RF CorVal MHE Trust
205 Narrabundah Lane, Symonston, ACT 2609
Property Information
| Property | "Sundown Villas" 205 Narrabundah Lane, Symonston ACT 2609 |
| Commencement | July 2020 |
| Purchase Price | $20.0m |
| Sale Price | $28.3m |
| Equity IRR | 43% |
| Equity Multiple | 1.5x |
Operational land leased community asset in ACT.
The RF CorVal MHE Trust is an unlisted property trust established to acquire an operational Manufactured Housing Estate property in Symonston, ACT known as Sundown Villas.
Sundown comprised an existing 88-site MHE village, a 100 room 3.5 star motel, three longer term self-catering units plus surplus land on which it may be possible to develop up to 30 MHE sites, subject to planning approvals. The property sits on a 9.29ha site and is located within the suburb of Symonston, approximately 11km south of the Canberra CBD and 10km north south west of the Canberra International Airport.
Following an unsolicited offer to purchase, the Property was sold in September 2021 at a significant premium to the acquistion price paid only one year earlier.