Prime Trust relaunches Village Life rental villages as Eureka Community Care – the start of significant new group

Prime Trust has taken little time to rebrand and relaunch 11 villages it successfully wrested control back from Fig Tree Limited (previously Village Life – see separate story). Mike Bosel moved from General Manager of Prime Trust to MD of the new Eureka Community Care group. A veteran of both the UK and Australian village and care sectors, he firmly believes the fundamentals of the rental model in Australia is valid, based on the age of his rental village residents, their limited wealth and average occupancy of just 3-4 years – all of which doesn’t make the DMF model appealing. He also believes that there will emerge a clear separation of ownership and management of villages – which may give an insight of how he sees the future for Eureka as Prime Trust has indicated it is up for sale. Mike also sees a future where investment vehicles will own villages and outsource management to professionals, no doubt himself included. He says he and his team are in Eureka for the long haul.