SYDNEY: Armenian-run HYECORP Property Group has announced that it has received development approval for two six-storey residential towers in the Sydney lower North Shore suburb of Roseville.

The approval, for the AU$35million development will comprise of 48 residential apartments and, according to development director, Stephen Abolakian, it signifies the next major growth stage for HYECORP.

"After first purchasing the site 24 months ago, we are pleased to finally have the development application approved," he said.

"We worked tirelessly with the council assessors, staff and the KMC Planning Panel to ensure the development met with the area's specific requirements. Our approach has meant that we were one of the few developers in the Kuring-gai municipality not required to negotiate the development in the Land and Environmental Court."

The northfacing development on Corona Ave and Nola Rd is set amongst the leafy and tranquil surroundings of the Nola Rd Reserve and fronts the Blue Gum Creek.

Abolakian added: "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 AU$150million, HYECORP is on track to reach its 5-year project portfolio of over AU$500million worth of developments.

"We have another project in Roseville currently being assessed by council (a $40 million development of 62 apartments nearby)," said Abolakian. "We also have larger sites in Lane Cove, Ryde and the Sydney CBD currently in due diligence."

"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 AU$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."