HYECORP’s debut in seniors’ living has opened strongly, with more than 65 of 111 independent living apartments filled within days at Hyegrove Willoughby, the Abolakian family’s $400 million integrated project 8km north of Sydney’s CBD.
At the LEADERS SUMMIT in March, HYECORP Director of Property Sales and Marketing Patrick Abolakian said over 80% of ILUs had sold at an average price of $2.8 million (about $28,000 per sqm). On opening, 101 apartments (91%) were under contract.
The co-located 46-suite aged care component – configured as three small homes with domestic kitchens, dining and lounge areas and operating under the Retirement Villages Act – is slated to be ready by mid-January 2026.
Speaking at last Thursday’s Westpac Conversations at the Wharf luncheon, Patrick said the team enabled early furniture move-ins to smooth resident transitions.
“The intention is that by the end of November we will have supportive home services into the Independent Living Units. We hope to have the Willoughby RSL Club open by Christmas,” he said.
Hyegrove’s early buyer profile skews older, with average entry age at 82 for females and 84 for males. Care, Patrick said, has been the decisive factor.
“We’re predominantly focusing on care. I think we have targeted quite aggressively that grey area of people that sit at home and don’t know if they should go into retirement, don’t know if they should go into aged care and they’re in and out of hospital. We are the place for you.”
Positioned for the Lower North Shore market, the financial model is pitched as simple and predictable.
“Our residents have sold their house for $4 to $6 million and buy an apartment at Hyegrove for $3 million,” Patrick said. “We have fixed fees for life. Our capital gains structure is very black and white – you know how much money you’re going to get.”
