HTL Property is pleased to announce the successful off-market sale of Paynesville Holiday Park, a mixed-use caravan park located approximately 300 kilometres east of Melbourne in Victoria’s East Gippsland region. The property was acquired by ASX-listed Eureka Group Holdings Limited for $6.6 million, reflecting an initial yield of 7.6%, and following a discreet off-market sale process.
The asset was sold on behalf of an unlisted fund.
The acquisition represents Eureka’s latest in a series of Victorian acquisitions, complementing its existing portfolio of seniors rental villages across the broader regional market. The purchase aligns with Eureka’s strategy to expand its footprint in regional locations supported by favourable demographic trends; constrained housing supply and strong demand for affordable long-term rental accommodation.
Andrew Jackson, National Director of HTL Property, led the off-market transaction and described Paynesville Holiday Park as “a highly resilient coastal lifestyle community with immediate income security and clearly defined development upside.”
“Paynesville Holiday Park offers strong regional fundamentals underpinned by a tightly held coastal location, an ageing demographic, low vacancy rates and a proven operating platform. The approved expansion significantly reduces planning risk, and enhances the long-term income profile of the asset” added Jackson.
Paynesville Holiday Park benefits from its location within the vibrant Paynesville township on the shores of Gippsland Lakes, a popular recreational and lifestyle destination. The park is within walking distance of the town centre and marina precinct, and approximately 20 minutes from Bairnsdale, the major regional hub servicing East Gippsland.
Onsite amenities include a swimming pool, camp kitchen, games room, playground and manager’s residence, enhancing appeal to both residents and visitors.
Eureka Group cited the asset’s strong regional location, diversified income profile and development-led upside as key drivers of the acquisition; consistent with its long-term strategy to scale its all-age rental portfolio. The acquisition of Paynesville Holiday Park forms part of Eureka’s ongoing expansion program, with the Group reporting further acquisitions under due diligence and following continued momentum in the regional rental accommodation sector.
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