>> WHAT'S NEW?
1 December 2009
Harvest in JV with Denison Capital secure acquisition of 26 Wharf Street.
8th February 2010
Harvest and Dension settle 26 Wharf Street. Investment fund over subscribed.
1st April 2010
Harvest enters into agreements to acquire Bass Hill (NSW) and Burpengary Pines Home Park as part of broader Home Park Strategy
15th May 2010
Graystone and Harvest commence construction at Brisbane Technology Park.
>> CONTACT US
Street Address: Level 7
WHK Horwath Centre
120 Edward Street
Brisbane QLD 4000
Postal Address: GPO Box 3336
Brisbane QLD 4001
Phone: (07) 3210 7300
Fax: (07) 3211 2925
Email: info@harvestproperty.com.au
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>> KEY FOCUS
"when markets are rising and profits growing - any individual can be successful simply by buying. When markets are falling and profits contracting, it requires specialist skills to maximise value"
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Park Management Services Pty Ltd is an entity that has been created by Harvest Property Pty Ltd and Ottawa & Co Pty Ltd in joint venture to acquire and manage manufactured home, permanent resident and tourist caravan parks.
Why Home Parks?
South East Queensland and Australia as a whole is going through a well documented crisis with regards to:
- An ageing population;
- Housing affordability;
- Urban sprawl and increased land utilisation policies.
The retirement village sector has met with significant resistance to the “deferred management fee” model and it is almost impossible to fund these style of investments in the current environment.
Manufactured Home parks provide a genuine affordable housing option for this market sector. They also provide it in a way that suits the lifestyle criteria required by the target end consumer. This is proven housing option in both the US and Europe with estimates that up to 19% of the US population live in this style of accommodation.
Historically, caravan and manufactured parks have been been acquired for the underlying development capability of their land and subsequently closed down. The reduction of availability in capital cities of this style of accommodation has significantly dwindled and demand has increased as result.
As cities expand, more and more parks are being converted from "eyesores" into subdivisions that appeal to mainstream buyers. As more and more people get comfortable with the economics of the affordability equation and the ownership regime that applies to this sector, the more demand that is being generated.
Manufactured Home Parks now have the capacity to provide a legitimate return from residential property investment at a level that will attract higher level investor interest.
Turnover in home parks is low – many residents are retirees who plan to stay throughout their retirement.
It is much more difficult for a manufactured home resident to move out and find new accommodation than it is for a single family home.
Park Asset Management Goals
- Management of this property sector is essential.
- Park Asset Management Services was established to manage each of the parks and provide a level of uniform professional management between the investors and the day to day operations of the park.
- The directors of Park have significant experience in this sector and dealing with the associated legislative framework that applies to this sector of the market.
Key Management
Trent Ottawa
Trent is a Chartered Accountant with over 10 years experience in the property sector acting as principle, advisor and asset manager to a full range of property assets including commercial, residential and all forms of tourism assets from 5 star hotels to low cost living manufactured home and caravan parks. Trent has acted for a range of stakeholders including publicly listed property trusts, state and federal government, major financial institutions and a range of private property developers and owners. Prior to his involvement in the property sector, Trent spent 4 years with a leading insolvency practitioner acting on a diverse range of matters including corporate restructures and workouts.
From 2003 to 2007, Trent was directly responsible for the due diligence and acquisitions, capital raising, redevelopment and daily management of 5 assets ranging from 5 star tourist park resorts to permanent resident caravan parks offering affordable living options with a combined value of $80M owned by a private syndicate established by Babcock & Brown. More recently, Trent has made number of direct investments in the caravan and manufactured home park sector and has provided advice to a number of leading insolvency firms on the operation and development of manufactured home estates on greenfield sites.
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Ringo Rodriguez-Operations Manager
Ringo has over 20 years experience in the Hospitality Industry with Senior Operational roles with Sheraton, Rydges, Spotless, and EcoPoint Resorts. Ringo has been directly responsible for the supervision and management of multi site operations across a diverse range of assets including tourist and residential caravan parks. Through this exposure to the caravan park sector, Ringo has developed a range of management systems to maximize returns and also has an in depth understanding of the legislation that governs the operations of this asset class.
Over the last 18 months, Ringo has acted as Operational Manager for EcoPoint Resorts which included the supervision of day to day activities across 5 properties located in NSW and QLD. These properties ranged from regional resorts to residential caravan parks. More recently Ringo was responsible for the pre-openings and launch of a tourist retreat owned and operated by South Sydney Juniors.
