- Purchased for $15.8 million
- Expected to settle this month
- Grows Ingenia's presence on South Coast to 11 communities
Ingenia (ASX: INA) has acquired Kings Point Retreat for $15.8 million, the purchase is expected to be settled this month and deliver a stabilised yield of 7.7%.
Located on the New South Wales South Coast in the town of Ulladulla, Kings Point Retreat is an award-winning mixed-use community.
“We are continuing to capitalise on our acquisition capability and pipeline to build our portfolio and rental base in key markets,” said Ingenia Communities Group CEO, Simon Owen.
“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.”
The retreat currently has 147 income producing sites and includes 53 permanent homes, the retreat was awarded Best Holiday Park by the Caravan and Camping Industry Association in 2019 following a redevelopment which added a new permanent home precinct, new powered sites and additional resort-style facilities.
Kings Point Retreat also has 27 short-term cabins, and 67 powered and ensuite sites located on 12 acres of land. The retreat is well appointed with a playground, two swimming pools, tennis and basketball courts, gym, camp kitchen, waterpark, spas and sauna.
The Kings Point Retreat acquisition brings Ingenia’s presence on the South Coast of New South Wales to eleven communities.