While it is making just $500,000 net profit a year from managing or owning about 30 rental villages, Eureka Group has announced to the Stock Exchange that it is doing due diligence on investing in EPIC Property Limited, an investment Property Fund with $65M und management. Eureka Group is the remnant of the rental village groups Village Life and SunnyCove that succumbed to massive debt while trying to build a 70+ portfolio pre GFC. It now has about 30 rental villages under management. Eureka states its strategy is to somehow add its villages to EPIC's 22 mainly commercial properties worth $65M to enhance its asset base.
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$36M Resthaven Bellevue Heights redevelopment in Adelaide opens doors
The South Australian Not For Profit provider has opened Stage 2 of the redevelopment of Resthaven Bellevue Heights in Mitcham, 7km south of Adelaide’s CBD.