Blue Bay Camping and Caravan Park (Australia) has been home to campers and grey nomads around the country for over 60 years. However, it is now for sale, with buyers lining up to peek at the property’s potential.
The 5,424sq m parcel spans seven residential lots with a median density zoning just one block down from the beach, according to a report.
Selling Agent Craig Fisher from Di Jones Central Coast said each of the seven lots had a land value of more than AU$2.5 million, bringing the total value to at least AU$20 million.
Buyers, however, may be willing to “pay a premium” for a property of that size with close proximity to the beach, which Fisher describes as a rare find in the region.
The caravan park is licensed for 48 powered sites and includes amenities, a playground, a camp kitchen, and a solar-heated spa and pool.
The caravan park also has a manager’s residence, a games room, and a workshop.
Fisher said it appealed to buyers looking to park money in a cashflow producing asset and developers looking to build medium-density dwellings or houses.
He said he had received 65 inquiries from potential buyers within 48 hours of listing the property.
The land was originally a tomato farm purchased by the owners about 60 years ago before being converted into a caravan park and camping ground.
In July last year, Fisher sold its “brother” park, the Toowoon Bay Van Park for AU$2,237,500.
This article originally appeared on news.com.au.