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Gerry Harvey’s Goin Hyper

Forget supercentre: Gerry has bought a hypermarket.

Harvey Norman’s chairman has coughed up a cool $16.175 million for a Cairns Hypermart, it has emerged.
This was almost $1million less than its valuation at December 31 last. 

The North Queensland property was sold by Charter Hall Direct Property Management Ltd. 
The 15,300 square metre shopping centre already has Harvey Norman as its main tenant, with a 9400 square metre space, covering 61% of the property, according to Property Observer.
Harvey pays 66 percent of the centre’s rental income. Snooze and Freedom Furniture are other tenants at the Cairns centre.
Image credit: Property Observer

Harvey Norman has a massive property portfolio, although it announced a revaluation decrement of $31.48 m in February, which hit its bottom line. 

Mr Harvey branded the North Queensland town as “a wonderful place. We have been there for a long time,” he told the Cairns Post. 
“Overall, Cairns is one of the better towns in the country and it’s got a good long-term future.” 

In the nine months to 31 March,  Harvey Norman shut 11 stores, opened six complexes, and opened one Domayne complex. 
Sales comparable store basis fell 8.1 percent in the Q3  sales period 01 Jan-31 Mar 2013.