The Brisbane-based, pure play over 50s rental operator has paid $7.5 million for the mixed-use park in Emerald, the major service centre for Queensland’s extensive agricultural, mining and renewable industries in the Central Highlands Region.
It represents the decision of CEO Simon Owen, appointed in September 2024, to add all-age rental communities to Eureka’s existing over 50s rental portfolio to increase its earnings. Simon, who was CEO of Ingenia for 14.5 years, drove the creation of a leading portfolio of land lease communities, rental retirement communities and holidays parks, and saw Ingenia's market capitalisation grow from $30 million to $1.7 billion during his leadership.
He has now bought five parks for all-age communities: Kin Kora residential home and caravan park for $4.5 million in February 2025; Tuggerah Shores Home Village for $8.25 million in March 2025; Burrum River Caravan Park for $5.3 million in May 2025; and Barrier Reef Tourist Park for $3.5 million last month, and now Emerald Tourist Park.
Family-owned Emerald Tourist Park, situated approximately 270km west of Rockhampton, contains cabins, motel rooms, and caravan sites. The 3.09ha freehold land holding currently comprises 106 sites.
Eureka will amend the existing development approval for 31 one- and two-bedroom cabins, 32 motel rooms, and 40 powered caravan sites, to become 55 rental units and 24 motel rooms. Emerald has 0.5% rental vacancies, Eureka said today (Friday).
The purchase price reflects an initial yield of 8.5%. Eureka anticipates a five-year unlevered Internal Rate of Return of 19%, assuming the development of the additional all-age rental cabins and motel rooms.
Emerald Tourist Park is Eureka’s sixth acquisition funded from the proceeds of the company’s successful $740 million capital raising.
