Ingenia Communities Group today announced that the Group has exchanged contracts to acquire the BIG4 Beacon Resort for $37m.
Located across 3.2 hectares in Queenscliff, on the Bellarine Peninsula, the acquisition cements the Group’s market leading presence in Victoria through a flagship community which caters to families, groups, nomads and corporate travellers. BIG4 Beacon Resort was one of the unnamed acquisitions under contract at the time of the Group’s Acquisitions and Equity Raising announced on 1 November 2021.
The multi award winning Resort is renowned as one of the top tourism parks in Australia. It has been inducted into the Victorian Tourism Hall of Fame.
Set amongst native landscaped gardens and with easy access to Point Lonsdale beach, the Resort features impressive amenities including a day spa, function room, indoor pool, daily kids activities year- round, yoga studio and multiple playgrounds.
Simon Owen, CEO of Ingenia Communities, said BIG4 Beacon Resort represents an iconic holiday park which will increase the Group’s presence and profile in Victoria while a retainer relationship with the vendor will allow Ingenia to further capitalise on the unique proposition created at BIG4 Beacon across Ingenia’s portfolio.
“Opportunities to acquire a holiday community as iconic as Beacon are very rare and we are incredibly proud to be the next owners of what is one of Australia’s top holiday parks.”
“We look forward to working with vendor Lorraine Golightly and her amazing team at Beacon over the months ahead and then with Loraine moving forward to introduce some of the Beacon magic across our market leading portfolio of holiday parks.”
BIG4 Beacon Resort Owner and Operator, Lorraine Golightly, said: “Beacon has been part of my family for over 50 years and the decision to sell has not been taken lightly. However, over the past few years I have been impressed with the energy and innovation that Ingenia has brought to the sector and I cannot think of a better custodian for Beacon moving forward.”
“I greatly look forward to working with Simon and the Ingenia team to introduce some of the Beacon magic across their amazing portfolio of east coast holiday parks.”
Ingenia is acquiring the Park for $37 million cash consideration and expects to generate a stabilised yield of circa 7%. Opportunity exists to add additional annual sites and cabins to the Resort, increasing the portion of revenue generated from long-term sites and cabin accommodation. The value of BIG4 Beacon is underpinned by the substantial General Residential zoned land allotment and premier location on the Bellarine Peninsula.
The 3.2 hectare Park currently consists of 23 annual cabins, 31 caravan/camping sites and 69 holiday villas. The majority of guests are intrastate, with the Resort located approximately 100km southwest of Melbourne and approximately 30 minutes from Geelong.
Facilities catering to the family market include basketball and tennis courts, indoor and outdoor playgrounds, jumping pillow and kids club as well as go-karts, outdoor fire pit, day spa, yoga studio and camp kitchen.
“On completion of the acquisition of BIG4 Beacon and the acquisition of Caravan Parks of Australia announced on 1 November, Ingenia will be the largest owner of holiday parks in Victoria. This presence complements our growing development pipeline and ownership of established rental and lifestyle communities in Victoria, furthering our strategic focus on growth in the State,” Mr Owen said.
Settlement of the transaction is expected at the end of November 2021.
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