Buyer retires $7.75m for over 55’s estate
A PRIVATE investor has bought, the over 55’s Bay Village Estate at Lake Macquarie for $7.75 million.
CB Richard Ellis agents Paul Nyholt and Nick Lane negotiated the sale of the Bonnells Bay manufactured home estate on behalf of John Shepherd’s Live Property Group.
Lane said the 139-unit estate had been purchased by private investor Philip Clarke following a recent Expressions of Interest campaign.
The 4.424 hectare property is an over 55’s Manufactured Home Estate located on Fishery Point Road at the southern most end of the Lake Macquarie Local Government Area. The estate presently comprises 139 prefabricated and freestanding homes offering excellent access to Newcastle, the Central Coast and Sydney.
Lane said the sale had attracted significant buyer interest from parties seeking to purchase an over 55’s manufactured home estate with further expansion potential situated in one of the country’s fastest growing Local Government areas.
He added that the houses on the estate were individually owned by the residents, who rented the sites from the Vendor at fortnightly tariffs ranging from $229 to $260 per site. The estate also generates income from the re-sale of houses and the leasing of individual allotments.
“Gross rent revenues have increased steadily since 2002 and as at 30 June 2009 revenues totalled approximately $830,663 per annum,” he concluded.