The 8.3 hectares (20.5 acres) site contains 56 occupied manufactured homes, 13 that have not been sold, and 164 undeveloped sites. A $3.5 million ($2.52 million USD) clubhouse that has just been completed should spur sales of the homes. Developing the other sites would yield an additional $2.1 million ($1.5 million USD) annually in fees.
Ingenia has a $425 million ($306.7 million USD) property portfolio divided between its Active Lifestyle Estates (MHCs), with 22 communities, and the Garden Estates, comprised of 31 communities, which offers rent-only homes, both targeted to retirees. These are the units Ingenia intends to turn into sales and thus permanent accommodations.
Ingenia CEO Simon Owen says, “The majority of our sites in NSW (New South Wales) have a significant existing tourism component. We own some of the most iconic tourism parks in NSW and will be keeping the tourism where it represents highest and best use of land.”
The company sold 100 homes in its lifestyle villages last year, and intends to sell 120 more homes this financial year. ##
(Photo credit: smh.au/Simon Johanson–Lakeside Lara)
