ASX-listed Eureka Group Holdings is buying a short-stay accommodation complex at Bowen, in the Whitsunday region.
The deal is conditional on the local council allowing the 46-unit complex be repurposed to allow for seniors accommodation.
The property was developed as a rental retirement village before being converted to its current use.
Eureka is outlaying $5.1 million.
“The village presents to a high standard with community facilities in place to enable an economic transition to an independent living seniors’ rental village,” the buyer said (story continues below).
“Vacant land adjacent to the property may facilitate future expansion,” it added.
Elsewhere in the Whitsunday region, Eureka operates seniors accommodation assets at Townsville and Mackay – 200 kilometres north west and south east of Bowen.
It also runs a village at Ayr.
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