Gerry Harvey & Katie Page Start Offloading Assets
As his retail stores deliver big growth off the back of COVID-19 demand Gerry Harvey and CEO Katie Page has turned his attention to his other booming business, property.
Gerry Harvey and Harvey Norman CEO Katie Page have moved to liquidate several of their Queensland properties after spending the past 14 years developing their property assets.
The pair are selling nine properties worth more than $30M.
Located on the Gold Coast the properties include Runaway Bay street Poinsettia Ave, an address with Broadwater frontage that is not unfamiliar to Eddie Groves, founder of the failed ABC Learning Group.
The other asset is a three-level villa in Main Beach’s Peak Ave, due to go to auction this month according to the Gold Coast Bulletin.
Separately Katie Page is still selling luxury apartments in her M3565 boutique tower at Main Beach.
The Bulletin claimed the buyers being targeted are unlikely to be looking for Harvey Norman five-year interest-free funding.
Potential buyers are unlikely to be offered Harvey Norman terms, such as five-year interest-free funding.
Gerry, an 81-year-old billionaire, is no property novice – he’s even built dongas in mining towns.
He first started investing in the Gold Coast market in 2007.
Eddie Groves, the bankrupt founder of ABC Learning owned a 2784sqm holding in Poinsettia for nearly two years he intended develop a mansion there overlooking the Broadwater.
Gerry picked it up for $11 million and went on to add two adjoining lots and two other properties elsewhere in the street.
Initially he planned for 31 exclusive apartments, but the Gold Coast Council put a stop to this when they refused his DA application.
Some of the lots were quietly returned to the market early last year at $5 million each.
Three weeks ago, all of Gerry Harvey and Katie Pages Poinsettia property holdings were returned to the market for a quick sale.
Katie also has other investments close by.
She bought two apartments for $1.45 million, merged them, and today owns a four-level penthouse which in September went up for sale at $3.25 million.
The property along with a Peak Ave villa on the Gold Coast is to be auctioned later this month.