Gateway buys Rockhampton resort

Company News

by Lee Brooks

Gateway Lifestyle Group (ASX:GTY) says it will buy a retirement home in North Queensland for $10.25 million.

The Rockhampton North Retirement Resort is a mature, manufactured estate consisting of 146 sites over 6.3 hectares. It is 100 per cent occupied.

The resort was acquired on an 8 per cent yield before transaction costs and should be accretive to 2017 financial year earnings.

Gateway reported a net profit of $116 million for the 2016 financial year.