Aspen buys residential village for $7m

Property investor Aspen Group has acquired a residential village estate in south-west Sydney for $7.4 million.

The Four Lanterns Estate, located in Leppington, is Aspen’s first accommodation property acquisition in Sydney.

The 3.9-hectare estate is located less than a kilometre from a new railway station, and significant infrastructure is being installed in the surrounding area, according to Aspen.

“Four Lanterns Estate has been established for over 40 years, with 102 existing residential sites, with a 100 per cent occupancy level,” the company said in a statement.

“There is development potential to increase the number of residential sites subject to council approval.”

Aspen has also secured a first right of refusal to acquire an adjacent site of about 2.5ha.

The acquisition will be funded from existing cash holdings and is expected to generate an earnings yield of 7.6 per cent.

In October last year, Aspen-backed Aspen Parks Property Fund purchased the Harrington Holiday Park on the NSW north coast for $8.4 million.

Shares in Aspen were unchanged at 1.25 per share at the close of trade.