Eureka Goes All-In on All-Age as Land Lease Evolves

Major ASX-listed seniors community developer and operator Eureka Group Holdings has looked at its land lease playbook and is making a game-changing pivot. Eureka has bought Frenchview Lifestyle Village at Grantville, 100km south-east of Melbourne, and Paynesville Holiday Park, a mixed-use community 300km east of the Victorian capital in East Gippsland. Combined, the two communities —acquired off-market for $7.6 million and $6.6 million respectively—have 109 land lease homes, 24 park-owned rentals, 47 short-term and annual sites and 19 development-ready sites. When those projects are finished, Eureka will have completed 11 all-age rental village acquisitions in the past 15 months—and is showing no signs of slowing down. The assets’ major drawcards were their all-age capabilities and regional locations, according to Eureka senior regional manager Mercia Neville. “We see the all-age rental sector as one of the most compelling structural housing opportunities in Australia today,” Neville says. All-age land lease communities way forward Explaining its pivot to all-age communities, Neville says that the significant rental undersupply in Australia was continuing, particularly in regional markets. “[At the same time,] there is a growing cohort of Australians who either cannot access traditional home ownership or are actively choosing more flexible, lower-maintenance living arrangements,” she says. Much of the land lease and community living sector generally has focused on retirees, Neville says. “What we are now seeing is broader demand across essential workers, tradespeople, hospitality staff, younger families, active retirees and people seeking affordable lifestyle housing options. “For Eureka, the sector aligns strongly with our core capabilities. ▲ Frenchview, the predominantly land lease community at Grantville, has 103 sites. “We have deep operational experience in rental communities, resident engagement and regional housing markets.” Expanding into all-age rental was a “natural adjacency” for the business rather than a completely new direction, she says. “The pace of acquisitions reflects our conviction in the long-term fundamentals of the sector and the significant pipeline of opportunities currently emerging across regional Australia,” Neville says. Diversification of sector grows The land lease sector continues to evolve away from being associated with retirees and downsizers, she says. “While that remains an important part of the market, broader housing affordability pressures are now driving interest in community living models across multiple demographics.” Neville says what is driving the diversification of land lease communities is the perfect storm of declining housing affordability, higher construction costs, rental shortages and changing lifestyle preferences. “There is also growing recognition that well-operated land lease and rental communities can provide high-quality housing outcomes at more accessible price points than traditional detached housing markets,” Neville says. ▲ Paynesville Lifestyle Village in East Gippsland has 99 sites, a mix of short-stay cabins, permanent manufactured homes and holiday sites. Land lease also presents an opportunity for experimentation with built form and construction, she says. “From a development perspective, we focus heavily on practical and efficient housing outcomes, including prefabricated and manufactured housing solutions where appropriate,” Neville says. “These models help improve affordability, reduce delivery timeframes and maintain scalability.” These projects also mean that diverse forms of housing, including horizontal build-to-rent models, can gain traction in unexpected places. “We expect institutional interest in regional build-to-rent and community housing models to continue growing as investors seek stable recurring income streams and exposure to long-term demographic trends.” While the opportunity is clear, there are still challenges. “Construction costs, planning complexity, infrastructure delivery and workforce constraints remain real headwinds across the sector,” Neville says. “Access to affordable development capital and navigating varying state regulatory frameworks also remain important considerations.” All-age versus seniors communities While from the outside, seniors-focused and all-age communities might look quite different, the underlying philosophy is actually consistent, Neville says. “Where the approach differs is in product mix, community configuration and resident amenity,” she says. “All-age communities naturally require more flexibility in housing typologies and resident profiles. “You may have essential workers, young couples, retirees and regional employees all within the same community, so the operational model needs to accommodate broader lifestyle requirements.” ▲ Frenchview, on a 1.48ha site with beach access, was sold by HLT Property reflecting a 7.9 per cent initial yield. But the long-term demand drivers remain strong, particularly in regional locations where supply is constrained and population continues. In the Bass Coast Shire, where Frenchview is located, the population has grown from 33,000 in 2016 to more than 40,000 in 2021, a considerable jump for a regional location. “Our approach is deliberately focused on communities that can provide stable recurring rental income, operational scalability and future development potential.” And in regional Australia, these models can play an important role in supporting workforce mobility and providing attainable housing options near employment centes, she says. Land lease rises in regions Eureka is continuing to see “meaningful” acquisition opportunities in “fragmented regional markets where institutional ownership remains relatively limited”. Long-term trends in places like regions Victoria particularly include migration from metropolitan areas and increasing infrastructure investment. “From an investment perspective, regional markets can also offer more attractive acquisition economics, lower land costs and stronger relative rental demand dynamics compared to some metropolitan markets,” Neville says. Eureka believes those fundamentals position regional Victoria as an attractive long-term growth market for rental housing communities. “Australia continues to face structural housing undersupply, increasing rental demand and affordability challenges. “Regional markets are also benefiting from decentralisation trends, improved remote working flexibility and population migration from capital cities,” Neville says. In a statement to the ASX, it announced that it “continues to progress” around $90 million of acquisition opportunities which are currently in due diligence of advanced price discovery. In other words, watch this space.

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Clare Burnett
Fri 12 Jun 26

Eureka Goes All-In on All-Age as Land Lease Evolves

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ExclusiveClare BurnettFri 12 Jun 26

Eureka Goes All-In on All-Age as Land Lease Evolves

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