Equinox, Eureka trade WA holiday park
Equinox has sold a West Australian holiday park held three years.
The Sydney-based investment group led by ex-Lendlease and Aspen executive Brett Summers is banking $18.4 million for the Mandurah Coastal Holiday Park.
It paid a private family $13m.
At the time it was licensed for 205 sites with 191 in use.
ASX-listed Eureka is the incoming owner; settlement is scheduled at the end of the month.
The price includes a $3m deferred payment – due next August – reflecting a 7.7 per cent initial yield before transaction costs.
Repurpose upside
On 4.04 hectares at 153-169 Mandurah Terrace, the property is configured with 168 sites – 71 permanent land-lease homes, 69 powered caravan and camping sites, 24 cabins and motel rooms and four park-owned rental dwellings (continues below).
It comes permit-ready for 66 more land lease or long-term rental homes.
A development guide plan running until August, 2030 allows for a mixed-use project including multi-level apartments and a shopping centre.
Eureka said the price per existing home or site – $110,000 – is below replacement cost.
The property is about 400 meters from the beach.
Knight Frank was the marketing agency.
Mandurah, with a population of about 106,800 last year – growing at 3.5pc per annum, with a 1.6pc rental vacancy – is about 70 kilometres south of Perth’s CBD.
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