Greenwood Roche advises Harvey Norman on $85.7m Westgate Lifestyle Centre deal

Greenwood Roche acted for Harvey Norman on the purchase and joint venture arrangements for Auckland’s Westgate Lifestyle Centre, a $85.7 million deal and 2023’s largest retail property sale. The transaction was signed on 13 March 2023 and settled on 1 May 2023. The seller, Kiwi Property Group, sold the 28-store large-format retail centre, located opposite Costco to a joint venture between Harvey Norman and interests associated with another well-known nationwide retailer. The centre earns around $6 million in annual rent from major tenants including Harvey Norman, Briscoes, Rebel Sport, and Freedom Furniture.