HOW COMMERCIAL REAL ESTATE IS RESETTING — AND WHAT IT MEANS FOR YOU
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A Queensland property group has paid $27.5 million for the NRMA Agnes Water Holiday Park.
The freehold interest in the caravan park between Rockhampton and the Sunshine Coast has been snapped up by G & R Kratzmann Property Investments.
It was listed in February in an on-market expressions of interest campaign managed by CBRE’s Paul Fraser and Dillon Murphy.
The expected price was for more than $25 million.
NRMA Parks and Resorts operates the caravan park which contains 133 lots comprising caravan sites, cabins, villas and camping sites across a 35,700sq m site along the beach at Agnes Water, 480km north of Brisbane.
It is the closest access point to the southern edge of the Great Barrier Reef.
The previous owner was the family-run Australian National Homes, who held it for 13 years prior to the sale, which included a new, triple-net 35-year lease deal with NRMA Parks and Resorts.
Fraser said that caravan parks were key investments with fuel prices, rising cost of living and pandemic restrictions driving more domestic tourism.
“Given the significant logistical barriers for people looking to travel overseas, domestic travel has become the trip of choice for many travellers looking to explore their own backyard,” Fraser said.
“This has led to continued strong performance in the drive-markets across regional Queensland.”
Tourism in Agnes Water has grow by more than 100 per cent year on year with the Queensland Tourism Council recognising it as the top small tourism town for Queensland in 2021.
Gary and Ann Kratzmann were the former owners of the Kratzmann Caravans business, which was sold to Apollo RV four years ago. They said owning a park was the logical next step.
“We are excited about this acquisition,” Gary Kratzmann said.
“After years of being in the retail caravan park industry, it has always been an ambition of ours to own a park.”
“This sale has highlighted the continued strength of blue-chip tenanted assets providing investors with a strong long-term annuity of income,” Murphy said.
The nearby Turtle Sands Camping and Holiday Park within the Mon Repos Conservation Park, 135km to the south, was put on the market in June 2022.
Caravan parks have become a hot commodity in recent years with developers also hoping to turn them into hotel assets.
Alceon netted $42 million earlier this year after selling off several parks.
