COURAN COVE TO BECOME RETIREE HUB

Written on the 4 July 2016

COURAN COVE TO BECOME RETIREE HUB

EUREKA Group Holding's (ASX:EGH) vision of transforming Couran Cove into a retirement community is fast becoming a reality after the company snapped up a number of units on the island.

The retirement village operator has completed the acquisition of 36 units located within the tourist hideaway located on South Stradbroke Island for $2.05 million.

It has further plans to acquire up to 90 additional units and manage up to a further 50 on behalf of the owners.

In addition, 170 units are intended to be built by the developer and managed by Eureka, which will make the Couran Cove site the company's largest single low cost rental facility once complete.

"The price and positioning of the Couran Cove assets made the opportunity too attractive to pass up, even though the location is generally thought of as more of a holiday destination," says Eureka chair Robin Levison.

"Since Eureka first announced its intention to set up a low cost rental retirement village at Couran Cove, the level of enquiry has been strong, vindicating the company's judgement that this location would be well received by retirees."

Eureka Group is aiming to become the largest rental-only retirement village operator in Australia and has secured a number of acquisitions in the sector over the past year.

The move to convert the resort into a retirement haven is a major departure from the original plans laid out for the property when it was acquired from receivers in 2012 by Brisbane investor Craig Dowling.

Dowling spent an undisclosed sum upgrading the property, although it was a troubled tenure that included disputes with property owners.

Also gone is the Ramada branding for the resort after Wyndham revealed the facility did not meet standards.

Island Resorts, controlled by investor Glenn Molloy, is understood to have taken control of management of the facility in December.

Couran Cove was developed in the early 1990s by US philanthropist Chuck Feeney. It had run at a loss since inception, with Feeney said to have pumped more than $300 million into the business to support it.


Latest News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

AFTERPAY MERGER WITH TOUCHCORP GIVEN THE GO-AHEAD BY FEDERAL COURT

AFTERPAY Holdings Limited (ASX: AFY) has been given the green light by the Federal Court for its merger with Touch...

MEGAPORT TARGETS GLOBAL EXPANSION WITH $27.8M CAPITAL RAISING

MEGAPORT Limited (ASX: MP1) will complete a $27.8 million capital raising to assist in expanding the group's plat...

SCA PROPERTY GROUP BUYS THIRD GOLD COAST SHOPPING CENTRE FOR $46 MILLION

SCA Property Group has acquired the Worongary Town Centre for $46.3 million, bringing the total number of Gold Coa...

Related News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter