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.
