Ingenia adds to Queensland portfolio with purchase of BIG4 Bougainvillia Park at Noosa

RETIREMENT living owner and operator Ingenia Communities Group has snapped up its second lifestyle park in Queensland.

Simon Owen CEO Ingenia Picture: Nowytarger Renee

RETIREMENT living owner and operator Ingenia Communities Group has snapped up its second lifestyle park in Queensland.

The ASX-listed company will pay $12.5 million for the BIG4 Bougainvillia Holiday Park at Noosa on the Sunshine Coast after exchanging contracts.

The acquisition will be funded from the group’s capital raising in September and is subject to the finalisation of due diligence and board approval.

Ingenia Communities chief executive Simon Owen said: ”Consistent with our strategy to grow cash yielding assets BIG4 Bougainvillia Holiday Park is an attractive investment delivering a strong yield and diversified revenue base.”

The acquisition forecast to deliver and ongoing yield of 10 per cent and a forecast yield unlevered internal rate of return of more than 12 per cent.

The 6.5ha park is near Noosa Heads and opposite the Tewantin Noosa Golf Club.

It has 43 permanent homes and 135 short term sites providing caravan, camping and cabin accommodation.

The park includes on-site retail, a freehold petrol station and a range of facilities including two swimming pools, jumping castle, games room and camp kitchen.