Harvey Norman co-founder, Gerry Harvey, has received mixed reviews following plans to build office towers above several of the company’s existing retail stores.

The Harvey Norman group unveiled plans yesterday of a $150 million property development project that includes a 12 storey office tower above its Domayne store at Macquarie Park in Sydney’s northern suburbs, a  six-storey commercial building, and a 27-storey hotel and apartment tower, reported the Australian Financial Review.

CBA senior retail analyst Andrew McLennan told the AFR the project “would be a step up in scale in these kinds of developments” for Harvey Norman.

Another analyst noted in the report that Gerry Harvey, “had a penchant for property development and perhaps was disappointed with recent retail developments on which the company had incurred write downs”.

“His ability to determine alternative uses- other than bulky goods retail- would help support a more bullish aspect.

“It shows the flexibility he has.”

Others were more skeptical, with one analyst commenting, “it seems as though [Harvey Norman’s] growth profile is going to be property development rather than retail.”