INGENIA Communities Group has bought Cairns Coconut Holiday Resort ‒
Australia's highest rated and awarded tourism park ‒ for $50 million in an
off-market deal.
Ingenia chief executive Simon Owen commented: "This is an exceptional
mixed-use asset with an emphasis on the strongly performing tourism market
which will become a flagship asset for Ingenia's Holidays brand."
It had "significant fully approved opportunities" for further growth, he
added.
The move seeds a new North Queensland cluster, with further acquisitions
being assessed.
"As the group rapidly accelerates its permanent home development
activities, the strong recurrent cashflows generated from Cairns Coconut
will assist balance earnings composition," Mr Owen said.
Cairns Coconut provides a range of facilities including three swimming
pools, water park, two jumping pillows, mini golf, camp kitchen, gym,
outdoor cinema and tennis court.
The 11 hectare park consists of 35 long-term residential homes, 118 cabins
and 207 sites.
There is the opportunity to add a further 34 tourist cabins with
development approval in place.
"Cairns is one of the most visited tourism markets in Australia,
generating a high level of tourism visitation that underpins existing cash
flows and is generated from a diverse tourist base," Mr Owen said.
"This acquisition introduces an international tourist to the portfolio and
provides a stable cashflow with consistent high occupancy throughout the
year."
Northern Queensland also offers attractive demographics for seniors living
with an ageing population which is forecast to grow significantly over the
next 20 years.
The Queensland Government plans to spend over $30 million to promote
tourism over the next four years.
Major infrastructure projects underway and planned in Cairns include the
redevelopment of the international airport and hospital.
