Eureka seeks gold in caravan park purchase
Seniors accommodation company Eureka Group Holdings has snapped up a new site on the Fraser Coast for $5.3 million.
Eureka, which owns or manages 2800 units across Australia and is Australia’s largest provider of affordable seniors’ rental accommodation, has announced it is buying the Burrum River Caravan Park, a mixed-use caravan park between Hervey Bay and Maryborough.
The park consists of 55 manufactured homes, four short-term cabins, 37 powered caravan sites, and three short-term campsites.
The park also includes a three-bedroom manager’s residence, an amenities block, camp kitchen, and in-ground swimming pool.
The Group intends to convert the 37 powered caravan sites into an additional 32 long-term rental units, subject to council approval.
The Group will also look to buy-back and convert the 55 manufactured homes into long-term rental units.
Eureka’s Chief Executive Officer Simon Owen said the Fraser Coast, like many regions in Queensland, was experiencing a housing crisis.
“This acquisition provides an opportunity for Eureka to increase the provision of long-term accommodation for singles, couples, retirees, and key workers in the region,’’ he said.
“Eureka already has a strong presence in the region, operating five seniors rental living communities between Gympie and Bundaberg, including one in Hervey Bay.
“All five villages, totalling 284 units, are presently operating at full occupancy with strong waitlists.”
Eureka says the area is particularly appealing because several large infrastructure projects have either been announced or are planned for the Fraser Coast. These include the $9.5billion Queensland Train Manufacturing Program in Maryborough, and the $2bn Forest Windfarm proposed to be built between Gympie and Maryborough.
“Eureka is confident that the low vacancy rate across the Fraser Coast, coupled with an influx of key workers to deliver these large infrastructure projects over the coming years, will create strong demand for rental accommodation at Burrum River Caravan Park”, Mr Owen said.
Burrum River Caravan Park is the company’s fourth acquisition funded from a $70.4 million capital raising.
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