The Fund purchase the Tuross Beach Holiday Park in May 2017. The holiday park is income-positive and on track to meet expected targets. This is a small leasehold caravan park located at Tuross Head, approximately 322km south of Sydney. The property is located on absolute beachfront land, occupying 15,000m2 with approval for 83 camping sites. The property has over 25 years left on the current leasehold terms.
The property was acquired on a 13% passing yield, with the existing management team staying on to operate the asset. It was acquired for $3.3 million dollars. As at the date of this Information Memorandum, the Tuross Head asset is cash-flow positive and on track to meet its target return for the Fund.