Is 82 Year Old Gerry Harvey Hinting That He Is Ready To Sell?
82-year-old multibillionaire retailer Gerry Harvey may be doing it tough with his Harvey Norman stores closed down, but it’s not stopped the man whose business pocketed millions from JobKeeper from jumping into new property develops with hints that his retail store empire is worth at lead $4 billion.
Apparently, the upsurge in country residential prices and lack of housing rental stock has prompted the billionaire to have a crack at taking inner city skyscrapers to the bush with plans for a 13-level building in Dubbo of all places.
The $35M building is set to be the biggest in town, 10 levels higher than the towns other tallest building.
“It’s the biggest building in Dubbo by a country mile,” Mr Harvey told The Australian.
“I don’t think property prices have ever been as strong in the country,” he says, adding he had already sold two of the apartments at the top of the tower for $1.77m and $1.55m without any marketing.
Gerry also reckons he can get $4bn for his local and international property portfolio of retail stores in Australia, Ireland, New Zealand, Singapore and Slovenia should he ever wish to sell.
The answer raises the question is Gerry getting ready to bail out of retail property as many believe that his franchised store model is a hard one for potential buyers to get their head ahead.
When JB Hi Fi acquired The Good Guys franchise stores were bought out and turned into Company owned assets.
Construction of the 13-level $35m apartment complex to be known as the 1 Church Street development and which is positioned near Dubbo’s river and main street is expected to complete by October 2022.
The development has been given the green light by Dubbo Regional Council.