This article is from the Australian Property Journal archive
INGENIA will build 114 new home sites at its Lake Conjola tourist park on the New South Wales south coast, after gaining development approval from Shoalhaven City Council.
It will be Ingenia’s first development project in the cluster, and takes the group’s number of development sites under ownership or option to 2,350, of which 48% have development approval.
Ingenia acquired the Lake Conjola site for $24 million in September 2015, on a yield of 8%.
The tourism park has 377 sites, comprising a mix of annual and tourism cabin and caravan and campsites complemented by private boat ramps, café, waterslide and a children’s playground.
Ingenia chief executive Simon Owen said its first new home sales were targeted for the second half of 2018 and that expressions of interest are already in place.
Waterfront cabins have been added to Lake Conjola under Ingenia’s ownership, and it has trialled its new annual product at the park.
Owen said the opportunity to add a sizeable permanent living precinct that was complementary to but separated from the extensive holiday community was one that had been identified on acquisition and would add significant value. The new permanent living precinct will also include a community clubhouse and pool.
Australian Property Journal
