Eureka Group Holdings has acquired the 42-unit Freshwater Villas village in Gympie, 160km north of Brisbane. They now plan to add another eight units on undeveloped land at the property.

“Freshwater already trades at a high occupancy and is expected to generate between a 10-11% return to Eureka on the $4M purchase price but there is still room for improvement,” Chairman Robin Levison said.

The Group also has another three villages with a further 132 units that are also close to completion which would offer space for potential expansion.

Eureka also expects a DA on their flagship Terranora development, 110km south of Brisbane in northern NSW, to be approved soon too.

It’s good news for the Group ahead of its full-year results being released next month and should put them on target for their medium-term goal of 5,000 units.