Avari buys another holiday park for land-lease conversion
West Melbourne-based Avari Capital has picked up another regional asset for an alternative accommodation fund it launched earlier this year.
Busselton Holiday Village at 118 Peel Terrace is speculated to be costing $15.6 million.
The 4.37 hectare freehold traded for $12.6m.
A conversion to a land-lease community is planned over time.
The deal comes three months since the fund’s first purchase, Cairns Sunland Leisure Park, with 176 sites.
That asset set Avari Capital back $11m.
That property is also set for a land-lease conversion.
Busselton Village
Busselton Village contains 94 long-stay and 46 short-stay sites.
It has been operated by the vendors, Robert and Linda Johnston.
It last traded in 2003 for $3m (continues below).
CRE Brokers’ Mark Walsh brokered the on sale.
AVARI is led by founder and CEO Alan Liao, alongside chief investment officer Ben Coughlin, chief operating officer Margaret Li and head of capital Simon Riordan
A spokesperson said the two acquisitions give the fund 317 sites, with the strategy focused on acquiring holiday parks and other accommodation assets that can be repositioned as land-lease communities.
The company has also identified Sunseeker Noosa Resort, which it owns outside the new fund, as a further source of experience in the sector. There it is preparing plans to add 50 homes to the approximately 100-site community.
Busselton is about 225 kilometres south of Perth’s CBD.
The deal comes a month since realestatesource.com.au reported ASX-listed rival Eureka bought a Geraldton tourist park.
In May it acquired the Mandurah Coastal Holiday Park.
Equinox, led by ex-Aspen and Lendlease executive Brett Summers was that seller.
Eureka is planning to convert parts of the properties for land lease.
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