New acquisition, Frenchs Forest Monday, 03 September 2007 HYECORP Property Group, through its HYECORP Property Fund No 5, purchased an approved Development Site in Frenchs Forest, marking the Property Groups third purchase in as many months.

The 1355m2 site at 55 Sorlie Rd, Frenchs Forest has DA approval for 7 very large 2 and 3 bedroom apartments as well as 664m2 of commercial/retail space and 52 car spaces.

"This has been an excellent purchase for HYECORP Property Group, in that it has enabled us to capitalise on one of the quietest and tranquil suburbs on Sydney's North," says Development Director Stephen Abolakian. "The mixed-use site fits in well with our project criteria and is ideal for our Property Fund".

The site was purchased with delayed settlement terms and will be settled just before Christmas. Construction will begin in early January 2008.

The building will be complete by mid-2009 and strong interest is expected for the Residential units given the demographics of the area. "There are a lot of empty-nesters looking to downsize from their larger homes into smaller, yet still large enough, manageable, high quality and both user- and environmentally-friendly apartments with plenty of car parking," says Mr Abolakian.

"We also anticipate good local demand for the commercial and retail spaces. Given the number of houses and families in the area there will be a list of professionals such as doctors, lawyers and accountants looking for space to service the area."

"This demand will extend to both sales and leasing."

HYECORP will be inviting sophisticated investors to join them in the development project. The project will be similar to its other property funds and investors can contact Mr Stephen Abolakian if they are interested.

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