Rental village operator Eureka delivers on its promise first profit in nine years
Old hands in the sector will remember the operator Village Life, which became SCV (Sunny Cove Villages) and then Eureka. Village Life set out to build 80 odd rental villages in the space of 3 years. The model was approx. 50 ILUs per village with 2...
Old hands in the sector will remember the operator Village Life, which became SCV (Sunny Cove Villages) and then Eureka. Village Life set out to build 80 odd rental villages in the space of 3 years. The model was approx. 50 ILUs per village with 2 meals a day for a weekly rental of 80% of the pension. It didnt work and they collapsed at about the 57 villages stage. Several owners and divestments later has seen it as the listed Eureka Group. Now led by Greg Rekers, Kerry Potter and Sharon Alderwick with 43 villages and 2,800 ILUs, they just announced their maiden profit of $686,000. Average occupancy is now 95% across most of their portfolio. Lean and mean, they have a Head Office of just eight people.
