In its latest Investor briefing Ingenia states No new rental villages are being built as they are not commercially viable. Ingenia is buying struggling rental villages instead. It recently purchased Dubbo Gardens (Dubbo) for $2.4 million and Ocean Grove Gardens (Mandurah WA) for $2.8 million. Ocean Grove consists of 44 units and if construction costs were $125,000 each its replacement value would be $5.5 million [excluding community facility costs]. Ingenias pricing is approximately $300 per week rental, covering rates, maintenance, gardening, white goods, security and water. A meals package option is available at $60 per week. Ingenia is targeting a 14% yield from Ocean Grove.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
