The nation's only pure-play rental village operator this afternoon announced its expansion into all-age rental communities.
CEO Simon Owen, who launched all-age rental communities as CEO of Ingenia Communities, said the ASX-listed business had acquired the Kin Kora residential home and caravan park village in the town of Gladstone, 517km north-northwest of Brisbane's CBD.
"This will quickly be followed by the acquisition of multiple other all-age rental communities currently under assessment and in our deal flow pipeline," Simon said.
"All age rental represents another huge growth opportunity for Eureka. Approximately 30% of the Australian population rent and 94% of renters are under the age of 65. Expanding into all-age rental increases Eureka's addressable market by 19 times!"
Simon, who was appointed Eureka CEO in August last year, said the group was targeting high employment regional towns for its all-age communities, specifically aimed at high-vis trades, retail, hospitality and healthcare workers and retirees.
"There is virtually no institutional capital being invested in affordable all-age rental communities at the moment and especially in the regions. Senior's rental communities, where Eureka is the market leader, will remain a core focus for the group and we will continue to target the acquisition, expansion and development of these communities," Simon added.
