The rental village operator has increased its “rivers of gold” long-term rental revenue to $46.3M, on the back of an average weekly rent of $142.40 for its 6,539 occupied sites.
Overall, its rental revenue was up 22.5% to $60.9M, predominantly paid fortnightly as part of pensions. Their average net development profit margin increased to $105K from $100K.
Compare this to the average development profit in a retirement village which is 17% of the sale price – about $68,000 for a $400K unit.
During the year, the Group also added another five communities to its 56 villages.
Interestingly, Gateway also revealed it has conducted its first comprehensive resident survey – with 89% willing to recommend their communities.
Happy customers – and a happy operator with these results.