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Been there, done that, bought the T-shirt. They are the businesses, families and individuals that know only too well the wealth potential of a boom but are smart enough to weather a been tough times in WA over the past five years but with the start of the economic recovery they’re ready and able to once again make the most of better times where they landed on this year’s WA Rich List, and how they got there family, Georgiou Property Group, $166mCamera IconGeorgiou Group chief executive John Georgiou. Credit suppliedIt’s been another tough year for the WA construction industry as it plods on with a monstrous hangover from the mining Georgiou construction empire’s profits have gone from about $15 million in the boom years earlier this decade to barely breaking six figures as it grapples with falling working through the tough times is how successful and enduring family businesses stick around to thrive when the times get good it expanded into NSW and Queensland as the work slowed in WA earlier this decade, providing a diversification from the fickle WA construction empire started by Spiro “Peter” Georgiou has ridden the highs and lows of the WA economy since the nickel boom and helped the family to build a formidable property construction business is now overseen by Peter’s son John, above, as it moves to expand into bridges and road constructionJohn said its Eastern States diversification helped keep the group in the black as WA remained subject to tight competition and affected by delayed hoping a swathe of new opportunities will be flowing through this year.“The WA economy has turned the corner,” he Graham Hardie, Entertainment Enterprises, $171mCamera IconGraham Hardie Credit WA NewsAny seasoned nightclubber knows when there’s truth in the old saying “If you’re not in bed by 3am, go home.”Graham Hardie can be thanked by thousands of Sandgropers for any number of lucky and unlucky nights at arguably Northbridge’s greatest disco-era party joint Hannibal’s 71-year-old legend of the Perth nightclub scene finally made his exit from the nightspot in Lake Street in April last year when he sold the building and Hannibal’s modern- day love child, The Library, to emerging Northbridge player Yusuf Hardie retains a big interest in the Northbridge scene through his Beer Works Tavern, at the old Varga Lounge is poised to capitalise on the new action around Perth’s Optus Stadium as the owner of the Empire Bar in his real wealth is in his real estate holdings, including the development potential of land on Roe Street immediately north of the new Perth City Link connecting Northbridge to the South Shore centre above and around the legendary Coco’s Restaurant is already one of Perth’s best-placed properties for current use and, when the Nimby gods of South Perth permit, future high-rise RICH LIST 2018 Who made the top 10 ... and just how rich are they?42. John Rubino, Monadelphous Group, $200mCamera IconJohn Rubino Credit WA NewsPhew, that was close. We were tempted last year to include an estimated value for John Rubino’s 40 per cent stake in the $400 million Civic Heart Heart was that massive Finbar apartment project that became the focus of anti-development sentiment in South Perth before drowning in rising project, now rebadged 1 Mends Street, will probably be a boarded-up waterhole near the Mill Point Road freeway exit for years to come. Its value is anyone’s guess, so we’ll stick with Heart is a rare miss for Mr Rubino after a five-decade business career marked by well-timed investments, including in commercial property, and the successful fixing of other people’s was one of the founding partners of engineering group United after migrating from nursed Monadelphous out of receivership in the late 1980s, turning it into a company ready to ride the mining booms and survive the inevitable downturns.“The boom happens but you have to be ready and prepared to take the benefit,” Mr Rubino has sold down holdings at the right time, including pocketing $19 million in November as the stock headed to its highest levels since the downturn started in Geoff Prosser, Citygate Properties, $238mCamera IconGeoff Prosser Credit Jon GellwelerIn one day they fixed my carI sing their praises in the showerAll my business came at onceWhen I found Prosser you may not know the man, tens of thousands of Sandgropers around the 1970s would remember the advertising jingle of the car reconditioning business founded by Geoff of his fortune did not come at once for Mr Prosser. He had a break of sorts, spending 20 years as WA’s Forrest MHR before retiring from politics at the end of the Howard-Costello era in had bought, built and redeveloped South West commercial property for most of his working went back to building a property empire centred on Bunbury and embarked on a massive expansion of his flagship Eaton Fair shopping centre that sees it now rival metropolitan centres in size and Prosser’s secret of commercial success is to reassure the customer that all is well in the world.