15 Aug 2019
Words Navarone Farrell Queensland Times
100-lot retiree relocatable home project for sale for $2.5M
ONE of Queensland's largest buy-back retiree estates has hit the the market for $2.5 million in Fernvale.
The Fernvale Manufactured Housing Estate site is for sale with ResortBrokers® and is the amalgamation of two properties measuring 4.5ha, set back from the main Brisbane Valley Hwy.
Operators have a chance to buy into the development site which is in its final approval stages for 100 individual sites according to ResortBrokers® managing director, Trudy Crooks.
MHE sites offer diverse housing options, typically with demountable homes, targeted at the over-50s age group. The homes are managed by an operator and a resident can purchase the house structure, but not the land.
Residents own their manufactured home and lease or license the right to occupy the site from an MHE operator or land owner. Residents typically buy their manufactured home from the operator and then make rental payments to the operator.
The Fernvale MHE has been designed to provide a 'higher end' relocatable home product in a secure environment, while also providing a more affordable housing option when compared to conventional freehold housing.
The site has a combined street frontage to Bank Creek Rd of approximately 160 metres and ground works have already been completed. Power, water and sewage have been established on the development site.
The 100 individual sites have an average site area of 250 square metres, complemented by a 342 square metre internal communal amenities building, office and visitor parking.
"MHEs are set to become the biggest growth market in the accommodation sector over the next decade and this is going to be driven by economic and social factors," Ms Crooks said.
"This particular site is one of the biggest on the market right now and if offers a great opportunity for a developer to create an asset which will deliver attractive returns and CPI-indexed cash rents.
"Fernvale is a key transit town that services the Somerset catchment and there is no existing major retirement or MHE site in this area. These MHEs, once established, are effectively land banks with guaranteed cash flow.
"MHEs are increasingly popular not only because they are cheaper and more simple, but because they provide high levels of resort-style amenities, ranging from swimming pools and tennis courts to RV parking, gyms, hair salons, cafes and clubrooms. Lifestyle is a major driver for the sector."