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October 2016


Happy Wanderer site

Happy Wanderer site

Unconditional contract exchanged

Ingenia acquires two
more caravan parks

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INGENIA Communities Group has snared two more high ranking caravan parks.

The leading Australian property group ‒ which owns, operates and develops a growing portfolio of lifestyle communities ‒ has confirmed it will this month take over the Happy Wanderer Caravan Park in Hervey Bay, Queensland, and Sydney's Avina Van Village.

Unconditional contracts have been exchanged for the acquisitions which were announced as part of the group's capital raising in June.

The Avina Van Village, previously known as Confidential Park Sydney, is being acquired for $33 million.

One of the last family-owned freehold caravan parks in Sydney, the takeover further strengthens Ingenia's position in the tightly held Sydney market.

With an existing 180 income producing sites and potential to develop 150 new homes on land acquired with the existing community, Avina Van Village provides the opportunity for strong growth in returns through active asset management and development.

Ingenia also has an option over an additional four hectares of land capable of supporting a further 95 new homes.

This option expires in three years and has an exercise price of $6.6 million.

The Happy Wanderer Caravan Park, previously Confidential Park Fraser Coast, is a mixed-use park with 149 permanent and short-term sites.

Ingenia said the community established a new cluster in a strong tourism and retiree location, with opportunities to enhance returns.

The group's investment in the lifestyle portfolio now stands at $350 million.

Chief executive Simoon Owen said the latest acquisitions increased Ingenia's lifestyle and holidays portfolio to 29 communities positioned in key metro and coastal markets with close to 4300 permanent, annual and short-term income-generating sites.


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Copyright 2005 Dennis Amor
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