“Whatever we do in life, we do on the basis on confidence,” he said.“People, when they spend, have to feel safe, secure and good in themselves.“Always keep the buildings looking bright, always flatten them when they are old. It’s like a shop that doesn’t do a refit — you walk in and a premises looks down-in-the-mouth and daggy. You have to have excitement.“You need to make retail look current for the client and the customer base of the day.”37. Garry Brown-Neaves, ABN Baldivis, $272mCamera IconGarry Brown-Neaves. Credit suppliedGarry Brown-Neaves is not letting the weeds grow between his toes after selling his majority stake in the ABN Group to partner Dale Alcock two years is pushing ahead with the development of an 18ha commercial and industrial land release in the Forrestdale Business he’s pushing ahead with the big Brightwood Baldivis development with Mr Alcock’s Parcel former brickie retired from his executive roles at ABN Group in late 2013 to focus on his golf, swimming and surfing — and the occasional land after building a $400 million- plus empire and a widely respected home-building group with Mr Alcock, Mr Brown-Neaves did not view himself as a huge success.“It’s just opportunities have presented themselves and we’ve taken them,” he said.“For us, it is about creating companies that build quality housing, employing people and putting money back into the community.”WA RICH LIST 2018 How far did Andrew Forrest fall?36. Dale Alcock, ABN Group, $280mCamera IconDale Alcock Credit The West AustralianDale Alcock has continued to run a successful business empire through the economic downturn, thanks in part to his diversification into the Melbourne market. His focus is still WA, so it will be an interesting year for Mr Alcock and his rivals grappling with a housing market about 40 per cent down on the boom times, though pundits are seeing some recovery in WA home building. The former brickie will be ready to capitalise if a turnover comes because he has continued to push apprenticeships through tough ABN Group is a vertically integrated business that gets a clip from property finance, building materials and plumbing supplies, home and kitchen renovations, home loans, and flogging investment properties. It builds everything from basic homes to commercial Con Berbatis and George Atzemis, Land ventures, $335mCamera IconCon Berbatis and George Atzemis Credit WA NewsPharmacists George Atzemis and Con Berbatis have quietly built a land and shopping centre empire over the past 40 longstanding friends, who met when Mr Berbatis was a locum in Mr Atzemis’ Osborne Park pharmacy in 1969, hooked up in the property sector by developing a medical centre in 1981. They have become major property investors throughout WA — together and in their own joint holdings include Plaza Arcade in the Perth CBD, the sprawling Waterford Plaza opposite Curtin University and Kardinya Park Shopping Centre on South recently made headlines in property circles with the $60 million- plus sale of their Holiday Inn Perth City Centre hotel to a Singapore group. Mr Atzemis is also the owner of a big chunk of the Empire Village shopping centre in City is now working with construction group Jaxon building a new $80 million, 27-storey Mantra Hotel on the old Musgrove Music site on Hay Street, west of the Holiday Berbatis’ private holdings include Port Hedland’s The Esplanade Hotel and neighbouring motel-style Berbatis has a long connection to pubs. His godfather Nicholas Pilatis is understood to have been the first Greek hotel owner in WA when he bought the Shamrock Hotel in Geraldton in the Tony Lennon, Peet, $361mCamera IconTony Lennon Credit Supplied by SubjectThere is nothing like a bloke who knows the property market backwards to snap up a bargain in down Lennon, whose flagship company Peet has endured some tough years since 2014, snapped up a bargain last year in the form of a mansion built over two lots on the former home of Lang Hancock and his wife Rose Lennon paid just $ million for a luxury home that investor John Clinton had hoped to sell for about $20 a couple of flat years, the value of Peet has picked up in the past year as it reaps the benefits of having diversified from its native Perth to enjoying solid returns from land developments in Victoria and Lennon has a solid mix of investments with a substantial holding in Peet, plus land holdings outside of the listed company that help bankroll significant philanthropic argues there is a a moral imperative of those who had amassed wealth to spend it. “I feel that people who have wealth and spend it are actually doing a positive thing for the economy,” Mr Lennon said.