Eureka buys ninth All Age Rental Community in 11 months
The acquisition comes as Eureka Group pursues a further $90 million of non-binding acquisition opportunities under due diligence.
The nation's only pure-play rental village operator has paid $11 million for its second All Age Rental Community in regional Victoria.
The acquisition comes as Eureka Group pursues a further $90 million of non-binding acquisition opportunities under due diligence.
Eureka informed the ASX it has agreed to acquire Nagambie Lifestyle Park (Nagambie Caravan Park) in the township on the Goulburn River in central northern Victoria, for $11 million. It is the operator's ninth acquisition since announcing it was entering the All Age Rental Community market in February last year.
Nagambie Lifestyle Park is a mixed-use, freehold park comprising 127 revenue-generating sites, including land lease homes, park owned rentals, annual sites and motel rooms.
The site is expected to deliver an initial yield of 7.3% and has a target five-year IRR of 15.9%.
Eureka's Managing Director and CEO Simon Owen said with 26 fully serviced vacant sites requiring renewal of an expired planning permit and two completed homes ready for sale, Eureka plans to expand the park to about 155 sites, over 90% of which would be long-term rental and land lease homes.
The acquisition reinforces Eureka's affordable housing strategy in a region characterised by strong population growth, low rental vacancy and high median house prices.
The acquisition, alongside nearby assets in Benalla, Shepparton and Albury, strengthens Eureka’s footprint in regional Victoria.
Settlement is expected in late January 2026, subject to customary conditions.
