Harvey Norman spends $28.25m on homemaker centre

The Webberton property is rented to several Harvey Norman rivals.

Harvey Norman is paying $28.25 million for the Geraldton Homemaker Centre.

The vendor, Sentinel Property Group, spent $27.3m in September, 2015.

On 4.7 hectares at 208-210 North West Coastal Highway, Webberton, the 15 year old complex contains 15,950 square metres of lettable area.

It is rented to over 10 businesses – including rivals Batavia Furniture & Bedding, Barbecues Galore, Forty Winks, Living Emporium and The Good Guys.

McDonald’s, Petbarn (trading as City Farmers), Repco, Spotlight and Supercheap Auto are other major occupiers.

Harvey Norman trades from a store with two street frontages in central Geraldton – about two kilometres south of the homemaker centre (story continues below).

The town is considered the capital of Western Australia’s Mid West; it is 420kms north of Perth.

In 2018 Vicinity sold the area’s Stirlings Central with nine other assets, to SCA Group.

Last month an IGA backed investment at Glenfield, 10km north of Geraldton, traded for $10.4m.

In January it was reported another major retailer Costco spent $30.5m for a showroom next to its Auburn store.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco