Eureka snares another tourist park
Eureka Villages has bought another tourist park, this time at Nowra.
The 2.3 hectare Coral Tree Lodge Tourist Park (pictured, top) cost the ASX-listed group $6.7 million – an ingoing 8.6 per cent yield.
With 123 sites – 73 permanent and annual – and 22 motel rooms, the price for the Greenwell Point asset reflects an 8.6 per cent ingoing yield.
The suburb is about 14 kilometres west of Nowra, the Shoalhaven region’s largest town.
“The park has immediate scope to convert seven short-term sites to all-age long term rental dwellings under the existing approval,” the buyer said in a statement.
“Further opportunities for conversion will be explored with Shoalhaven Council,” it added.
“The five-year unlevered IRR for the site is forecast at 16.1-18.6pc, depending on the future level of rental conversion at the community,” according to the buyer.
“Amenities within the park include a manager’s residence, BBQ area/camp kitchen, swimming pool, games room, boat ramp and guest laundry facility for use by residents and guests”.
The deal comes 10 days since we reported Eureka bought the Emerald Tourist Park, 270 kilometres west of Rockhampton.
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