After that, options for the new owner could include a subdivision and sell-down of land, through to rebuilding the site as a much higher density project, with a shopping centre, offices and apartments.
In recent years, developers have snapped up coastal caravan parks at Barwon Heads, Torquay, Portsea, Rhyll and Cowes – with view to exploiting their central locations with major apartment-based redevelopments.
The trend is expected to become more prevalent as rising land taxes, and recently amended State Government legislation affecting annual fees, makes it unviable for some caravan park operators to continue providing budget accommodation.
Prior to Flinders, the largest caravan park site sale occurred last August, in Inverloch, when a developer paid a speculated $6 million for the waterfront Moller’s Caravan Park.
Kay & Burton Flinders Andrew Hines marketed the Flinders site.