Aspen buy Tomago Village Van Park
Jonathan ChancellorDecember 7, 2020
Aspen Group has acquired a 160-site caravan park, Tomago Village Van Park in Tomago in Sydney's Hunter region for $10.5 million.
The purchase reflects an initial yield of 9.3%.
The property has 160 sites, 136 of which are licenced for long-term utilisation, with the balance being short-stay sites.
There is an existing development consent for a further 24 long term sites.
Tomago is located in metropolitan Newcastle, approximately 18 kilometres from the Newcastle CBD.
It is adjacent to the Tomago Industrial area, a substantial source of demand for accommodation at the property.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.