- Village consists of 59 rentals and land leases
- Full capacity is 106 properties
- Consideration was $6.5 million
Eureka Group (ASX: EGH) today announced it has entered into an unconditional contract to acquire Gainsborough Lifestyle Village in Brassall, Queensland.
About 10 minutes from the heart of Ipswich, the consideration for the acquisition is $6.5 million before transaction costs and is to be funded by debt and cash reserves.
The site
Currently consisting of 59 relocatable houses, it includes both rentals and land lease homes.
There is room for expansion though. The site has a full capacity for 106 demountable houses, with key infrastructure including internal roads and essential services already in place. Eureka also said Ipswich City Council had approved developments.
Gainsborough Lifestyle Village sits on 9.4 hectares sits just off the Warrego Highway, behind a fuel station.
The majority of the 59 one and two-bedroom homes consist of 45 rentals and 14 land leases.
The area
More rentals in the area will likely be welcomed, with vacancy rates for Brassall currently at 0.6%.
Brassall – 4305
Weekly rentals in the area have been on a very gradual rise, currently fetching around $350 per week for all housing types, two-bedroom units are around $270 per week.
Brassall – 4305
The rental rates at the lifestyle village are on par with the average, old listings for rentals in the area showed properties listing up to $265 per week, and some lower around $230 per week.
