Ingenia Communities Group (ASX:INA) has received approval for the addition of 114 new permanent homes and associated community facilities at Lake Conjola, two hours south of Sydney.
Located on the New South Wales South Coast, Conjola will be Ingenia’s first development project in this cluster, and will create a large mixed-use community.
Ingenia Holidays Lake Conjola was acquired in September 2015 for $24 million with a yield of over 8%.
One of the premier tourism parks on the New South Wales South Coast, the park offers a combination of annual sites combined with tourism cabins and caravan/camp sites.
The 377 annual and short-term sites are complemented by private boat ramps, café, waterslide and a children’s playground.
In addition to progressing the development of the new permanent living precinct, Ingenia is also adding a new ‘annual’ holiday home product.
These new holiday homes are currently being trialled in prime waterfront locations and are for sale from $200,000.
Ingenia is targeting first new home sales in the second half of 2018, with expressions of interest already in place.
The company now has 2,350 development sites under ownership or option, of which 48% have development approvals in place.