Sydney-based Equinox Property Group has scooped up two Victorian tourist parks worth nearly $6 million in total, adding to its growing portfolio.
Benalla Tourist Park and Healesville Lifestyle Village were purchased off-market and are the latest additions to Equinox's portfolio of Victorian mixed-use tourism and land lease villages.
CBRE Hotels' Andrew Jackson says Equinox is one of many property groups swooping in on these types of tourism plots that are demonstrating serious growth potential.
"The park sector has experienced a consolidation at the corporate level, while several new high-profile groups are entering the market eager to acquire assets offering growth potential," says Jackson.
"The number of transactions in 2018 was noticeably down on previous years, but this was due to a lack of availability of stock rather than a softening of market conditions."
Equinox Property Group director Brett Summers says both Benalla and Healesville have strong growth potential with the opportunity for infill development of permanent homes.
"We're delighted to have acquired two quality assets; Benalla and Healesville," says Summers.
"Both opportunities aligned with our strategy to acquire affordable accommodation assets with stable, recurring income streams with upside potential."
Benalla Tourist Park is located in the Hume Region, approximately two hours from Melbourne and on the main Sydney to Melbourne route. The mixed-use park totals 4.07 hectares and comprises 30 permanent residents and 90 short stay sites.
Haven at Healesville Lifestyle Village is situated on the Melbourne metro fringe and in the centre of the popular Yarra Valley region. The park is also mixed-use, totalling 2.6 hectares with 40 permanent residents and 23 short stay sites.
Business News Australia
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