Gerry Harvey has expanded his property portfolio by snapping up a border shopping centre in regional Australia that houses a Bing Lee and Officeworks store.
The Harvey Norman CEO has purchased the seven-year-old, Wodonga Homemaker Centre in the Albury-Wodonga area for $25M.
The centre is located next door to Bunnings on the corner of Victoria Cross Parade and Anzac Parade.
The Border Mail said that the homemaker centre was offered for sale via an expressions of interest process which closed late last month.
CBRE agent Rory Hilton confirmed the sale.
“It was a highly successful campaign,” he said.
“There is a big focus on well positioned regional assets.
“There is a drive in that market as long as the town can support them.
“The vendor has had that centre in such good shape.
“Harvey Norman has a centre in Albury and there was a link for them to get a further foothold in the area.”
The centre has a fully leased income of $2.06 million per annum and is presently fully tenanted to 12 retailers with the most recent addition being Genesis gymnasium.
Midway through last year Bing Lee opened in the homemaker centre replacing the space occupied by one of the original anchor tenants, Warehouse Sales.
Bing Lee has since opened another store in the Mate’s Building in central Albury.
Harvey Norman was touted to be another anchor tenant when the homemaker centre opened in 2008.