Mainline Corporation

Last updated
Mainline Corporation Ltd
Company type Public
Industry Real estate development, Construction, Hospitality
Founded1961
FoundersDick Baker & Laurie O'Neil
Defunct1974
FateCollapsed
Headquarters
16th Floor, 54-62 Carrington Street, Sydney
,
Australia
Area served
 Australia, New Zealand, Fiji, United States of America
Key people
Dick Baker (CEO), Langer Avery (CFO)
Services Construction
Divisions Mainzeal Property and Construction Ltd (NZ), Noah's Hotels Ltd (AU), Mainline Contractors (U.S.A.) Pty Limited (US).
Subsidiaries Mainline Constructions Pty Ltd (NSW), Mainline Constructions (A.C.T.) Pty Ltd (ACT), Mainline Constructions (VIC.) Pty Ltd (VIC), Mainline Contractors Pty Ltd (NZ), Mainline Millers Constructions (Fiji) Ltd, Mainline Marshall Pty Ltd (SA), Mainline Equities N.V., Mainline Development N.V., Mainline Davis N.V.(Netherlands).

Mainline Corporation Ltd ("Mainline") was one of Australia's largest construction companies during the late 1960s and early 1970s. Mainline Corporation was responsible for building some of Australia's most notable landmark buildings before its collapse in 1974. The company at its height was involved in large-scale and high-rise property development and construction in Australia, New Zealand, Fiji and the United States of America. Mainline also operated a hotel chain in Australia, New Zealand and United States of American under the brand name Noah's which notably built and operated the Noah's Lakeside Hotel in Canberra, Australia as its flagship business.

Contents

History

Mainline Corporation was established in 1961 by Richard ("Dick") Baker and Laurie O'Neil as a small construction company in Sydney building apartment blocks in Double Bay and Potts Point. [1] Dick Baker was appointed as the Chief Executive Officer (CEO) of Mainline Corporation and by 1965 it had expanded into commercial developments including the AMP Building and Gold Fields House. In 1967, Langer Avery was appointed as Chief Financial Officer (CFO) of Mainline Corporation Ltd and held the position until 1974. [2]

In December 1968, Mainline Corporation Ltd was listed on the Sydney Stock Exchange. [3] [4] Major shareholders were AMP Limited, L.C. O'Neil Enterprises Pty Ltd (Laurie O'Neil) [5] and W.R. Carpenter Holdings Ltd (Walter Randolph Carpenter).

In June 1971, Mainline Corporation paid $1.35 million for a site in Canberra CBD. [6]

In August 1971, Mainline Corporation declared a consolidated net profit of $844,203 for FY71 on the back of a revenue of $41.5 million for FY71. [7]

In August 1972, Mainline Corporation declared a consolidated net profit of $1,722,258 for FY72 on the back of a revenue of $56 million for FY72. [8] The value of the reported building contracts in hand at 30 June 1972 was $123 million.

In 1972, Mainline Corporation acquired Dunkerley Hat Mills maker of the Aussie Icon Akubra Hats.

In 1972, Dillingham Construction handed over Australian and South-East Asian contracts including Western Distributor (Sydney) and projects underway including the Melbourne Hilton Hotel to Mainline Corporation to manage.

In 1973, Michael Warson sells 51% of Glenvill to Mainline. Name changes to Glenvill Mainline Homes and opens branches in QLD & South Australia. At the time, the company was the second largest home builder in Australia.

In September 1973, Mainline Corporation performed a 1:5 premium share issue to raise $3,649,265. [9]

In April 1974, many property developers were paying finance companies 15% for money. By May 1974, developers were paying finance companies 19% to 20% for call money. As the liquidity in the market tightened, land prices in Sydney fell 14%, including a 15% drop in Sydney's north shore house prices.

On 3 August 1974, Mainline Corporation reported a profit.

On 15 August 1974, Mainline Corporation's shares plunged by 40% on the back of rumors of a liquidity crisis. This resulted in a stock exchange inquiry.

On 20 August 1974 Mainline Corporation's principal creditor, the ANZ Bank, asked for a receiver to be appointed and Mainline was placed in voluntary administration and liquidated. [10] [11]

Mainline corporation Ltd appointed Mr J. H. Jamison as the receiver-manager to administer the more than $60 million owed to creditors. [12] [13]

Following the collapse of Mainline Corporation in August 1974, the Builders Labourers Federation (BLF) called for nationalisation of the building industry under workers control. [14]

On the 16 April 1975, sixteen of Mainline Corporation's best properties (estimated at $86.8 million value) across Australia were sold by Sydney auctioneer F. R. Strange under the instruction of the receiver Mr J. H. Jamison to raise fund to pay creditors. [15] [16]

Major construction projects

Mainline has built some of Australasia's landmark buildings, including the following major projects:

CompletedProjectProject ValueLocationNotes
1972 Lakeisde Hotel, Canberra Canberra, Australian Capital Territory [17]
AMP Centre Sydney, New South Wales [18]
Randwick Racecourse grandstand$3 million Sydney, New South Wales [19]
Gold Fields House Sydney, New South Wales [20]
AMP Building, Sydney Sydney, New South Wales
Gateway Plaza, 1 Macquarie Place Sydney, New South Wales

Auckland Harbour Board Redevelopment (JV Dillingham Construction & Fletcher Construction)

