The difference in Eureka’s eighth acquisition this year
Simon Owen, Managing Director and Chief Executive Officer, said Eureka has a further non-binding $100 million of acquisitions currently in due diligence.
Eureka Group has quietly notched up its eighth acquisition for 2025 – and this one marks a new step in its all-age rental strategy.
The ASX-listed operator has exchanged contracts on Benalla Tourist Park in north-east Victoria, its first all-age rental community in the state, as it continues to build a national platform in the affordable rental and land lease segment.
Located on the Broken River around 212km north-east of Melbourne, the mixed-use park currently has 145 revenue-generating sites, including 61 land lease homes, nine park-owned rentals, 29 tourist cabins and 46 caravan and motel sites.
Eureka is paying $11.7 million for the asset, which comes with an existing development approval allowing an immediate addition of 21 rental units and further upside over time.
“Upon final build-out and transition the Benalla village will comprise a community of 176 predominantly long-term rental units and land lease homes,” said Managing Director and CEO Simon Owen.
The acquisition is expected to deliver an initial yield of 8%, with a targeted five-year internal rate of return (IRR) of 17%.
“Benalla represents another on-strategy acquisition for Eureka – a strong and diverse local economy, attractive in-going yield, significant development and repositioning upside, and an acquisition price well below replacement cost,” Simon said.
The deal takes Eureka’s all-age rental portfolio to nine communities and more than 970 revenue-generating sites across Queensland, New South Wales, Western Australia and now Victoria, with a focus on outer metropolitan and high-employment regional centres.
It also comes as the group continues to hunt for further growth, with a non-binding pipeline of around $100 million in additional acquisitions currently under due diligence.
Eureka’s 2025 all-age rental acquisitions so far include:
Kin Kora residential home and caravan park for $4.5 million in February;
Tuggerah Shores Home Village for $8.25 million in March;
Burrum River Caravan Park for $5.3 million in May;
Barrier Reef Tourist Park for $3.5 million in June;
Emerald Tourist Park for $7.5 million in July;
Coral Tree Lodge for $6.7 million in August; and
Hillside Gardens Village for $22.5 million in October.
