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Press Release


Specialist national brokerage firm, HTL Property, has successfully sold Sunstrip Park; a premium Residential
Land Lease Community (RLLC) located in the highly sought-after Lake Macquarie Region.

The sale was brokered by Andrew Jackson, National Director of HTL Property’s Accommodation brokerage

The two-stage EOI process generated a number of strong first round offers, with the strongest bidding
parties being short-listed and exclusively invited to participate in a second round ‘final bids’ process. This
allowed the prospective purchasers to not only finalise any outstanding due diligence, but also to improve
their offers; and knowing they were only one of the few preferred parties generated strong competitive

HTL Property was able to improve not only the pricing, but equally notably was able to compress the due diligence
timeframe and requirements of various parties considerably. This resulted in an unconditional contract being
exchanged within weeks of the first round EOI closing; and receipt of initial bids.

“The ultimate sale price and yield confirms the ongoing resilience and strength of this sector, despite the
recent headwinds of interest rate escalation and rising construction costs” commented HTL Property National Accommodation Director, Andrew Jackson.

“The quantity and quality of the bids received for Sunstrip Park, a premium residential community, speaks
volumes to the heightened and ever-growing interest from the market in this rapidly evolving and virtually
recession-proof sector” added Jackson.

Residential Land Lease Communities have evolved into a legitimate investment market and their
association to caravan parks has long gone. The sector is increasingly becoming more sophisticated and in
turn attracting a broader investor base that includes A-REITs and corporates, through to private funds,
HNW individuals, developers, offshore capital and new entrants.

Residential Land Lease Communities derive their income from site fees that a resident pays to occupy the
site within the community (although they own the home outright). This generates a highly passive, secure
and stable income; as well as one that has proven to be extremely resilient, and even recession proof.

“Another factor driving the demand for this asset class is the growing realisation that supply is limited.
Current, operating assets are very tightly held while the pipeline for future communities is highly
constrained as planning regulations are quite restrictive and take time” Jackson advised.

Sunstrip Park is a premium Residential Land Lease Community operating 136 modern, manufactured homes;
complemented by high quality facilities including a generously sized pool, multiple BBQ areas, a
recreation room and private park for exclusive resident use.

Additionally, the Park had four vacant sites which were cleared, serviced and ready for development under
the current Approval to Operate – which allowed for 140 long-term sites.

The substantial 4.27ha site is located in the highly sought-after Lake Macquarie region of NSW, within a
convenient 1.5hrs drive to Sydney; or just under 30 minutes to Newcastle.

The Property ultimately sold for over $17 million to an experienced land lease community operator seeking a
presence in this region, and following a well contested expression of interest sales process.

“We are seeing strong demand for caravan parks and residential land lease community assets, and
combined with an undersupply of established assets in the sector and continued demand, it has resulted in
steady yield compression over the last decade” concluded Andrew Jackson, HTL Property National Accommodation Director.


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