With no fanfare, Mid-Western Regional Council has begun operation of Mudgee Valley Park located on Bell Street in Mudgee following a sale by its former owner Ingenia.
A sale price was not disclosed however Ingenia purchased the site for $4 million in 2013. In their 2019 Annual Report published in late September, the Mudgee Valley Park's carrying value was listed at $2,662,000.
This does not suggest however, that the sale price was the same as the listed value.
Mid-Western Regional Council also owns the Riverside Caravan Park on Short Street in Mudgee, along with two in Rylstone. Council's website hasn't yet been updated to reflect the purchase of Mudgee Valley Park.
General Manager of Investor Relations for Ingenia, Donna Burne provided the Mudgee Guardian with a statement when we reported on the sale of two of Ingenia's Mudgee sites in June 2019.
"Ingenia has previously announced a divestment program that includes a number of non-core assets, including the two parks in Mudgee," she said.
In an ASX report filed on February 2019, Ingenia listed the Mudgee assets for sale and their 'total asset value' as $2.5 million and $5.4 million for the Bell Street and Lions Drive sites respectively. It's worth noting that among their portfolio, the two Mudgee sites had the lowest value on the list with the next lowest being a Hervey Bay site valued at $4.5 million.
When contacted for comment, Council said it can confirm it has purchased the Mudgee Valley Park from Ingenia but refused to make 'any further comments in relation to this at this time.'