Ingenia Communities (INA) is paying the Golightly family $37 million for Queenscliff’s Big4 Beacon Resort.
With the deal, the buyer said it now controls the largest footprint of holiday parks in Victoria.
On a 3.2 hectare General Residential zoned site at 78 Bellarine Highway, the property includes holiday villas and long-term cabins.
The acquisition comes a week since we reported INA paid Pradella Property Ventures $270m for the Seachange portfolio of six land lease communities.
Also this month, the buyer outlaid $110m for the so called Caravan Parks of Australia portfolio, with seven assets, mostly in Victoria.
Discovery Parks Holdings was that vendor.
Four months ago the group acquired the Sunnylake Shores over-55s estate, at Budgewoi, for $16m.
Big4 Beacon Resort
Walking distance to Point Lonsdale beach, Big4 Beacon Resort contains a day spa, yoga studio, basketball and tennis courts, indoor and outdoor playgrounds, fire pit, camp kitchen and kids club (story continues below).
“Big4 Beacon Resort represents an iconic holiday park which will increase the group’s presence and profile in Victoria while a retainer relationship with the vendor will allow Ingenia to further capitalize on the unique proposition created at Big4 Beacon across [its] portfolio,” INA chief executive Simon Owen said.
“We look forward to working with vendor Lorraine Golightly and her amazing team at Beacon over the months ahead and then with Lorraine moving forward to introduce some of the Beacon magic across our market leading portfolio of holiday parks,” according to the executive.
Ms Golightly added her family has held the asset for over 50 years, and the decision to sell was not taken lightly.
“However, over the past few years I have been impressed with the energy and innovation that Ingenia has bought to the sector and I cannot think of a better custodian,” she said.
The purchase price reflects a circa seven per cent yield.
INA is expected to add annual sites and cabins.
On settlement at the end of this month, and including the Caravan Parks Australia portfolio acquisition reported last week, INA will be the state’s largest owner of holiday parks.
“This presence complements our growing development pipeline and ownership of established rental and lifestyle communities in Victoria, furthering our strategic focus on growth in the state,” Mr Owen said.
Subscribe to our newsletter at the bottom of this page.