Palm Lake Resorts wins the purchase of Geoff Cox’s The Hermitage – their 20th property

Youthful Palm Lake Resorts CEO Manuel Lang has clinched a sweet deal, purchasing The Hermitage village in Tea Gardens, north of Newcastle, through Shane Nicholson at Colliers on behalf of the receivers McGrath Nichols. It is understood they paid just over $6 million for the high quality Geoff Cox developed village consisting of 65 ILUs with planning approval for 280. They pick up four new unoccupied units which sell at $400,000+ and 20 lots with civics in place

Manuel tells us he will complete the 20 and then roll out 60 to 70 units in the next stage; he has funding in place.

Palm Lake Resorts is the quiet achiever of the sector. Created by Walter Elliott and his son Scott, they now have 20 locations across QLD, NSW and Victoria. Their foundation has been resort level manufactured home estates. They bought their first retirement village two years ago from receivers, Ted Sent’s Beachmere Sands. They have now built 60 units there. Next was Aspen Group’s Ballina village with approval for 270 units. Tea Gardens is their third village.

In the same period they have opened a 118 bed care facility at their Bethania (MHE) resort and they are developing another care facility at Begara, both in QLD.

Manuel points out Tea Gardens is close to their Fern Bay MHE resort (Newcastle), delivering management efficiencies. They have built and sold 80 homes there in the six months since November.
Manuel joined Palm Lake as CEO in 2012, from National Australia Bank.