Eureka Expands Cairns Presence with Strategic Acquisition of Barrier Reef Tourist Park

Eureka Group Holdings Limited (ASX: EGH) entered into binding agreements to acquire the Barrier Reef Tourist Park in Edmonton, Cairns, for AU$3.5 million, reflecting an attractive 9.7% initial yield (excluding transaction costs). Situated in one of Cairns’ fastest-growing suburbs with a tight 1.4% vacancy rate and 8.0% annual rental growth, the 2.05-hectare freehold property features 90 sites and 29 cabins.

The park serves a diverse tenant base, including retirees, key workers, and tourists. CEO Simon Owen highlighted Cairns’ projected population growth—from 170,000 to over 220,000 by 2041—as a key factor supporting demand for affordable rentals. This marks Eureka’s fifth acquisition funded by its AU$70.4 million capital raise and will complement its two fully occupied senior living villages in Cairns. Settlement is expected before FY25 ends.

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