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Eureka acquires Mandurah Holiday Park for $18.4M
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Eureka acquires Mandurah Holiday Park for $18.4M

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  • Eureka Group executed a binding contract to acquire the Mandurah Coastal Holiday Park off-market for $18.4 million.
  • The transaction reflects an initial ingoing yield of 7.7% and a target 5-year internal rate of return of 18.6%.
  • The company aims to expand its footprint in high-growth regional rental markets with constrained housing supply.

Eureka (ASX:EGH) executed binding contracts to acquire the Mandurah Coastal Holiday Park for $18.4 million.

The 4.05-hectare freehold property features 168 total sites comprising permanent land lease homes, rental dwellings, cabins, motel units, and powered caravan sites.

"This acquisition provides the Group with further exposure to the strongly performing Mandurah market, one of not only Western Australia's but also Australia's strongest regional growth markets," said Eureka Managing Director and CEO Simon Owen.

The purchase price includes a deferred payment of $3 million payable 12 months after settlement, and the company stated that approvals are already in place for an additional 66 land-lease or long-term rental home sites.

Following the announcement, the Eureka share price was down at $0.72.

The business specialises in providing affordable rental housing and retirement community accommodations across regional and metropolitan centres in Australia.

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