Canberra, 21 July 2013- A mixed-use caravan park has hit the market just outside of Canberra City Centre, offering opportunities for owner-occupiers and developers alike.
Crestview Tourist Park in Queanbeyan, NSW is located just over the border from the ACT and is being sold as a going concern. The freehold property is approved to operate 89 sites, but currently only operates 75 at present.
The park accommodation comprises primarily cabins and villas, as well as a two bedroom owner’s residence. The range of on-site facilities includes a swimming pool, commercial laundry, covered barbeque area and an office.
CBRE’s Andrew Jackson and Andrew Stewart are exclusively marketing the property on behalf of the current owner-occupiers.
Mr Jackson said the park enjoys steady demand as it caters to clients seeking affordable accommodation in this fast-growing precinct. Due to the diverse clientele and the style of the accommodation, the park sees a high ‘average stay’ ratio.
“A strong cash flow is evident, with the business delivering a net profit close to $1million per annum over the last three years. The park has been excellently maintained and does not require any immediate capital expenditure,” said Mr Jackson.
The well performing business also offers plenty of scope for development. It sits on a substantial 1.32 hectare site, zoned medium density residential, and recent preliminary town planning advice suggests this may yield 50-70 townhouses (subject to council approval).
“As well as the business, which offers a good return, the real value of this asset is the high underlying land value,” said Mr Stewart.
If the new owner does decide to retain the caravan park then there is plenty of scope to increase revenue and occupancy levels further with the introduction of additional higher yielding cabins Mr Stewart commented.
The property is being offered for sale by a public Expressions of Interest campaign, closing Thursday 29th August 2013 (if not sold prior). For more information or to register your interest, please contact Andrew Jackson on 0405 355 972 or Andrew Stewart on 0418 248 717.
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