Eureka offloads two Townsville properties for $3M

Published on

ASX-listed rental village operator Eureka has sold off two of its Townsville apartment holdings for a total of $3 million.

The Galilee Court complex at South Townsville (above) and Christine Court complex at Belgian Gardens (below) have been sold to Gerry Duane’s Sydney-based Jacana Developments. Each is a two-story apartment-style development, with 12 rental units at Galilee Court and 20 rental units at Christine Court.

According to Eureka, the proceeds from the sale will be used to pay down debt and fund acquisitions.

“The apartment style complexes are non-core assets, and the disposal is consistent with Eureka’s strategy to recycle capital to invest the proceeds into growing its core independent rental retirement living portfolio,” the company told the ASX.

The settlement is expected to close on March 31. Eureka last month signed a $5.1 million Heads of Agreement (HoA) to purchase and redevelop a motel in Bowen, Queensland, into a rental village pending Council approval.