INGENIA Communities Group will build 114 new permanent homes at one of
the premier tourism parks on NSW's South Coast.
Shoalhaven City Council has given its approval for the development and
associated community facilities at the group's swish Ingenia Holidays Lake
Ingenia bought the tourism park in September 2015 for $24 million with an
ingoing yield of over eight percent.
It offers a combination of annual sites combined with tourism cabins and
caravan and camping facilities.
The 377 annual and short-term sites are complemented by private boat
ramps, cafe, waterslide and a children's playground.
Since taking over, Ingenia has increased the tourism accommodation with
the addition of new waterfront cabins.
Sizeable permanent living
add significant value
It has also established a new 'annual' product which is being trialled at
select locations within the popular waterfront destination.
Ingenia Communities chief executive Simon Owen said the opportunity to add
a sizeable permanent living precinct which was complementary to but
separated from the extensive holiday community would add significant
"The completed precinct will enhance returns from the park, generating
significant permanent home rental income per annum, as well as attractive
development profits," he said.
"We have already had significant interest from potential buyers through
the pre-marketing done over the busy Christmas holiday period and have a
display home on site which will aid in the launch of the sales program."
The permanent living precinct will include a community clubhouse and pool and will
take advantage of the coastal location with proximity to boating and
recreation facilities, including the adjoining Lake Conjola Bowls Club.
Ingenia has also improved the accommodation in the established tourist
park with additional waterfront cabins and a new 'annual' (holiday home)
product which provides quality holiday accommodation with secure garage or
These new holiday homes are being trialled in prime waterfront
locations and are for sale from $200,000.