The village, which had housed 80 permanent residents with some additional short-term accommodation, fell victim to the floods in the NSW Northern Rivers which left 2,000 homes and businesses unliveable.
Eureka Group had paid $4 million for the rental village it renamed Cascade Gardens Lismore in March 2015. All residents and staff were safely evacuated before it went underwater.
“The full impact of the flood event on this property is not able to be assessed at this stage,” said Eureka Group in a statement to the ASX.
“The property has limited insurance for flood damage due to its Lismore location. It is possible that the loss of income and cost to rectify the damage may exceed the insured amount. Prior to this event, the property’s book value was $7 million and its expected contribution to Eureka’s forecast. Underlying EBITDA for FY22 was circa $0.875 million.”
Eureka Group added it owns or manages 12 villages in the affected region from Bundaberg in QLD to Lismore in NSW. Residents in the other 11 villages remain in their villages.
Logan City, Brisbane, was badly flooded but residents remained safe at Parkview Gardens Retirement Village in Slacks Creek, and at Lutheran Services’ Trinder Park, Woolridge. Southern Cross Care Queensland said “a few staff were cut off by flood waters”.
“Fortunately, the SCCQ community rallied and we were able to accommodate them safely overnight either with other staff who lived nearby or in some cases, at our co-located retirement villages, ensuring our services to residents were fully maintained,” said a spokeswoman.
While evacuation orders have been issued for parts of the Camden area in Sydney's south, sites such as Carrington VIllage, Wivenhoe at Kirkham Rise, and Camden Grove have so far been unaffected. Carrington Village is not in the path of the floods, while Wivenhoe is on high ground; though some roads around Camden Grove are underwater, there is still plenty of access, a spokesperson told The Weekly SOURCE.
Wivenhoe has acknowledged there is some risk of being cut off by floodwaters, however, with a few staff members having difficulty accessing the village.
