Eureka doubles down in WA
Eureka Group Holdings has secured its second Western Australian tourist park in a month.
The ASX-listed rental housing operator has agreed to pay $16.8 million for Sunset Beach Holiday Park at 4 Bosley Street, Sunset Beach, seven kilometres north of Geraldton.
The price reflects a 10 per cent ingoing yield including transaction costs.
On 4.05 hectares held under a Crown lease, with direct beach access, it contains 245 sites – a mix of permanent homes, cabins, motel rooms and powered caravan and camping sites – and recreation facilities.
Eureka plans to build out the park’s residential component – the property is permitted for 58 more land-lease home sites. Thirty are fully serviced. Upon completion, the asset will then have 104 permanent manufactured-home sites.
Settlement is scheduled in September.
Eureka doubles down in WA
The Geraldton deal comes a week since Eureka bought the Mandurah Coastal Holiday Park for $18.4m, from Equinox (continues below).
That property was permit-ready for 66 more land-lease or long-term rental homes.
This week we reported the company bought The Lakes Holiday Park, in Townsville.
That outlay was $6.75m.
Eureka has been building its all-age portfolio alongside its established seniors’ rental business, targeting regional markets where housing supply is constrained.
Geraldton is about 420 kilometres north of Perth’s CBD.
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