 2007 HYECORP Property Group, through its HYECORP Property Fund No 2 (HPF2), has purchased an adjoining property to its development site in Willoughby, marking the Property Groups fourth acquisition this financial year.
The site at 54-56 Frenchs Rd, Willoughby was the final property needed for HPF2 for its project in Willoughby. HPF2 can amalgamate the property with its adjoining holdings of 58 and 58a Frenchs Rd and utilise an existing Development Approval for 25 mixed apartments and 350m2 of Commercial space.

"This has been another fine purchase for HYECORP Property Group, in what has been a very exciting few months. On Sydney's Lower North Shore, only two traffic lights from the CBD with immediate access to public transport, schools, parks and cafes, we are very pleased to add this project to our portfolio" says Development Director Stephen Abolakian. "With very few other lowrise mixed use development in the Lower North Shore we are effectively competing with ourselves [HYECORP Property Fund No 1 is developing 20 residential units nearby on Victoria Avenue, Chatswood].

The site was purchased with delayed settlement terms and construction will begin in March 2008. The building will be completed by late 2009 and strong interest is expected. "We have turned away many buyers from our Chatswood project who were looking for the mix of apartments we have in this project. The level of interest we have already seen is very encouraging," says Mr Abolakian.

"We are also pleased with the interest from our Shareholders- the fund was oversubscribed in one night and is now closed. The overwhelming demand from sophisticated investors shows the changing sentiment towards exposure to residential property development."

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