Rental retirement village operator Eureka delivers on its profit promise

Old hands in the sector will remember the retirement village operator Village Life, which became SCV (Sunny Cove Villages) and then Eureka. Village Life set out to build 80 odd rental retirement villages in the space of 3 years. The model was approx. 50 ILUs per retirement village with 2 meals a day for a weekly rental of 80% of the pension. It didn’t work. Several owners and divestments later has seen it as the listed Eureka Group. Now led by Greg Rekers, Kerry Potter and Sharon Alderwick with 43 rental retirement villages and 2,800 ILUs, they just announced their maiden profit of $686,000. Average occupancy is now 95% across most of their portfolio.