Brisbane, 17 March 2016 – The Dreamtime Caravan Park in Upper Coomera has been sold for $3,225,000 to boutique investment fund PortNordica.
CBRE Hotels Senior Manager Sam Johnson negotiated the offmarket sale of the Dreamtime Caravan Park, which has been owned and operated by the same family for over 40 years.
The 2-6 Reserve Road property includes 50 approved caravan sites on 3ha of land. It is strategically located opposite Dreamworld theme park and only a short drive to the Wet N Wild and Movie World theme parks.
“The purchasers were drawn to the asset due to the permanent nature of the park, which brings with it perpetuity of income along with the potential to convert the site to a manufactured housing estate in the future,” Mr Johnson said.
He noted that there was continued strong interest in quality caravan park assets, both in metropolitan and regional centres nationally.
“The appeal is that these parks generate good cash flow and generally sit on substantial land holdings in desirable locations,” Mr Johnson said.
He added that the Sydney-based PortNordica was one of a number of institutional investors looking at opportunities in the caravan park/modular home sector alongside players such as Ingenia and Gateway Lifestyle Residential Parks.
Gateway listed on the ASX in the middle of last year and recently announced a $120m equity raising to add another six modular home parks to its growing stable.
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