This article is from the Australian Property Journal archive
THE Aspen Parks Property Fund (APPF) has sold three properties in north-west Western Australia to RAC Tourism Assets and at the same time bought another holiday park in Hervey Bay, Queensland.
APPF sold three properties, namely the Monkey Mia Dolphin Resort in Shark Bay, Exmouth Cape Holiday Park in Exmouth and Ningaloo Reef Resort in Coral Bay for $33.7 million, which are in line with book value as at 31 December 2014.Aspen CEO Clem Salwin said the sale of the resort style properties (Monkey Mia and Ningaloo) is consistent with a decision by APPF to focus its portfolio on ownership of more traditional short stay/residential accommodation properties, without exposure to extensive food and beverage operations.
“This sale provides these iconic regional tourist properties with the opportunity to fully realise their potential under RAC ownership. It continues our successful process of focusing on our core business activities.
“New property acquisitions within the short stay/residential sector are currently being pursued, consistent with APPF’s core business. The geographic location of the Exmouth Cape Holiday Park lends itself to being grouped with these resort properties in this sale,” he added.
Meanwhile APPF has bought the Australiana Holiday Park in Hervey Bay, QLD for $6.3 million on a yield of 10%.
Located 290km north of Brisbane, on the Fraser Coast, Australiana is a 4.5 star AAA rated accommodation park which comprises 107 sites with a mix of two thirds short stay caravan sites and cabins, and one third permanent residents.
Salwin said the property provides APPF with exposure to the QLD coastal market, with income generation underpinned by both visitors and permanent residents.
Australian Property Journal
