The private funds management firm based on property investments in the affordable accommodation sector has sold one of its two land lease communities.
Enclave at Healesville, set on 2.6ha in Badger Creek, in the Yarra Valley, 64km northeast of Melbourne's CBD, was sold by CBRE’s Australian Healthcare and Social Infrastructure and Hotels teams on Friday, 26 April. It had a base investment return rate of 15.01%.
The purchaser, an international investor who is locally based, wants to grow his footprint in the caravan park space. He also holds numerous passive investments separate to their business holdings.
Enclave at Healesville has 71 dwellings across a mixture of permanent residential sites (44) and holiday park accommodation (27) with one- and two-bedroom offerings and sites
The Sunny Sands Residential Village in Inverloch, 143km southeast of Melbourne's CBD, was the last public sale on record, also sold by the same team during the midst of the COVID-19 pandemic.
Enclave at Healesville was first marketed early this year alongside Equinox Property Group's Frenchview lifestyle village which is currently attracting interest from other private capital sources, said CBRE.
Marcello Caspani-Muto said, “The team continue to see both tourism and retirement land lease opportunities tightly held with offerings at price points sub $15,000,000 few and far between. Private investors are lucky to secure two-three assets of this type per year across the country at best. When these opportunities do arise they are highly contested given their considerably higher yield potential vs traditional commercial real estate assets, particularly for those which are well managed or include expansion upside”
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