Rental retirement living operator Eureka Group will expand its village at Brassall, Queensland, adding an extra 51 homes.
The $11 million expansion, approved by Ipswich City Council, will see the community facilities at Brassall refurbished and add to the existing 43 rental homes and 12 land lease homes, bringing the total size of the village to 106 residences.
“Eureka is currently seeing strong demand and enquiry for its units, with affordable accommodation supported by transparent lease structures proving highly attractive for residents and their families over other seniors living operators,” said Murray Boyte, Executive Chairman of Eureka (pictured).
“Since 2018, Eureka has delivered portfolio growth of 64% through a combination of acquisitions, developments and organic growth.”
Development is expected to take nine months to complete. Eureka is embarking on a $28.2 million equity raising to fund both the Brassall expansion and the purchase of two Ingenia Gardens villages in Tamworth, NSW, and Horsham, VIC.
