Hometown sells Shoalhaven caravan park
The local arm of US based all age communities operator, Hometown, has sold a Shoalhaven region caravan park picked up seven years ago with its $685 million buy out of Gateway Lifestyle’s portfolio.
Beach Haven Village at Ulladulla collected $9.23m – a 7.18 per cent initial yield – from a syndicate.
On a 2.62 hectare beachfront block it contains 135 income producing sites and is permit ready for 165 more, 38 for long term residential use.
About 30 plots are vacant offering immediate development upside, according to HTL Property’s Andrew Jackson, who acted for Hometown Australia.
“The park’s income stability and redevelopment flexibility drew strong interest from both institutional and private investors,” he added.
“Zoned for mixed tourism and residential use, the property provides options to continue as an annuals-style holiday park, transition into a land lease community or evolve into a higher end tourism offering,” he said.
Ulladulla is about 230 kilometres south of Sydney.
The deal for Beach Haven Village at 370 Princes Highway comes seven months since we reported Hometown Australia bought two caravan parks south of Newcastle.
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