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Ingenia Communities Group Acquires Community on NSW South Coast08/03/2021 | 11:36pm
Ingenia Communities Group announced further expansion of the Group's lifestyle and holidays business with the acquisition of an mixed-use community on the NSW South Coast. The acquisition further expands the Group's presence in the popular South Coast tourist market, with a total of 10 communities in the region on completion of the acquisition. Kings Point Retreat is located in the popular tourist destination of Ulladulla, extending the Group's presence along the NSW South Coast. The Park was awarded Best Holiday Park by the Caravan and Camping Industry Association (CCIA) in 2019 following a redevelopment which added a new permanent home precinct, new powered sites and additional resort style facilities. Kings Point Retreat currently includes 53 permanent homes, with 27 short-term cabins and a further 67 powered and ensuite sites located on 12 acres of land. Facilities include a playground, two swimming pools, tennis and basketball courts, gym, camp kitchen, waterpark, spas and sauna. The community enjoys close proximity to popular tourist destinations and existing Ingenia communities, including Ingenia Lake Conjola, which is approximately 20 minutes away. On completion of the acquisition the Group's portfolio will include over 2,500 income producing sites on the NSW South Coast. The $15.8 million acquisition is anticipated to settle in August 2021 and is set to deliver a stabilised yield of over 7.7%.
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