Ingenia, the second largest land lease operator in the country, has paid $15.8 million for Kings Point Retreat in Ulladulla (NSW South Coast), which was awarded Best Holiday Park by the Caravan and Camping Industry Association (CCIA) in 2019.
Kings Point Retreat includes 53 permanent homes, with 27 short-term cabins and a further 67 powered and ensuite sites located on 12 acres of land. Facilities include a playground, two swimming pools, tennis and basketball courts, gym, camp kitchen, waterpark, spas and sauna.
The acquisition further expands Ingenia Communities’ presence on the NSW South Coast with a total of 10 communities in the region on completion of the acquisition.
Ingenia Communities Group CEO, Simon Owen, said that the acquisition provided a mix of established yield and the potential for further upside as the Group implemented and identified asset strategies.
“With close to 20% of revenue derived from a stable permanent resident base, we see opportunities to grow revenue as we integrate the tourism operations into our platform and potentially remix the accommodation to increase yield,” Mr Owen said.