Aspen's $10m Mandurah buy

Aspen Group is continuing its push into the accommodation sector, buying Mandurah Gardens Estate in a deal worth $10.2 million.

Aspen said the purchase price reflected a yield of $9.25 per cent, excluding transaction costs.

Mandurah Gardens Estate is located on the banks of the Serpentine River and comprises 158 residential sites, which are at 100 per cent occupancy.

Aspen said the deal, which will be funded from its existing cash reserves, was in line with its strategic focus on the accommodation sector.  

Earlier this year, the group spent $8.4 million buying the Harrington Holiday Park on the NSW north coast, while it purchased the Ballina Lakeside Holiday Park, also in NSW, for $16.5 million last month.

Those deals followed the $7.4 million purchase of the Four Lanterns Estate in south-west Sydney in January.

At the same time, Aspen Group has been continuing to sell off its industrial and commercial assets, the latest sale being part of its Spearwood Industrial Estate, which it sold for $35 million in April.