This article is from the Australian Property Journal archive
LIFESTYLE parks operator Ingenia was acquired the Palms Oasis Caravan Park on New South Wales’ mid-north coast for $7.5 million.
The mixed-use freehold park is located at Blueys Beach and comprises 187 existing tourism and permanent sites, with 25 additional sites approved for new permanent homes.
The majority of the tourism sites comprise annuals.
Ingenia chief executive officer Simon Owen said the acquisition offers immediate earnings accretion with potential for enhanced returns through reinvestment in the existing community and the development of further permanent homes.
“In addition to 25 approved development sites, there is potential to add additional homes (subject to approvals) on adjacent land that forms part of the acquisition.
“Blueys Beach is a very attractive location which appeals to retirees and holiday makers alike. The community complements our existing mixed use communities at Soldiers Point and One Mile Beach and is also in close proximity to our Latitude One development which is due to commence in the first half of 2017.” Owen said.
Settlement is expected in January.
Australian Property Journal
