A SYNDICATE of private investors headed by Harvest Property has moved in on the Nestle Inn caravan park in Brisbane, which is part of the Mariner Leisure portfolio.
CB Richard Ellis Hotels’ Andrew Jackson and Paul Nyholt negotiated the $9.25 million sale on behalf of Paul Billingham and Said Jahani, of Grant Thornton Australia Limited as receivers and managers appointed to assets associated with Mariner Leisure Management Limited.
The 6.97ha tourist and manufactured home park is located in Tingalpa, 12kms from the Brisbane CBD on a site currently zoned Emerging Community Area.
The park currently consists of 223 sites comprising both permanent caravan park and manufactured home sites. It currently generates a net operating income in excess of $1,000,000 per annum.
Jackson said the property had attracted a significant amount of enquiry and competitive bidding.
“The park sector is attracting a lot of attention at the moment because these assets offer good cashflow businesses and they generally also offer good landholdings,” Jackson said.
Harvest Property director Todd Pepper said Nestle Inn represented the third significant acquisition for the group, which commenced operations in May 2008.
“Whilst the site does have future redevelopment potential, Harvest’s objective is to enhance the utilisation of the site for its current purpose. Home parks of this nature provide affordable housing in its purest form and we believe the site has more capacity than is currently being utilised to provide additional affordable housing options,” he added.
Park Management Services, a joint Venture between Harvest and Sydney based manager Trent Ottawa, will be appointed to manage the park on behalf of the investors.
Australian Property Journal