The insatiable need of people over 55 for rental accommodation is illustrated by the demand for the new two-bedroom homes at Eureka Gainsborough Lifestyle Village.
Eureka bought the village in 2021 when it had 43 rental residences, 12 land lease residence and land for development.
The first stage of building 40 additional two-bedroom units was completed in 2023 and the remaining 11 units were finished in February 2024. All were accounted for as they were built.
About 98% of the new tenants are on the Age Pension and they are locals, regional Queenslanders and interstate.
Eureka said in its 1H24 financial result that it is looking to expand by developing land adjacent to existing rental communities and building within existing communities. It has a greenfield site.
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