Sydney-based real estate fund manager Lincoln Place, which owns and operates nine land lease communities in NSW, Victoria and Queensland, and has 11 in planning, has paid $42 million for two existing waterfront sites in NSW and Queensland.
Lincoln Place, founded in 2018 by former Mirvac CEO and Managing Director Nicholas Collishaw and former Mirvac Fund Manager Ben Hindmarsh, has bought the Alceon Group-owned Silver Shores Village Caravan Park in Bribie Island, Sandstone Point, and the Alceon Group’s Chinderah Lakes and Tweed Shores parks (pictured) across the border in northern NSW.
The $42 million is nearly double the price that Alceon paid for the manufactured home estates at Tweed Heads and Sandstone Point. The 149-site Silver Shores Caravan Park, on 4ha, was purchased for $10.25 million in March 2019. The adjoining Tweed Heads-Chinderah Lakes properties, totalling a combined 6.77ha and 225 sites, were purchased for $13.05 million in July 2020.
Lincoln Place’s website states that Silver Shores Village offers a broad range of accommodation options – from a number of affordable short-term powered and unpowered tent and caravan sites through to semi-permanent and permanent home sites.
Chinderah Lakes will house residents within 65 permanent land lease sites as well as 13 dwellings for short-term visitors. It will open in the middle of next year. Tweed Shores Village has 137 land lease sites and 10 tourist dwellings.
Lincoln Place Executive Director Nicholas Collishaw said the operator has moved onto their 18th land lease site in four years of existence.
“It is going very well. Up north, the new sites are relatively secure and we will work on modernising them,” he said. “There is a strong income stream which we will use to get on with our other projects.
“Silver Shores is a land lease community and it is not going to change dramatically. We will gradually replace the caravans when people move on with homes.”