National property group acquires Hervey Bay lifestyle park
THE location and demography of Hervey Bay are two of the big reasons behind Ingenia Communities Groups' acquisition of Happy Wanderer Caravan Park.
The Australian property group announced the acquisition of the mixed-use park on Tuesday, and will become the fourth Queensland site in the company's Lifestyle Parks portfolio.
Unconditional contracts were exchanged as part of "the Group's capital raising in June", and is expected to settle in early October.
Ingenia CEO Simon Owen told the Chronicle the company saw a huge opportunity in Hervey Bay.
"It's simply driven by the demographic, we own a number of senior communities in Brisbane and Noosa and Hervey Bay is a new opportunity for us to expand," Mr Owen said.
Mr Owen said the company, which has now increased its lifestyle and holidays portfolio to 29 communities "positioned in key metro and coastal markets" across the country, would invest millions of dollars in the park in years to come.
Mr Owen moved to reassure those who live and/or work at the park, saying it would be "business as usual".
"It's predominantly tourism but there are a few permanent residents," he said.
"We've met with all of the staff and it's business as usual."
Happy Wanderer Caravan Park is a mixed-use park with 149 permanent and short-term sites.
An Ingenia release state the community "establishes a new cluster in a strong tourism and retiree location with opportunities to enhance returns".