Lifestyle Villages has sold the Nambucca River Tourist Park and adjoining Nambucca Heads Village, at North Macksville, for over $15 million.
Combined, the managed mixed-use parks contain 205 sites.
Part of c11.76 hectare property was offered permit-ready for another 64 homes.
The buyer is a Sydney based unlisted fund; based on the present income, the deal is being struck at a 10 per cent yield.
“These parks were legacy assets that were acquired via a syndicated ownership structure some years ago,” Lifestyle’s Damien Daly said.
“The next phase of growth was clearly by embarking on the DA works program which would have required an additional financial commitment and time allocation from each member of the ownership group, so it seemed timely and more appropriate to explore divestment options” he added (story continues below).
“We will continue to seek scalable opportunities in tourism and leisure assets and will continue to look to grow our national portfolio with further targeted acquisitions”, according to the executive.
Lifestyle owns over a dozen parks and over 55 communities including, elsewhere in New South Wales, at Anna Bay and Redhead.
HTL Property’s Andrew Jackson and James Carrick, who marketed the North Macksville properties, said demand for mixed-use parks has increased dramatically over the past 18-24 months.
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