The Chemist Warehouse empire, a prominent player in the pharmaceutical retail sector, has solidified its status as a multibillion-dollar success story. This year, the company marked a significant milestone by listing on the share market, transforming its founders into wealthy magnates and several key staff members into multimillionaires. This financial windfall has enabled them to upgrade their residences across Australia.
The transformation follows a strategic merger with ASX-listed distributor and wholesaler Sigma Healthcare in February. The combined entity now boasts a market capitalization of approximately $33 billion. With 900 existing stores, the chain plans to expand further, opening an additional 500 to 600 outlets in Australia, and setting its sights on European markets, according to the Australian Financial Review (AFR).
Jack Gance’s Landmark Purchase
This year’s standout real estate acquisition was made by co-founder Jack Gance and his wife Evelynne, who invested over $80 million in a block of land in Melbourne’s prestigious Toorak suburb. The property, which includes two houses, is widely regarded as a prime development opportunity and could potentially become one of Melbourne’s grandest mansions.
The Gances already own a substantial property in the area, but their new purchase offers them the possibility of residing on the same street as Jack’s brother, Sam Gance, another co-founder of Chemist Warehouse, who owns a $43.1 million home there. The Gance family’s wealth is now estimated at $11.27 billion, as per the latest AFR Rich List. Their journey began in 1972 when Jack and Sam purchased a Melbourne pharmacy, with Mario Verrocchi joining them in 1980.
Other Notable Acquisitions
Elsewhere in Toorak, Chemist Warehouse New Zealand boss Azman Haroon and his wife Razia secured a stunning home, which settled in September under the names of his father, Abdul Haroon, and Saiaz Haroon, for $33,288,000. Meanwhile, Jason Yacoub, owner of a Chemist Warehouse in Warrnambool, acquired a Kew mansion for $15.6 million in an off-market deal in August.
Mario Verrocchi’s Expansive Portfolio
Co-founder Mario Verrocchi has made significant real estate investments across multiple states this year. He reportedly paid over $20 million for a six-bedroom house in Toorak, purchased off-market from vendors David and Fiona Atkins, who had acquired it for $3.6 million in 2005. Verrocchi is also believed to have spent $23 million on a penthouse in Sydney’s Bondi, with shareholder and COO Mario Tascone reportedly paying $25.1 million for the sub-penthouse.
Verrocchi, whose personal wealth combined with his brothers Marcello and Adrian is valued at $9.79 billion according to the AFR Rich List, commented on the public scrutiny of his wealth:
“It is weird, but what are you going to do about it? I didn’t steal it from anybody. It’s not like I robbed the bank or ripped somebody off and declared myself bankrupt. Everything I’ve earned I’ve earned. Literally blood, sweat and tears.”
Expanding Horizons: Damien Gance and Others
Director and pharmacist Damien Gance, son of co-founder Sam, and his wife Sasha Robertson, purchased a luxurious Byron Bay house for $33.5 million in cash, requiring no mortgage. They will be neighbors to Brett Clark, AM, and his wife Maria, who bought the $27.5 million Copperstone estate in Bangalow.
Matthew Verrocchi, son of Mario and managing director of Bondi Perfume Co, along with his wife Nicole, have been strategically acquiring properties in Toorak. Since 2017, they have purchased seven adjacent houses for a total of $27.83 million, securing a planning permit to construct a new residence.
Managing partner Rami Saleh and his wife Elizabeth also made headlines with their $19 million purchase of a seven-bedroom mansion in Hawthorn, complete with a tennis court, pool, and media room.
Brisbane’s Record-Breaking Purchases
In Brisbane, Chemist Warehouse managing partner Jeff Wasley and his wife Tanya emerged as the buyers of a $12.5 million mansion in Hamilton. The property, designed by Queensland developer Graya, features a tequila bar, magnesium pool, and spa.
The Wasleys made further headlines in October by purchasing the New Farm home of developer Rob Gray and his wife Meghan for $25 million, setting a new house price record for Brisbane and delivering the Grays a $16.5 million gain in just three years.
The wave of luxury real estate acquisitions by Chemist Warehouse executives underscores the financial success and expansion ambitions of the company. As they continue to grow their retail footprint and explore new markets, the personal investments of its leaders reflect both their confidence in the business and their desire to enjoy the fruits of their labor.
