Asset managers trade Victorian tourist park
Equinox has sold one of two Victorian tourist accommodation villages bought in 2019.
ASX-listed Eureka Group is the buyer: the Benalla Tourist Park is its first all age rental park in the state.
The outlay is $11.8 million – an 8.32 per cent net passing yield.
HTL Property brokered the off-market deal.
Equinox paid $6m for the property and another, nowadays known as the Enclave at Healesville, 65 kilometres north east of Melbourne’s CBD.
Benalla Tourist Park
On 4.1 hectares, the Benalla Tourist Park, at 115 Sydney Road, contains 145 revenue generating sites: 61 land lease homes, 29 tourist cabins and nine park owned rentals.
There are also motel rooms and powered caravan park sites.
A permit allows for 21 new rentals – one and two bedroom units.
“The impressive acquisition represents Eureka’s first all age rental park in Victoria, complementing its existing portfolio of senior’s rental villages in the region in both Shepparton and Albury,” HTL Property marketing agent, Andrew Jackson, said.
“Benalla Tourist Park is a strong regional asset with excellent fundamentals,” he added.
“Upon full build-out, the community is expected to grow to 176 predominantly long-term rental units and land-lease homes, offering a diversified income stream from permanent residents, key workers, and tourist accommodation,” according to the executive.
Benalla is about 210km north east of Melbourne’s CBD.
The property is Eureka’s ninth all aged village acquisition this year.
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