ASX-listed Eureka finalises old retirement village to convert to a rental village in Bowen, Queensland

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Listed rental operator Eureka has overcome Council concerns to purchase the Port Denison Motor Inn in Bowen, Queensland, for $5.05 million in order to convert it into a retirement village.

Originally built as a 46-unit retirement village, the site was converted to short-stay accommodation; the property will revert to its original use following the resolution of a dispute with Whitsunday Regional Council that has cleared the way for Eureka’s purchase.

“The village presents to a high standard with community facilities in place to enable an economic transition to an independent living seniors’ rental village. Eureka is also assessing an opportunity to expand the village on vacant land on a neighbouring property.

“This transaction is consistent with Eureka’s strategy to acquire owned and managed village assets in the seniors’ independent rental living sector,” the provider told the ASX.

Eureka signed a Conditional Heads of Agreement to purchase the motel in December, and the deal is expected to settle on 31 May.