Eureka Group Holdings has snapped up Coral Tree Lodge at Greenwell Point, marking its sixth acquisition in just eight months as it rapidly scales its all-age rental portfolio.
The $6.7 million purchase of the 2.33ha waterfront site, 176km south of Sydney – comprising 123 sites, including 73 permanent and annual rentals and 22 motel units – delivers an 8.6% ingoing yield and follows a string of buys funded by its $70.4 million October 2024 capital raise.
Earlier this month, the operator outlaid $7.5 million for Emerald Tourist Park, following purchases of Barrier Reef Tourist Park ($3.5 million) in June, Burrum River Caravan Park ($5.3 million) in May, Tuggerah Shores residential home village ($8.25 million) in March, and Kin Kora residential home and caravan park village ($4.5 million) in February.
"Building upon our market leading position in over-50’s rental communities Eureka is now rapidly scaling a portfolio of all-age rental communities in high employment outer metro and regional locations across NSW and Queensland," said Managing Director and Chief Executive Officer Simon Owen.
"Coral Tree Lodge perfectly fits this brief – located near Nowra (population 22,000) which is the largest town and the commercial hub for the Shoalhaven region. Boasting a strong and diverse economy driven by healthcare, social assistance, defense, construction and retail trade, the Shoalhaven region is experiencing a chronic shortage of affordable rental accommodation with workers travelling from as far as Kangaroo Valley and Jervis Bay to work in Nowra.
"The vacancy rate in Nowra was just 1.0% in June 2025 – 3.0% is considered a balanced rental market."
Eureka will immediately convert seven short-term sites to all-age long term rental dwellings under the existing approval. Further opportunities for conversion will be explored with Shoalhaven Council.
"The NSW South Coast is a key investment target for Eureka," added Simon. "The Shoalhaven region is an established market with a large population base, less than 2.5 hours from Sydney. There is a chronic shortage of affordable rental accommodation in the region which aligns with Eureka’s affordable all-age rental accommodation expansion strategy."