It is easy to see why ASX-listed Eureka Villages wanted to buy Port Denison Motor in the coastal town of Bowen in QLD's Whitsunday Region.

 

Port Denison Motor Inn is across from Bowen's picturesque foreshore.

 

The property was originally built as a 46-unit rental retirement village but was turned into the motor inn, offering short stay accomodation. 

 

Eureka Villages announced to the ASX it had bought the site for $5.05 million after the Whitsunday Regional Council approved the reversion of the property to permanent accommodation.

 

"The village presents to a high standard with community facilities in place to enable an economic transition to an independent living seniors’ rental village," said the company in a statement.

 

"Eureka is also assessing an opportunity to expand the village on vacant land on a neighbouring property."

 

Settlement is scheduled for 31 May.

 

 

The purchase is consistent with Eureka’s strategy to acquire owned and managed village assets in the seniors’ independent rental living sector.

 

Before the Bowen deal, Eureka Villages owned 33 villages, 5 of which are owned in a joint venture and an additional 8 villages under management, representing 2,250 units.