ASX-listed Eureka clearly believes there is money to be made in the rental village sector, adding 106 homes with the purchase of Gainsborough Downs Home Village in Brassall, a suburb of Ipswich in Queensland.
The independent rental village has 59 homes, making a total of 2,250 homes for Eureka, which is a property manager of 40 villages nationally (it owns 32). The purchase includes surplus land which will house a further 47 homes.
Eureka Executive Chairman Martin Boyle said the finalisation of the purchase is consistent with the QLD company’s strategy to grow its core operation in the seniors’ independent rental living sector through acquisition and build-to-rent development of greenfield and brownfield assets. We reported last month that Eureka has entered into an agreement to buy another greenfield site in Queensland.
Eureka delivered a net profit before tax of $9.1 million for FY20 which compared to $6.8 million in FY19 – a 34% increase. Under CEO Cameron Taylor, Eureka increased occupancy to 95%, up from 91%.
