Eureka Group Holdings (ASX: EGH) has announced the acquisition of Tuggerah Shores Home Village, a residential park located in Tuggerawong on the NSW Central Coast. The purchase price is $8.25 million, with Eureka securing an initial yield of 8.6%. Tuggerah Shores features 3 Manufactured Housing Estate (MHE) homes, 62 long-term cabin and caravan sites, and 7 short-term campsites, alongside amenities like a Manager’s Residence, amenities block, camp kitchen, and a pool, all situated on a 5.2-hectare landholding. According to Eureka, a portion is undevelopable bushland.
The acquisition marks Eureka’s second venture into the all-age rental market. With Tuggerah Shores consistently operating at full occupancy and maintaining a waiting list, the company aims to capitalize on the high demand for affordable rental options in Australia. Eureka plans to refurbish existing caravans and cabins, further enhancing the village’s appeal.
Simon Owen, CEO of Eureka Group Holdings, highlighted the strategic importance of the Central Coast, noting its status as the third most populated region in New South Wales. He said, “Tuggerah Shores presents an excellent opportunity for Eureka to step into this high growth market”. Owen also stated that the company has “multiple other all-age rental villages under exclusive due diligence”.
The Tuggerah Shores acquisition is the third to be funded from the proceeds of Eureka’s $70.4 million capital raising. Settlement is expected on March 31, 2025. This acquisition strengthens Eureka’s position in providing affordable housing solutions while promising a predictable and secure cash flow.
