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New development plans for Harvey Norman

Sarah Stowe

Gerry Harvey, the co-founder of electronics business Harvey Norman is looking to build office towers, a hotel and apartments around existing stores.  

On April 16 the Harvey Norman Group announced its plans for a mixed use property development project worth $150 million.

According to InsideRetail, the Australian Financial Review has reported the project would encompass constructions including:

  • A 12 storey office tower above the Domayne store in Sydney’s Macquarie Park
  • A six storey high commercial building
  • A 27 storey hotel and apartment tower

Andrew McLennan, senior retail analyst, Commonwealth Bank told the Australian Financial Review the development “would be a step up in scale in these kinds of developments” for the company.

According to an article released by the Australian Financial Review on 17 April, the move may benefit the company, however “analysts say investors are likely to be nervous.”