Business Story
BILLIONAIRE Gerry Harvey spent a whopping $61 million to buy 900 car spots in Sydney's west as part of a feud with a rival retailer.
At $68,000 a pop, parking in Penrith has come at a premium for the retail king, who has been involved in a dispute with another shopping complex next to his store.
The feud relates to the Penrith Supa Centa and its plans to build an extension over a parking lot used by Harvey Norman customers.
Mr Harvey had no luck fighting the development in council but quickly got out his cheque book when the developer of the project, Pipven, went into receivership.
"It cost $61 million to buy the property. It was a very expensive way to get rid of the problem, but now it has disappeared," Mr Harvey said yesterday.
He claimed the extension would have been "a bloody disaster" that would have caused accidents in the carpark. He has vowed to make a success of the complex.
"We'll run it. We will make sure there is a proper car park," Mr Harvey said.
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