|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.
Mr Harvey branded the North Queensland town as "a wonderful place. We have been there for a long time," he told the Cairns Post.