Hometown Australia exits site with land lease upside
Existing approval for long-term sites provides a pathway for the purchaser to transition the park into a land lease community.
US-based operator Hometown entered the Australian land lease community market when it acquired Gateway Lifestyle for $685 million in October 2018.
Among the assets was Beach Haven Village Ulladulla, a mixed-use coastal park on the NSW South Coast.
The 2.62-hectare property has been operating as a holiday park with 135 income-generating sites. Existing approval allows for 165 sites in total, including 38 long-term sites, offering a clear pathway for future redevelopment. The park was also sold with around 30 vacant sites, providing immediate capacity for uplift.
HTL Property National Director Andrew Jackson confirmed the asset has been sold to a private syndicate for $9,230,000, reflecting a 7.18% initial yield after a competitive Expression of Interest campaign.
Andrew noted the versatility of the site, citing its proximity to the Ulladulla town centre and its potential to evolve into either a more traditional tourist accommodation offering or a residential land lease community.
He said the long-term site approval “provides a natural runway for the purchaser to transition part of the park into permanent residential use,” aligning with broader trends reshaping the land lease sector.
