Eureka spends $14.1m on Victorian holiday villages
Brisbane based land lease community focused Eureka Group Holdings has bought two Victorian assets.
The priciest, Frenchview Lifestyle Village at Grantville (pictured, top), cost $7.5 million.
On a 1.48 hectare waterfront site at 22 Pier Road, near the South Gippsland Freeway, the complex contains 103 sites including 78 permanent manufactured home estate (MHE) dwellings.
Predominantly a land lease community with a mix of rental units, the deal reflects a 7.9 per cent initial yield. A portion of the site has development upside.
The seller, Equinox, paid $2m in 2016.
Grantville is about 100 kilometres south east of Melbourne’s CBD.
Paynesville Holiday Park
Meanwhile, Eureka paid $6.6m for the Paynesville Holiday Park in East Gippsland.
At 4-14 Gilsenan St, Paynesville, the asset includes 96 sites – a mix of permanent homes and tourist accommodation (continues below).
Like Grantville, it has immediate development upside. Each also has a pool and recreation zone.
The result reflects a 7.6pc yield.
Paynesville is about 300 km east of the CBD.
A Eureka statement said the acquisitions would add 200 rent producing sites to its portfolio and aligns with its strategy of targeting regional markets with population growth and demand for affordable housing.
The deal comes three months since the ASX listed group outlaid $11m for the Nagambie Lifestyle Park, an all age village.
Eight months ago meanwhile it bought Coral Tree Lodge at Nowra, with 126 sites.
Also mid-last year the group acquired the Emerald Tourist Park, 270 kilometres west of Rockhampton.
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