Eureka picks up NSW all-age rental village
ASX-listed Eureka Group Holdings has used the proceeds of a capital raising five months ago to secure its second all-age rental village.
Tuggerah Shores Home Village at Tuggerawong, on New South Wales’ Central Coast, set it back $8.25 million – an 8.6 per cent initial passing yield.
On 5.2 hectares, the bulk which is bushland and can’t be developed, it contains three manufactured housing estates with 62 long term cabin and caravan sites, seven short term campsites, a three bedroom manager’s residence, camp kitchen, BBQ area and pool.
Eureka passed up the opportunity to buy a neighbouring seven hectare block – more expansion space.
HTL Property’s James Carrick and Andrew Jackson were the agents.
Tuggerawong is about 100 kilometres north of Sydney and 60km south of Newcastle.
More acquisitions planned: Eureka
Eureka, the country’s only pure play rental village operator, plan to refurbish Tuggerah Shores units, at 6 Cadonia Road, as they become available; it is fully occupied.
The asset is the company’s third since a $70.4m capital raising in October, designed to buy it seven investments (story continues below)
It is the second to be announced; news of a $4.5m deal for the Kin Kora Village caravan park at Gladstone, in regional Queensland, came in February.
“The Central Coast of New South Wales boasts a population of 362,500…making it the third most populated region in New South Wales, and the 10th in Australia,” Eureka chief executive officer, Simon Owen, said of the latest asset.
“Tuggerah Shores presents an excellent opportunity for Eureka to step into this high growth market,” he added.
“Demand for affordable all-age rental accommodation in Australia remains high and will stay that way for the foreseeable future,” according to the executive.
“Eureka has multiple other all-age rental villages under exclusive due diligence.
“Its development pipeline exceeds $100m”.
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