UAE owner sells centre for $1.8m
A MAJOR shopping precinct in the Southern Downs that was held by a businessman from Abu Dhabi has sold at auction for $1.8m.
LJ Hooker Toowoomba handled the sale of the Warwick Village Shopping Centre on Victoria Street in Warwick.
Its anchor tenant is Harvey Norman, with the major retailer expressing interest at remaining at the site.
The massive property was snapped up by a Brisbane developer at the auction this month, with the goal of revitalising and refreshing it.
“Harvey Norman has indicated interest in remaining, the property will be back on market for lease,” LJ Hooker principal Mike Stewart said.
“It will be refurbished and refreshed, so they’ll spend a bit of money on it.”
According to corporate extracts, the previous owner, Hamad Holdings Pty Ltd, is run by Emirati businessman Hamad Bin Hamdan Al Nahyan, who is based in Abu Dhabi.
The property had been originally bought by the company in 2005.
There is an extremely wealthy businessman with the same name also based in Abu Dhabi, who is known as the “Rainbow Sheik” due to his extravagant spending habits.
Sources have put the sheik’s net worth at $20bn.
The Chronicle has not confirmed this man was the owner of the property.
Lawyer Stephen Russell, who is listed as a co-director of Hamad Holdings Pty Ltd, was contacted for comment.