In a nice turn of phrase, new Eureka CEO Simon Owen in his AGM speech described its 52 rental village portfolio as horizontal Build to Rent. One village is now being replaced with a 153 unit rental tower at Southport QLD. 

It has lodged a development application with City of Gold Coast to redevelop the horizontal 21-unit Eureka Pioneer Place Southport, which is within the Southport Priority Development Area. It will be replaced with (main picture) an 11 storey, subtropical-designed seniors’ Build to Rent facility with 153 retirement facility units.  

The proposal also includes 934sqm of communal space at the ground level and rooftop, 149 car spaces accommodated on the ground level and within two basement levels. 

The SOURCE also reported last Tuesday the only pure-play seniors’ rental community provider was seeking $70 million to buy seven communities. 

Now Eureka has announced it had signed a binding agreement to buy the 55-unit Riverbank Rental Village (pictured below) in Mount Barker in Adelaide Hills. 

Purchased at $10.3M, its 55 units averaged a cost of $187,000 each.