Ingenia Acquires Bevington Shores

On 13 December 2019, Ingenia Communities Group (Ingenia) announced that it had completed the acquisition of Bevington Shores Lifestyle Village (Bevington Shores) on the NSW Central Coast.

Bevington Shores is a mature community built over 5.8 hectares in a prime lakeside location. At the time of acquisition, Ingenia reported an ingoing yield at acquisition of approximately 6.2%.

Some highlights of the acquisition include:

• Extension of Ingenia’s presence on the NSW coast via an established village at Budgewoi with 187 permanent homes

• Potential to grow returns through the addition of up to 10 new homes (subject to Council approval) and continued upgrading of the existing homes

We understand there were multiple parties interested in the asset, which transacted ‘off-market’. This transaction further demonstrates continuing yield compression within the LLC sector.