Mid North Coast land lease community collects $24.5m
Hampshire Property has quietly purchased an over 55s land lease community on the Mid North Coast.
Spreading 8.25 hectares with 189 sites, leased exclusively to permanent residents, Faringdon Village at Nambucca Heads cost $24.5 million – a 5.04 per cent net passing yield.
Dwellings in the complex at 1 Faringdon Close, are for sale asking $310,000-$375,000.
Some have sold for $450,000, HTL Property selling agent, Andrew Jackson, said.
The asset’s road and services have recently been revamped, he added, with the buyer having “nothing to spend” (continues below).
The deal comes five years since Lifestyle Villages sold the Nambucca River Tourist Park and Nambucca Heads Village – 205 sites on 13ha – for a speculated $15m.
Coincidentally, HTL brokered those deal too.
Nambucca Heads is about 500 kilometres north of Sydney and 45km south of Coffs Harbour.
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