Toowoomba philanthropist Clive Armitage lists Kingfisher Gardens retirement village in Kearneys Spring for sale
A massive and longstanding retirement village not far from the Toowoomba CBD has been put on the market by its famous owner and developer.
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One of Toowoomba’s most celebrated philanthropists has placed a longstanding retirement village on the market.
Former McDonald’s franchisee and property developer Clive Armitage this month listed the Kingfisher Gardens Lifestyle Village on Spring Street in Kearneys Spring for sale through Ray White Commercial.
The expressions of interest campaign comes about 20 years after Mr Armitage first developed the project.
A document search on the Australian Securities and Investments Commission revealed Mr Armitage as the owner of the resort, which includes a heated indoor swimming pool, outdoor lawn bowls rink and function facilities including a commercial kitchen and meeting rooms.
Ray White commercial agent Peter Marks said a new owner would take over the freehold and have the choice of a number of income streams.
He noted most of the villas were owned by existing residents, who paid a site fee.
“About 100 residents are already tenants, there are about 20-25 units that are rented,” Mr Marks said.
“One (revenue stream) comes from the site fees (from owners), while another is from continuing to rent out those other units.
“Then you’ve got the other income stream which could be the sale of the units.”
Mr Marks said while the project itself offered plenty of returns, a new owner could also develop a neighbouring block with more units.
“There’s a block of land that can be developed, there was a DA in the past but that has lapsed,” he said.
“(Resorts like this) are few and far between, and the owner has done a good job at looking after the place.
“They are looking forward to handing over the reins to someone who will continue providing quality services for the residents.”
Ray White Toowoomba principal Paul Schmidt-Lee said the resort’s proximity to the Toowoomba CBD was a strong selling point.
“Kingfisher Gardens Lifestyle Village has it all, located in a beautiful part of Toowoomba with an abundance of recreational areas for the live-in families and the potential to further develop,” he said.
“The astute investor will find this property worthy of purchasing and adding it to their investment portfolio.”
The expressions of interest campaign ends on February 24 at 4pm.
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