The Avina Van Village, one of the last family-owned freehold caravan parks in Sydney, has 180 existing income producing sites and the potential to develop 150 new homes on land acquired with the purchase.
Unconditional contracts have been exchanged for the acquisitions which were announced as part of the group's capital raising in June.
Ingenia has an option over an additional four hectares of land capable of supporting a further 95 new homes.
This option expires in three years and has an exercise price of $6.6 million.
Ingenia’s “core business is affordable senior housing”, the company’s chief executive Simon Owen said.
”We're planning to put a bit more money into the village and the tourism side of the park.”
He said Ingenia planned to invest $20.5 million in the caravan park to upgrade it, along with developing the homes.
The caravan park has a number of permanent residents living on site, but Mr Owen said the residents should not be alarmed by the purchase – “the residents’ tenure is protected under legislation”.
He said the company’s plan was to add around 240 homes over the next five to six years.
The company, which owns, operates and develops a growing portfolio of lifestyle communities, has properties worth $350 million in its lifestyle portfolio.
