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Port Stephens holiday park sells for $11 million, set for redevelopment with new attractions
The One Mile Beach Holiday Park at Port Stephens is to be sold to the Ingenia Communities Group for $11 million, with new owners having plans for a $3 million refurbishment of the site.
Ingenia Communities, previously known as the ING Real Estate Community Living Group, is best known as an owner, operator and developer of a portfolio of seniors' housing communities but has recently branched out into the tourism sector in the Hunter/Newcastle market.
Ingenia Chief Executive Simon Owen told local media that the unique location of the holiday park made it a desirable investment, stating "One Mile Beach is one of the very few direct beachfront tourism parks in NSW. It is a truly unique park. There is a great opportunity to reinvent it and make it a real destination park."
The park is set on 5.4 hectares and includes one permanent manufactured home and 236 tourist/short-term accommodation sites but Ingenia plans to expand on that.
Owen said the company would spend $2 million to $3 million restructuring the park, including 45 or more single-level permanent manufactured homes, 'glamping' tents, a jumping pillow and children's aqua playground/splashpad.
With the One Mile Beach Holiday Park expected to enjoy full occupancy over the holiday season, work is likely to begin after Easter 2014.
Ingenia are believed to also be looking at three other properties in the Port Stephens area.
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