Mandurah holiday park sells for $13m

Sydney-based Equinox Group has bought the Mandurah Coastal Holiday Park for $13 million, marking the first time the asset has changed hands in 17 years.

Hazelmere’s G & G Corp Pty Ltd sold the 153 to 169 Mandurah Terrace accommodation facility to the fund manager, after purchasing it for $9.67 million 2007, RP data records show.

The holiday park sits on four hectares of land, about three kilometres from the beach, and is licensed for about 200 sites with units, camping and caravan facilities.

Knight Frank Australia’s Tony Delich and Cory Dell’Olio brokered the transaction via an expressions of interest campaign.

“The market for mixed-use caravan parks from owner-operators, investors and larger accommodation groups is strong,” Mr Dell’Olio said.

“These assets have maintained steady returns, even in softer economic times, due to the ongoing demand for affordable accommodation from tourists, retiree and short-stay labour force.

“The holiday park enjoys a monopoly position given it is the only park in close proximity of the Mandurah town centre and services both tourists, permanent and semi-permanent patrons.

“During the campaign, we had strong interest for the property with over 60 direct enquiries from operators, investors and developers.”

Mr Delich said the site offered development potential.

“The site has a development guide plan valid to August 2030 for a mixed-use project including multi-level apartments and a neighbourhood shopping centre,” he said.

“The site is divided into 11 separate land titles providing flexibility for future development into staged parcels.”