Eureka Groups buys Elizabeth Vale seniors living village

Eureka Groups buys Elizabeth Vale seniors living village
Jonathan ChancellorDecember 7, 2020

The Eureka Group has bought the Elizabeth Vale seniors living village in South Australia for $4,386,000.

It takes Eureka's holdings under company management to 1,343 units with 373 under company ownership.

The village, known as Elizabeth Vale 2, is currently 93% occupied and expected to generate earnings before interest, taxes, depreciation, and amortization of $460,000 per annum, excluding Eureka's existing management fee of $140,000 per annum.

The acquisition includes 45 freehold units and a first mortgage loan book secured against 12 other units in this village.

This village is adjacent to Elizabeth Vale 1.

The Elizabeth Vale 2 addition increases Eureka’s units under ownership to 374 with a total of 1,343 units under company management. 

Last month it executed a conditional contract to acquire a large rental village in Lismore, New South Wales for $4 million, the seventh freehold village Eureka has acquired in the last 16 months. 

The Lismore village will be known as Eureka Cascade Gardens Lismore and currently houses 80 permanent tenants with some short-term accommodation. 

The group strategy has seen Eureka move from operator only, to an owner/operator/manager model.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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