Cube, Eureka swoop on Queensland tourist parks
Two Queensland tourist parks sold this month to buyers planning a repurpose.
In Caloundra, Cube Developments has paid $10.775 million for the Golden Beach Holiday Park at 9 Onslow Street (pictured, top).
On 1.12 hectares, part is zoned Tourist Acommodation, the balance, Community, it contains a 12 room motel, three bedroom caretaker’s residence, central amenities block, workshop and pool
Also with extensive caravan parking – the business is run by a manager.
Cube is planning to replace a 2034 sqm component with a five level residential complex containing 60 dwellings – a project which will offer views of the beach, 100 metres away.
Longer term, the balance of the land can also accommodate buildings this height – about 18 metres, according to the marketing agents, Colliers’ Nick Dowling and Baydn Dodds.
Golden Beach is about 25 kilometres south of Maroochydore.
Eureka buys in Emerald
Meanwhile ASX listed Eureka Group has paid $7.5 million for the Emerald Tourist Park – 270 km west of Rockhampton.
Covering 3.1 hectares it contains 106 sites, a three bedroom manager’s residence, camp kitchen, food van and laundry.
A repurpose is planned, for all-aged rental accommodation.
“The park has…development approval to add 31 one and two bedroom cabins, 32 motel rooms and 40 powered caravan sites,” the buyer said.
“Eureka will apply to Central Highlands Regional Council to amend the development approval to align with its all-age long-term rental strategy…the five year unlevered internal rate of return, assuming the development of the over 55s long-term rental cabins and 24 motel rooms, is 19pc,” it added.
Following settlement August, Eureka will hold five rental living and two aged care rental communities spanning the 380km stretch between Rockhampton and Hervey Bay.
Extension planned
Emerald is the Central Highlands’ largest town with a population of c14,900 and a residential vacancy rate of 0.5pc.
“As is the case with many regional towns in Queensland, there is a chronic shortage of rental accommodation in Emerald,” Eureka’s chief executive officer, Simon Owen, said.
“The mining, agricultural and renewable energy sectors are large employers in the region and have a constant demand for accommodation for workers and support services,” he added.
“Eureka’s acquisition…presents an immediate opportunity for more rental accommodation in the region,” according to the executive.
Residents will comprise a local and surrounding region retirees, hi-vis workers, support service workers and new residents.
The purchase price reflects an 8.5pc passing yield.
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