HTL Property is pleased to announce the successful sale of Benalla Tourist Park, a mixed-use rental and tourist community located approximately 200km northeast of Melbourne. The property was acquired by Eureka Group for $11.8 million, reflecting an 8.32% passing yield; and following a competitive off-market Expression of Interest campaign.
The asset was sold on behalf of a Sydney based unlisted fund to ASX-listed property fund Eureka Group.
The impressive acquisition represents Eureka’s first All Age Rental Park in Victoria, complementing its existing portfolio of senior’s rental villages in the region in both Shepparton and Albury. The acquisition aligns with Eureka’s strategy to expand its footprint in high-demand regional markets; and to deliver affordable long-term rental accommodation.
Andrew Jackson, National Director of HTL Property, led the off-market sales campaign and described the asset as “an established community with significant development upside”.
Occupying a substantial 4.1-hectare freehold site, Benalla Tourist Park comprises 145 revenue-generating sites, including 61 land-lease homes, 9 park-owned rentals, 29 tourist cabins, and 46 sites and motel rooms. Existing development approvals allow for the immediate addition of 21 new one- and two-bedroom rental units; with further upside available subject to council approval. Upon full build-out, the community is expected to grow to 176 predominantly long-term rental units and land-lease homes, offering a diversified income stream from permanent residents, key workers, and tourist accommodation.
“Benalla Tourist Park is a strong regional asset with excellent fundamentals. The area’s low vacancy rates, consistent rental growth, and the park’s significant development potential made it an attractiveinvestment opportunity. The vibrant local economy and proximity to major regional centres make Benalla a popular choice for retirees and investors alike” added Jackson.
Benalla Tourist Park benefits from its strategic location along the Hume Freeway, linking Melbourne to Sydney, with proximity to major regional centres including Wangaratta, Shepparton, and Albury. Amenities within the park include a community centre, swimming pool, camp kitchen, and amenity blocks; enhancing its appeal to both long-term residents and short-stay visitors.
ASX listed property fund Eureka Group acquired the asset, citing the property’s strong regional location and repositioning upside as aligning with its long-term acquisition strategy. Benalla Tourist Park represents the company’s ninth acquisition in the past year, showing the company’s confidence in the regional mixeduse caravan park market.
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