Eureka Expands into All-Age Rental with Gladstone Acquisition.

Eureka Group Holdings (ASX: EGH) has secured a mixed-use residential village and caravan park in Gladstone, Queensland, for AU$4.5 million, with an initial yield of 9.2%. The site includes 109 lots, featuring MHE homes, short-stay cabins, and caravan sites, along with key amenities such as a manager’s residence, swimming pool, and central facilities.

This acquisition marks Eureka’s entry into the all-age rental market, addressing Australia’s growing housing crisis. The company plans to convert 28 caravan sites into new rental villas at a cost of AU$5 million, targeting a stabilized yield of over 12%, with potential for an additional 20+ rental villas. CEO Simon Owen sees this as a strategic expansion, with further acquisitions under due diligence. Settlement is expected on March 13, 2025, funded by Eureka’s AU$70.4 million capital raising.

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