SYDNEY, AUSTRALIA: Ingenia Communities Group announced further expansion of the Group’s lifestyle and holidays business with the acquisition of an award-winning mixed-use community on the NSW South Coast.
The acquisition further expands the Group’s presence in the popular South Coast tourist market, with a total of 10 communities in the region on completion of the acquisition.
Ingenia Communities Group CEO, Simon Owen, said that the acquisition provided a mix of established yield and the potential for further upside as the Group implemented and identified asset strategies.
“We are continuing to capitalise on our acquisition capability and pipeline to build our portfolio and rental base in key markets. With close to 20% of revenue derived from a stable permanent resident base, we see opportunities to grow revenue as we integrate the tourism operations into our platform and potentially remix the accommodation to increase yield,” Mr Owen said.
Kings Point Retreat is located in the popular tourist destination of Ulladulla, extending the Group’s presence along the NSW South Coast. The Park was awarded Best Holiday Park by the Caravan and Camping Industry Association (CCIA) in 2019 following a redevelopment which added a new permanent home precinct, new powered sites and additional resort style facilities.
Kings Point Retreat currently includes 53 permanent homes, with 27 short-term cabins and a further 67 powered and ensuite sites located on 12 acres of land. Facilities include a playground, two swimming pools, tennis and basketball courts, gym, camp kitchen, waterpark, spas and sauna.
The community enjoys close proximity to popular tourist destinations and existing Ingenia communities, including Ingenia Lake Conjola, which is approximately 20 minutes away. On completion of the acquisition the Group’s portfolio will include over 2,500 income producing sites on the NSW South Coast.
The $15.8 million acquisition is anticipated to settle in August 2021 and is set to deliver a stabilised yield of over 7.7%.