Top Site Change Hands

Top Site Change Hands

Tue, 03 Jul 2018, Tony Raggatt from Townsville Bulletin

Two key property assets have changed hands in Townsville with the separate sales of the Walkabout Palms tourist park in Wulguruanda Liquorland outlet in Railway Estate.

Discovery Parks added to its North Queensland portfolio with the acquisition of the Walkabout Palms, now known as Discovery ParksTownsville.

The purchase follows recent park acquisitions by the Discovery group in Airlie Beach, Yeppoon and Hervey Bay, as well as with the Top Parks brand stable of properties.

Discovery now controls 51 sites in Queensland and owns or licenses more than 250 properties nationally.

Discovery Parks CEO Grant Wilckens said the company was strategically acquiring properties throughout Queensland where growing visitation continued to present opportunities.

“Walkabout Palms is a property that has a fantastic family feel thanks to the previous owner, Sibby Saitta and his team, who have managed the property for almost 30 years,” Mr Wilckens said.

“The park has impressive facilities with modern cabins, a large resort-style swimming pool, playground, games room and two barbecue areas and camp kitchens.”

Walkabout Palms is a 4ha property on the Bruce Highway in Wulguru.

Meanwhile, investors snapped up the Liquorland site on Railway Ave via a recent Burgess Rawson auction.

The property sold under the hammer for $930,000 on a 6.2 per cent yield. 

Burgess Rawson associate director Jamie Dewe said investors were increasingly focused on regional and coastal locations such as Townsville.

“Dubbed the capital city of North Queensland, Townsville’s diverse economy is underpinned by a number of various sectors including tourism, mining, government and defence,” Mr Dewe said.

“This Liquorland site will truly be a ‘set and forget’ investment for the savvy buyer, with the secure tenant paying all outgoings on a 15-year lease to 2021 plus extension options to 2046, not to mention the guaranteed rental growth of fixed 4 per cent increases per annum.”

The 506sq m corner site provides a net income of $57,632 per annum and combines 45m of retail frontage, dual street access points and on-site parking.

Liquorland is a subsidiary of the Coles Group in the Wesfarmers stable.

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