A Manufactured Housing Estate comprising 57 relocatable dwellings is for sale in Inverloch, 86 kilometres south east of Melbourne.
Sunny Sand Residential Village now has a variety of potential future outcomes – it is being marketing to aged care and retirement living operators as well as well as developers
The block spreads 2.2 hectares.
Zoned General Residential, it is opposite a housing estate taking shape since about 2005.
Two kilometres from the beach and town centre, 32-42 Ullathornes Road has been owned by the vendor since 1999.
Manufactured Housing Estates (MHEs)
Developed in Australia since the 1970s but garnering increasing publicity after 2000, MHEs are said to be a high-demand product with occupancy often at 100 per cent – and waiting lists.
Designed for Over 55s with various incomes and saving levels, villages originally found favour with people living in caravans and motorhomes but wanting an affordable base connected to utilities such as electricity and water.
Today most of these complexes include small houses with driveways and carports off sealed roads.
More sophisticated ones are designed with amenities such as bowling greens, clubhouses, community centres, gyms, libraries, swimming pools and tennis courts.
MHE dwellings are built off-site usually costing between $200,000-$600,000.
Residents own the improvement but pay rent to lease the land it sits on.
Landlords also derive an income from management fees (story continues below).
The operator further benefits from underlying capital value rises (including of the common areas such as roads and community facilities).
Sunny Sand likely to sell as investment: agents
Any incoming occupier can re-position the facility for a higher return, they added.
“With over 39 per cent of Inverloch’s population made up of elderly singles or couples, the location is ideally suited to retirement living or aged care…the ‘no vacancy’ status being evidence of this,” according to Mr Caspani-Muto.
“Strong demand for retirement living and ageing services both nationally and within the immediate location is clear, a further 14.5pc increase in the population of residents of retirement age in Inverloch is forecast by 2036”.
The median age of a Bass Coast resident is 52.
Its most over-represented group is 60-64.
Inverloch’s average house price has increased 37pc since 2015, the agents said.
If Sunny Sand’s onsite homes are relocated, a traditional aged care complex – where the operator controls both the freehold and businesses – could replace the Inverloch parcel.
It could also be considered for a traditional housing estate.
Tourist accommodation providers, some which might consider a resort, are other suitors, CBRE said.