Aspen Group pay $7.4 million for Four Lanterns Estate, Leppington

Aspen Group has acquired the Four Lanterns Estate, a residential manufactured housing estate located in Leppington in south-west Sydney.

The $7.4 million purchase - Aspen Group’s first accommodation property acquisition in the Sydney metropolitan area - reflects an initial yield of 7.6%.

Located within the Leppington Town Centre, the freehold property is 800 metres from the new Leppington railway station.

Significant infrastructure is currently being installed in the surrounding area, including the upgrade of the Camden Valley Way to a four lane divided carriageway.

Four Lanterns Estate has been established for over 40 years, with 102 existing residential sites, with a 100% occupancy level. It is marketed as an alternative, affordable option for the over 50s, a low-maintenance lifestyle in your own brand-new manufactured home.

"There is development potential to increase the number of residential sites subject to council approval," said Clem Salwin, the Aspen chief executive officer. 

The 3.9 hectare property has recently been rezoned to R3 Medium Density residential.

Aspen Group has also secured a first right of refusal to acquire an adjacent 2.5 hectare site.

Situated 40 kilometres from Sydney, and originally the Red Mill Caravan Park, the Estate has been a family-owned small residential park since 1971.