Eureka Communities, the remnants of the old SunnyCove and Village Life rental retirement villages portfolios, has well and truly turned the ship around from its accumulated losses that exceeded $40 million.

On its knees for 10 years, the group was rescued by the financial turnaround experts Lachlan McIntosh and Robin Levison, together with Greg Rekers who has been running the business on the ground. It is taken them five years.

Last year they made their first substantial profit at $661,000; 2015 delivered a $3.1 million profit. This was tax-free, bringing their accumulated losses down to $36 million.

Over the past 12 months they have moved from ownership of about one rental retirement village to 10. Since July they have added a further three villages.

Key to their turnaround has been acquisition of rental units at an average cost of $50,000, strict cost control and incentivised village managers who are now ranked amongst the top earning managers across rental and retirement villages.