This article is from the Australian Property Journal archive
Seniors living provider Eureka has snapped up an all age rental village on the New South Wales Central Coast on a yield of 8.6%.
Eureka has paid $8.25 million for the Tuggerah Shores Home Village located in Tuggerawong, located 180kms from Sydney and 60kms from Newcastle.
CEO Simon Owen said the Central Coast boasts a population of 362,500 people making it the third most populated region in NSW and 10th in Australia.
“Tuggerah Shores presents an excellent opportunity for Eureka to step into this high growth market.
“Demand for affordable all age rental accommodation in Australia remains high and will stay that way for the foreseeable future. Eureka has multiple other all-age rental villages under exclusive due diligence,” Owen said.
Tuggerah Shores is Eureka’s second acquisition in the all-age rental market after the purchase of Kin Kora in Gladstone for $4.5 million on a yield of 9.2% last month.
The mixed-use residential park consists of three Manufactured Housing Estate (MHE) homes, 62 long-term cabin and caravan sites, and seven short-term campsites. It also includes a three-bedroom Manager’s Residence, central amenities block, camp kitchen, and in-ground swimming pool.
It is set on 5.2 hectares of land, however a sizeable portion is bushland and unlikely to be developable.
This is the third acquisition funded from the proceeds from the company’s successful $70.4 million capital raising.
