Major border town land lease community for sale
A major land lease community – permit ready to add 139 more sites – has hit the market at Mulwala.
The Sun Country Lifestyle Park at 18 Tocumwal Road is expected to trade for over $13 million.
On 17.27 hectares it contains 430 sites – a mix of resident-owned homes, annual cabins, short-stay cabins, and boat storage bays and an over 55s independent living component- returning a total $1.54 million gross last year.
Adjusted net profit was $921,000.
Also with two swimming pools, a barbecue area, games room and boat storage, the property has recently undergone a c$2m revamp including roads and community facilities.
The permit allows for 103 permanent home sites and 36 short stay cabins.
Mulwala, in the Riverina district, forms part of a twin town with Yarrawonga, across the Murray River border, in Victoria (continues below).
Income, development upside
The listing comes a week since we reported Hampshire Property Group outlaid $24.5 million for Nambucca Heads’ Faringdon Village, with 189 dwellings on 8.25ha.
“This is a chance to secure a high performing asset in one of Australia’s fastest growing sectors with the added advantage of a DA approved expansion that unlocks significant long term upside,” CBRE’s Marcello Caspani-Muto, who is marketing 18 Tocumwal Rd with Sandro Peluso and Jimmy Tat, said.
“The growth trajectory of this industry is incredible and the broader buyer market is just beginning to realise this,” he added.
“The price point also reflects the unique proposition of potential private or institutional interest,” according to the executive.
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