Eureka offloads 4.8ha in northern NSW for $2M

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ASX-listed rental retirement village operator Eureka Group Holdings has sold 4.8 hectares of vacant land at Terranora, in northern NSW, for $2 million including GST.

According to the Board of Directors, the sale price prior to transaction costs is in line with book value, and the operator is considering the sale of further assets in Terranora.

Eureka sold a 27-unit village in Terranora, in the Tweed Shire near the NSW-Queensland border, for $6.39 million in 2020, and has been expanding its footprint in southeast Queensland with the purchase of three Oxford Crest rental villages this year.

“The Group continues to own the central facility at Terranora which has a carrying value of $0.6 million. Opportunities for the realisation of this asset are being considered.

“This transaction is consistent with Eureka’s strategy to acquire owned and managed village assets in the seniors’ independent rental living sector and dispose of interests in non-core assets,” the Board said.

The Weekly SOURCE has contacted Eureka for comment.