Harvey Norman acquires property for $97 million. Image: Colliers.
  • Harvey Norman has acquired a new homemaking centre in Melbourne
  • The Watergardens's Homeplace is in Melbourne’s north-west area of Taylors Lakes
  • The highly competitive sale reached a final sale price of $97 million

Furniture and homemaking giant Harvey Norman has spent $97million on a highly sought after homemaker centre in Melbourne’s north-west.

The property was sold by Queensland Government-owned company, QIC Global Real Estate.

This comes after Harvey Norman acquired a homemaker centre in Geraldton, Western Australia, for $28 million last month.

The homemaking giant has added to its $3.1 billion worth of property assets, cementing its position as the largest owner of large-scale malls in the country.

The company has been able to ride the wave of rebounding retail since the onset of the pandemic. Retail resilience has put large-format retail properties on the radar of investors.

Watergardens Homeplace, 430 Melton Highway, is located on a busy intersection and boasts approximately 36,000 passing vehicles each day.

Harvey Norman acquired the property for $97 million. Image: Colliers.

The Taylors Lakes’ Centre was listed in February by Lachlan MacGillivray from Colliers.

Harvey Norman is already one of the occupiers. Its anchor tenant client is Bunnings Warehouse. Other tenants are Barbeques Galore, Beacon Lighting, SuperCheap Auto and various fast food chains.

The weighted average lease expiry (WALE) for tenants is just over four years.

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