HARVEY Norman and Pivot Group have bought the first land parcel in the Midland Redevelopment Authority area.
HARVEY Norman and Pivot Group have bought the first land parcel in the Midland Redevelopment Authority area.
The Midland Redevelopment Authority sold the two-hectare commercial site, situated on the north east corner of the Clayton and Lloyd street intersection at the Railway Workshops, for little more than $3 million to the joint venture.
The MRA appointed probity auditors to oversee the conduct of the tender process because the head of one of the joint venture partners Peter Laurance – Pivot Group – was the brother of MRA chairman Ian Laurance.
The new Harvey Norman store proposed for the site will have about 7,000 sqm of floor space – more than four times the size of its nearby Midland store on Great Eastern Highway.
Other bulky goods tenants on the site will take another 6,000 sqm of floor space.
The store is expected to be completed by the last quarter of 2004.
MRA CEO Kieran Kinsella said the project would create about 140 jobs during construction and another 150 on completion of the store.
He said another benefit for Midland was that Harvey Norman traditionally sourced staff locally and had an active training scheme.
“Harvey Norman is a major bulky goods retailer that will attract other businesses and greatly assist the expansion of this part of Midland,” Mr Kinsella said.
He said the site was the cornerstone of a new bulky goods retail area, which was created in response to growing demand for such sites in the Midland region and across Australia.
“Its advantages include its size, excellent access, exposure and proximity to existing major service commercial tenants including the Bunnings Super Store, Spotlight and the Midland Gate Shopping Centre,” Mr Kinsella said.
He said the planned extension of Lloyd Street to the Great Eastern Highway bypass would provide a new entry to Midland and link it directly with Belmont and the transport hub of Forrestfield, reducing the distance to the Perth International Airport to seven kilometres.
MRA will release another 1.8 ha commercial lot adjacent to the Harvey Norman site later in the year.
Colliers International property agent Ian Mickle said the sale price of more than $150 a sqm for a greenfield site was a vote of confidence in the locality.
