News

Caravan park sale makes no cents

Lazy Acres Caravan Park.
Lazy Acres Caravan Park. Peter Chapman

THE Queensland Government will rip up almost $3 million worth of assets if it sells the Lazy Acres Caravan Park in the current depressed property market.

Expert estimates handed to the Chronicle by two caravan park valuation companies showed the site would need to be listed at less than $3 million.

The Labor Government purchased Lazy Acres five years ago for $4.2 million.

The park has had a further $2 million spent on upgrades since then.

That places Queensland taxpayer investment in the property at about $6.2 million.

The experts also posed serious questions about how the government lost $226,000 last year.

Opteon Property principal Alan Gees said he could not understand how the park was losing money.

"That's the first I've read of the $200,000 loss," he said.

"When I heard that I thought there's something wrong, there is something terribly, terribly wrong.

"You're getting a gross income of $450,000 and you're making a $226,000 loss, so you're burning $676,000. I can't understand."

He said the only reason the park could be operating in the red was if the government was spending up on capital expenditure.

Mr Gees valued the site at $2.4 million, but suggested that figure would rise if 11 empty cabins at the park were connected to electricity and put into the rental cycle.

Ben Souvlis from Carapark Sales came in with a higher valuation at $2.9 million, but suggested the actual sale price could be closer to the $2 million mark.

Mr Souvlis has sold more than 40 caravan parks in the past five years for prices ranging from $300,000 to $10 million.

"Lazy Acres has a lot of potential and on the current figures, an owner-operator could expect to make $190,000 to $285,000 per year," he said.

"The park is in a prime location but, in saying this, the government has over-capitalised with the recent money spent on the park.

"Over the past few years the park's gross profit has declined 5-7%, which is rare as 99% of parks I have listed have been increasing steadily by 5-7%."

The LNP stated that by selling the park and pouring the money into public housing it would be able to help more people into cheaper accommodation.

But according to a local construction expert, the government would be unable to provide enough homes for even the 48 permanent households of Lazy Acres.

The construction professional, who wanted his name withheld, said if the total $2.9 million valuation amount was paid it would fund the construction of 36-38 two-bedroom units.

But he said that did not take into account land, council, consultation and other miscellaneous costs.

He said such charges could soak up between $500,000 and $1.5 million and claimed that would significantly reduce the number of social housing units that could be bought.

The Department of Housing and Public Works was contacted in relation to its financial situation but representatives were on holiday due to the Ekka.

Ted Sorensen's office was also invited to comment but failed to respond.

Topics:  accommodation lazy acres caravan park lnp property public housing queensland government



How to do Eat Street the right way

EVERYTHING you need to know to get the most out of your Eat Street experience and to avoid a food coma when you’re only one stall deep.

Don’t go chasing waterfalls…find them on these drives!

The Scenic Rim is just one place nearby that you'll love.

BRISBANE isn’t all bright lights and city slickers.

Science Festival seriously awesome

Don't miss the World Science Festival Brisbane!

CALLING everyone who wants to see something totally cool.

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Top five things to experience this summer in Brisbane

Tangalooma is amazing if you're keen for a dive, kayak or swim.

THIS summer get out and explore your capital city.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

Fraser Coast crews respond to a machinery yard fire

Fire Station, Fire stock photo, 
Photo: Daniel Perrin / Daily News

The fire was reported about 1.10pm on Saturday.

OPINION: To see $100k of donations is awe-inspiring

Jordan Philp - deputy editor Fraser Coast Chronicle. Photo: Alistair Brightman / Fraser Coast Chronicle

This is the true definition of community spirit.

Local Partners

McConnell Lookout closed for road works

North Burnett Regional Council closes McConnell Lookout for two weeks to improve safety, and replacing timber handrails and wood fire barbecues.


Musical to come to life at Brolga Theatre

The wardrobe team surrounded by fabrics and accessories in the costume room at the Brolga Theatre.

Ken is no stranger to the Maryborough music scene

REVIEW: Under the Gun doco looks at right to bear arms

ARMED: A still from the 2016 documentary film Under the Gun by Stephanie Soechtig.

An in-depth look into America's gun culture.

Messing with your head

MIND BLOWN: What could be weirder than the realisation that we have another completely separate brain and nervous system than the one originating in our heads?

Fascinating connection between your gut and your brain

Un-American tale makes Lion weakest link in Oscars line-up

PSYCHOLOGY researchers find US films and actors most likely to win accolades at the Oscars.

Can rightful winner Midnight take out golden Gosling in Oscars?

Can Lion pip La La Land at the post in this year's Oscars? Sunny Pawar (pictured) helped bring a powerful film to the big screen.

WILL Aussie film Lion triumph or will popular La La Land prevail?

Living End, Grinspoon stars hit stage for American Idiot

Chris Cheney of The Living End stars in the Australian production of Green Days musical American Idiot at Brisbane's QPAC Theatre.

TAKE a look behind the scenes of Green Day's American Idiot musical

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

The trick homeowners are using to buy more properties

Chantelle Subritzky leaves her home each week for Airbnb guests.

Queenslanders are going down this path to help pay their mortgages

Stunning home blends South Pacific beauty with Orient style

Immaculate residence with two outdoor living areas

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Ready to SELL your property?

Post Your Ad Here!