22 Jan 2020
Words Tony Raggatt Townsville Bulletin
Park's future looking good
One of Townsville's longest running caravan parks has changed hands with Cocount Glen at the Bohle selling for $2.5 million in a further sign the local economy is on the up.
The park at 910 Ingham Rd is on 2.22ha and has 30 long-term residents, 41 powered sites, 15 unpowered sites, 12 cabins, a reception and office area, swimming pool and two communal kitchens.
ResortBrokers Townsville specialist Des Fagg handled the deal and said the park was well placed to capitalise on the bounce-back in the North Queensland economy. "What we're seeing is a pronounced turnaround, especially at the back end of last year, and this sale is evidence of that return of confidence," Mr Fagg said. "The accommodation industry is a good barometer of a local economy and the fact someone has invested this sort of money into a caravan park is a really good sign.
"It's a great business with a healthy mix of permanent residents, grey nomads and workers coming into town for all the new projects that are under way."
The freehold was sold to Geoff Hodge, of D & G Property Holding Pty Ltd, who has leased the park to his stepson Damien Lineage and his wife Cha Vajo.
The current manager, Terry Johnson, will remain in the business and will co-manage the park with the couple.
Mr Johnson said demand for the park's accommodation had increased on the back of Townsville's new infrastructure developments.
"Last year, from around May to June onwards it started as the year went on, it was as busy as we've ever been," Mr Johnson said.
"There's lots of construction going on in town and, with that, a lot of money being spent around the place.
"What I've learned is that wherever you are, when infrastructure is being built then things generally look good for the future and that's what is happenign right now."
Some of the major projects include the $2.25 billion Singapore Australia Military Training Initiative, the $2 billion Adani Carmichael Mine Project, the $300 million Sun Metals Zinc Refinery expansion, stage one and two of the Haughton Pipeline Duplication Project and the $193 million Port of Townsville Channel Widening.
The region also has major manufacturing projects under consideration that total $4 billion, including for lithium-ion batteries, fertiliser production and nickel and cobalt.