After spending $4.5 million on Kin Kora residential home and caravan park village in the town of Gladstone, 517km north-northwest of Brisbane's CBD last month, the nation's only pure-play rental village operator has purchased its second all-age community.
Eureka Group Holdings has executed binding contracts for the $8.25 million purchase of Tuggerah Shores Home Village, a residential home village located in the lakeside suburb of Tuggerawong on the New South Wales Central Coast. The mixed-use residential park consists of three manufactured housing estate homes, 62 long-term cabin and caravan sites, and seven short-term campsites and was sold by HTL Property. The park also includes a three-bedroom manager’s residence, central amenities block, camp kitchen, and in-ground swimming pool.
The community is based on a 5.2ha landholding, however a sizeable portion is bushland and unlikely to be developable, Eureka said in an announcement to the ASX on Thursday, 6 March.
Eureka has acquired the community on an initial yield of 8.6%. The village provides accommodation for permanent and long-term residents and consistently trades at 100% occupancy with a deep waiting list. The group said it will continue to refurbish or replace caravans and cabins at the village over the coming years.
“Demand for affordable all age rental accommodation in Australia remains high and will stay that way for the foreseeable future. Eureka has multiple other all-age rental villages under exclusive due diligence,” added Simon, who said at his company's 1H25 result on 3 March, they had a pipeline of acquisition opportunities under contract or assessment exceeding $100 million.
The purchase of Tuggerah Shores Home Village is the third acquisition funded from the proceeds from Eureka's successful $70.4 million capital raising intended to buy seven sites. Eureka expects to settle the acquisition on 31 March 2025.
