Sydney, 28 June 2016- A vacant site with approval for a manufactured home estate (MHE) in the beachside suburb of Old Bar has been sold for $5.2 million.
Located on Lewis Street, approximately 16kms east of Taree on the Mid North Coast of NSW, the site spans 10.10 hectares and was sold with consent for a MHE incorporating 201 sites, manager’s residence, community building, swimming pool, tennis court, bowling green, gymnasium, BBQ pavilion and maintenance building.
CBRE’s Andrew Jackson sold the development site to listed fund, Gateway Lifestyle Residential Parks, a premium provider of over 50’s residential communities.
Mr Jackson said he conducted the sale off-market, highlighting the demand for greenfield sites as the supply of existing caravan parks and permanent residential villages declines.
“The site was attractive due to its beachside locality, proximity to a major regional centre and provision for high quality community facilities,” Mr Jackson said.
“The caravan park and MHE market is witnessing strong levels of interest, with limited stock available on the market. This has resulted in a new wave of capital seeking greenfield development opportunities in this space.”
“Gateway Lifestyle Residential Parks, like many other funds, now have a greenfield site acquisition strategy, so this was the perfect opportunity for them.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
