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Ingenia Communities Group (ASX:INA) said today it has agreed to purchase the Chambers Pines Lifestyle Resort in Logan,Queensland for $17.6 million.
The resort is situated about 30 km from the Brisbane CBD and should yield a return of around 8 per cent.
The park consists of 52 permanent manufactured homes and 154 park-owned rental homes as well as vacant land. There is potential to gain approval for the development of another 200 sites in the longer term.
The acquisition is the second of Ingenias forays into the tightly held lifestyle market of South East Queensland and the group plans to add other properties in the immediate area.
Ingenia produced a net loss of $987,000 for the half year to end December 2014.
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