“You do create employment, whether it’s building a house or a new toy or whatever it might be, you are creating employment and helping people who want to work.”WA RICH LIST 2018 How did the Wildcats make the top 10?25. Nigel Satterley, Satterley Group, $396mCamera IconNigel Satterley Credit SuppliedThere’s a pretty good chance that you will find an investment associate of Nigel Satterley on most pages of WA’s Rich Satterley Property Group land development and sales empire is one of WA’s most popular destinations for people chasing private investments where the risk lies in the project rather than the land syndication model successfully shares the risk and strengthens the finances in the high-risk, high-return game of turning bush into residential Satterley has become one of Perth’s most formidable business network Property Group has also spread its operations to the outer fringes of Melbourne and to Cairns and Brisbane, providing much-needed diversification in WA’s post-boom Rhonda Wyllie, Wyllie Group, $401mCamera IconRhonda Wyllie Credit The West AustralianIt was arguably the A-list event of the year when Rhonda Wyllie married former Nine Network executive Jeff Browne at her Murray River Farm last wedding came 12 years after the death of husband Bill Wyllie, the senior business figure whose death sent his younger wife into deep left behind a formidable portfolio of share and property investments, including Sorrento Quay Boardwalk and the Perth Convention and Exhibition the family behind the McGrath Homes modular housing group, Rhonda is now helped by her brother Wayne McGrath and Bill’s progeny Melissa Karlson and Luke Wyllie to run flagship Wyllie The Fini Family, FJM Equities, Fini Group, $426mCamera IconTony Fini and his son Don Credit The West AustralianThe Fini family have earned a reputation for being among Perth’s best and most innovative developers since patriarch Tony got started in property 61 years with sons Adrian and Don, the Finis have a long history of developing and selling when the price is is a qualified quantity surveyor and builder and remains active in the game through his operation Fini Sustainability. He is working on the Nightingale community housing project in Fremantle, which numbers Tony among its financial Fini said the architect-led Nightingale project was set up to give a fair return to all the people involved — not just the is juggling a 50-storey apartment tower at Elizabeth Quay, designing the first stage of the $200 million five-building Murdoch Health and Knowledge Precinct and launching the Historic Heart project between Barrack Street and the Perth RICH LIST 2018 There’s been a shake-up of this year’s top 1021. The Simpson Family, Summit Homes Group, $449mCamera IconDavid Simpson Credit The West AustralianJohn Simpson built a successful property investment and building empire since emerging bruised but not broken from what was once Australia’s biggest corporate was a WA boss of sharemarket- listed Reid Murray land development group when it imploded in a property slump in Simpson has been intensely private over the past 50 years while accumulating extensive property holdings, including Mt Newman House in the Perth CBD, and turning his Summit Homes Group into a major home age 88, Mr Simpson remains a director of key family investment and operating companies, but has passed the day-to-day running of Summit to his son and lieutenant is happier to take a more public role than his father, fronting Summit as it battles with Dale Alcock’s ABN Group and the Buckeridge family’s BGC for business in WA’s competitive residential building The Caratti Family, Venetian Nominees, $465mCamera IconAllen Caratti Credit WA NewsThe Caratti family is no stranger to the scrutiny of their sprawling business Sergio “Mick” Caratti had a testy relationship with the Australian Taxation Office that led to intense scrutiny of the family’s financial affairs before and after he died in a car crash in John has managed to make peace with the tax office over the past decade or more but younger son Allen has become the subject of investigations by tax officials and the Australian Federal is facing a $175 million-plus probe over the tax affairs of property investment and development interests that have been run separately to valuable structures set up by Mick and Caratti matriarch tax office probe has not only ensnared Allen’s wife Tina Bazzo but also his daughter Natalie who is trying to fend off a bankruptcy action over a trust-related tax in the Supreme Court, John is fighting for a share of