It is understood they paid just over $6 million for the high quality Geoff Cox developed village consisting of 65 ILUs with planning approval for 280. They pick up four new unoccupied units which sell at $400,000+ and 20 lots with civics in place
Manuel tells us he will complete the 20 and then roll out 60 to 70 units in the next stage; he has funding in place.
Palm Lake Resorts is the quiet achiever of the sector. Created by Walter Elliott and his son Scott, they now have 20 locations across QLD, NSW and Victoria.
Their foundation has been resort level manufactured home estates. They bought their first retirement village two years ago, Beachmere Sands. They have now built 60 units there. Next was Aspen Group’s Ballina village with approval for 270 units. Tea Gardens is their third village.