Royal Terranora Resort to be sold as retirement units

The former Royal Terranora Resort at Bilambil Heights.

A former northern New South Wales holiday resort will be sold off in pieces, with Tweed Shire Council approving the strata-titling of 60 units at the former Royal Terranora Resort.

Listed Gold Coast retirement village operator Eureka Group Holdings says they have accepted conditions on the approval, including completion of an internal driveway.

“This is an important milestone for the company and reflects the considerable amount of work and positive co-operation invested with the Tweed Council,” the company says in a statement to the stock exchange.

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“Once these works and the other conditions have been certified, Eureka will apply for the individual property titles to be issued.”

“Once in hand, Eureka can move to a settlement of existing contracts that are in hand.

“The marketing campaign for the sale of the balance units is also ready to be initiated.”

Terranora Resort

The property at Bilambil Heights, formerly Royal Terranora Resort.

The company has previously said it hopes the Terranora project will realise $14 million from the sale of units at the resort.

Eureka purchased the Bilambil Heights property for $7 million in 2015.

The approval is good news for the company after it reported a 37% plunge in net profit following a surge in operating costs and asset writedowns.

The Southport-based company, which owns and/or manages 36 retirement villages around Australia, said its full-year profit was $6.54 million, down from $10.46 million in FY16, although both revenue and occupancy were up.

Eureka Group shares were trading as high as 34.5 cents this week after a close on Friday at 32.2 cents.

This article from the Gold Coast Bulletin was originally published as “Tweed Council approves strata titles for 60 units at former Royal Terranora Resort for Eureka Group”.