companies set up by Allen and which have accumulated since the late family controls agricultural, retail industrial and development land worth more than $1 billion by some oversees the management of holdings unquestionably part of Mick’s legacy and Maddeliene’s life work. It is understood to be highly unlikely that Allen’s woes with Federal agencies will damage the joint part of the business even if Allen’s situation with those agencies takes a turn for the in this year’s Rich List reflect intensified legal action by the tax office against Allen’s entities and could be gross underestimations of the family’s worth. Time and litigation will most likely Chiu Chi Wen, Hawaiian, Selangor Properties, $973mCamera IconMei Chi Wen and Chiu Chi Wen Credit WA NewsA lot of us visit his centres for a stimulating coffee or an anxiety-inducing meeting, while a lucky few of us visit his properties for rest and even talking about very different centres lot is the retail and office complexes that form the financial and business heart of Chiu Chi Wen’s successful property other centres are meditation and wellness operations built around Mr Wen’s deeply spiritual beliefs and his long experience of pranic began his spiritual journey as a promising business executive in his native Malaysia and continued when he settled with his wife Mei Chi Wen in Perth to build his family’s has developed the Blue Body Spiritual Centre in Mosman Park, running meditation classes and carrying out pranic healing consultations. He has also set up yoga classes inside his luxury Cable Beach Club Resort & Spa in Wen has managed to balance the demands of maintaining a strong spiritual presence while growing, running and building a WA property portfolio since the early assets of his Hawaiian property group now include the Parmelia Hilton Hotel and Parmelia House, London House and the beautiful Terrace has key shopping centres in Perth suburbs, including Bassendean, Mt Hawthorn, Noranda and Forrestfield. It owns Claremont Quarter in a joint venture with the Wen family’s Malaysian sharemarket- listed company Selangor RICH LIST 2018 How much did Gina Rinehart add to her cash pile?9. Ralph Sarich, Cape Bouvard, $ Camera IconRalph Sarich, chariman of Cape Bouvard in the company boardroom. Pic by Mogens Johansen, The West Australian. 161012. . Credit WA NewsThe founder of engine development company Orbital long ago staked his fortune on property with plenty of equity from past successes and selling at the right time, Ralph Sarich has been able to ride downturns, buy bargains and make the most when good times projects of his Cape Bouvard investments include Peelhurst estate at Golden Bay and a series of developments at Settlers Cove in Noosa, Buckeridge Heirs, BGC, $ IconSam Buckeridge Credit The West AustralianLen Buckeridge has shown yet again that it can be vexing to die with a fortune tied up in businesses with shedloads of valuable, illiquid sons Sam and Andrew inherited most of his successful BGC empire, while wife Siok Puay “Tootsie” Koh and stepson Julian Ambrose were given relatively modest remains a BGC director alongside Sam, Andrew and Len’s senior lieutenant Andrew has just received an $8 million payout for a lifetime dividend stream that had totalled about $528,000 annually. She had lined up like other family members, including Len’s granddaughters and first wife, for a bigger cut of his Buckeridge died in 2014, leaving his family to cope not only with disputes over his legacy but with intertwined downturns in home building and project construction as the mining boom family empire is built on the housing market because it includes an array of home-building companies and plasterboard, tile, brick, steel, limestone and insulation it is geared to mining construction, maintenance and services through BGC successful mediation over Mr Buckeridge’s estate, the family announced in May that the group would be sold as a whole or in parts, depending on the interest.“This will be a considered, informed and methodical process that may take considerable time to finalise,” said Sam The Roberts Family, Warburton Group, $ IconTim Roberts Credit The West AustralianAfter four sometimes tumultuous years on the sharemarket last decade, the children of the late John Roberts got it seriously right when they sold their Multiplex flagship to Canadian group allowed Denby, Andrew and Tim to enjoy their preferred status as private people each with their own strong social and business $1 billion-plus from selling to Brookfield before the GFC hit in 2007 was just the public bit of a fortune John had built as a leading player in big-ticket construction.| Меዦጫዜա αሰሧξ буվաց | Чиσуቂ шεвурባ | Йэվиска υ ςаዕащυ |
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