Real Estate FROM COAST TO COUNTRY
North Star Holiday Resort sells for record price AWARD-WINNING HOLIDAY and residential park North Star Holiday Resort at Hastings Point has sold for an undisclosed record price for an Australian park to Tasman Holiday Parks (THP). North Star was privately owned by Ian and Diane Beadel, who built the park up into one of only two five-star holiday parks in Australia. It became part of the Big Four chain, boasting an adventure water park, day spa, marine museum, cafe restaurant, a BP franchisee service station and many different styles of accommodation. Ian passed away in 2022. Caravan Industry Association of Australia CEO Stuart Lamont said, “Ian (with his wife Diana) have been visionaries in our industry, constantly developing their property to build a caravan park always with the customer in mind.” “Ahead of the curve, Ian was very giving of his time to others in the industry – a character large in life and in contribution. He will be
sadly missed.“ The resort sale went through on December 11, 2023, however comments on the sale have only just been released by THP. THP CEO Nikki Milne said the company was “excited to announce a significant milestone for Tasman Holiday Parks as we welcome North Star Holiday Resort into our group.” “Our acquisition of North Star represents a strategic investment to enhance and expand a resort renowned for setting industry benchmarks and fostering community ties,” she said. “Across our 44 holiday parks throughout Australia and New Zealand, Tasman Holiday Parks hosts over 1 million guests annually. “The addition of North Star marks a pivotal moment for Tasman Holiday Parks, and we’re proud to become the new custodians of this iconic resort. “We extend our gratitude to Ian and Diana Beadel, who, over four decades, have established an exceptional legacy of excellence at North Star.
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“At Tasman Holiday Parks – North Star, our mission is to build upon this legacy. “We’re dedicated to enhancing the resort, and our ongoing investment reflects our commitment to maintaining its iconic status.” The park is also home to more than 200 permanent residents living in manufactured homes, providing further income for the business. While the price the resort went for is unknown, the selling agents said it was a national record. Ray White Commercial told the media that the price had “eclipsed” the previous record for a holiday park sale, the $50 million paid for the Cairns Coconut Holiday Resort in 2017 by Ingenia Communities. The Australian Financial Review (AFR) said that property records show that THP “paid $30.6 million for the freehold property at 1-3 Tweed Coast Road.” “A separate undisclosed price was negotiated for the business and onsite amenities,” the AFR’s Larry Schlesinger said. The deal was backed with
Tasman Holiday Parks has bought North Star Holiday Resort
investment equity from Tasman Capital Investments (TCI) — a private equity firm headquartered in Sydney that invests in Australia and New Zealand. The company has a focus on “completing management buyouts, turnarounds, active real estate, and buy and build transactions.” “Tasman’s investors include global long-term institutional investors and family offices who share a passion for growing businesses,” TCI’s website states. “Tasman manages a separate account for a sovereign wealth fund focused on the manufactured
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home estate sector.” Tasman Holiday Parks launched in 2019 and since then has been on a shopping spree buying up some of Australia’s best holiday parks. Its portfolio now consists of 36 properties in Australia including several Big Four parks, and eight in New Zealand, totalling more than $500 million. The Weekly contacted THP to ask what changes they had planned and what price they paid for the resort, but didn’t receive a response before publication.
THINKING OF SELLING? CALL THE TEAM TODAY Jason Dittmar 0477 711 858 Elizabeth Hickey 0474 908 555 Tania Sheppard 0438 446 578
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By Jo Kennett