$45 million Auckland, New Zealand
10 - 20 Bond Street Sydney, New South Wales
Nabalco bauxite projectAt Gove, Arnhem Land
60 Carrington Street Sydney, New South Wales
25 Bligh Street Sydney, New South Wales
Sydney Adventist Hospital Wahroonga, New South Wales
1974 AMP Place, Brisbane, 10 Eagle Street Brisbane, Queensland
1977 Town Hall House $18 million Sydney, New South Wales [21]
1971 Collins Place, 45 Collins Street,$270 million Melbourne, Victoria [22]
60 Martin Place Sydney, New South Wales
1964Surfers Paradise Travelodge Gold Coast, Queensland [23]
1966The Sands Gold Coast, Queensland [23]
1976 Law Courts Building, Sydney $214 million Sydney, New South Wales
Canberra Club (extensions)$4.6 million Canberra, Australian Capital Territory [24]
1973Mainline Drive, Sacramento - Housing Estate Sacramento, California
1973Discovery Bay Condominiums - Commercial & Residential Towers (JV with MEPC_plc)$30 million Honolulu, Hawaii
1973 Squaw Valley Ski Resort $25 plus million (USD) Olympic Valley, California [25]
The Warwick Resort (JV W.R. Carpenter Holdings Ltd (Walter Randolph Carpenter) Fiji [26] Project Completed by Coral Surf Resorts

Mainline Investments Pty Ltd

Mainline Investments Pty Ltd, was a wholly owned subsidiary of Mainline Corporation. Mainline Investments owned the following assets:

Year

Purchased

Year

Sold

Property / InvestmentLocationManaged ByNotes
unknownunknownMacquarie Hotel Port Macquarie, New South Wales Noahs [27]
unknownunknownRoyal Hotel-Motel Port Macquarie, New South Wales Noahs [27]
1970unknownChevron's Surfers Paradise hotel Gold Coast, Queensland Noahs [23]
1971unknownTower Mill motel Wickham Terrace, Brisbane Queensland Noahs [27]
1971unknownHoliday Inn Potts Point, NSW Noahs [27]

Mainzeal

In 1968, Mainline Corporation Ltd established a branch in New Zealand to develop 7 acres (28,000 m2) of harbour-front land in downtown Auckland, New Zealand.

In 1973, Mainline Corporation Ltd incorporated the company Mainline Corporation of New Zealand, a publicly listed New Zealand company. Mainline Corporation Ltd retained 49% shareholding in Mainline Corporation of New Zealand and the new company acquired all of Mainline's interests in New Zealand. [28]

In 1975, Mainline Corporation of New Zealand adopted the name Mainzeal Corporation Ltd ("Mainzeal") following a restructure by Peter Menzies and Langer Avery.

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References

  1. ↑ Luxury apartments at Double Bay Canberra Times 28 February 1966 page 11
  2. ↑ "How UNSW's first Business School graduate took every opportunity to learn more, and do better" . Retrieved March 29, 2024.
  3. ↑ Mainline to float Canberra Times 4 October 1968 page 13
  4. ↑ New Listings Open at Big Premiums Canberra Times 13 December 1968 page 20
  5. ↑ [Australian Financial Review |1989-05-12|FAMILY FORTUNES|https://www.afr.com/companies/family-fortunes-19890512-kakj1%7Caccess-date=2022-11-22]
  6. ↑ "Release of major sites to be announced". Canberra Times (ACT : 1926 - 1995). 1971-06-30. p. 1. Retrieved 2020-11-29.
  7. ↑ "SUCCESSFUL YEAR FOR MAINLINE". Canberra Times (ACT : 1926 - 1995). 1971-08-28. p. 19. Retrieved 2020-11-29.
  8. ↑ "Mainline lifts profit 104%". Canberra Times (ACT : 1926 - 1995). 1972-08-12. p. 17. Retrieved 2020-11-29.
  9. ↑ "Mainline 1:5 issue". Canberra Times (ACT : 1926 - 1995). 1973-09-04. p. 13. Retrieved 2020-11-29.
  10. ↑ Receiver call by Mainline group Canberra Times 20 August 1974 page 1
  11. ↑ "Future of Mainline undecided". Canberra Times (ACT : 1926 - 1995). 1974-08-27. p. 9. Retrieved 2020-11-29.
  12. ↑ "Mainline future". Canberra Times (ACT : 1926 - 1995). 1974-09-13. p. 1. Retrieved 2020-11-29.
  13. ↑ "Mainline hopes". Canberra Times (ACT : 1926 - 1995). 1974-08-23. p. 3. Retrieved 2020-11-29.
  14. ↑ "NATIONAL INDUSTRIAL NEWS". Tribune (Sydney, NSW : 1939 - 1991). 1974-08-27. p. 4. Retrieved 2020-11-29.
  15. ↑ "Mainline sale". Canberra Times (ACT : 1926 - 1995). 1975-04-16. p. 21. Retrieved 2020-11-29.
  16. ↑ "Auction of Mainline properties". Canberra Times (ACT : 1926 - 1995). 1975-04-10. p. 8. Retrieved 2020-11-29.
  17. ↑ Work to begin on Lakeside Hotel Canberra Times 29 October 1970 page 27
  18. ↑ $24.8m contract Canberra Times 24 September 1970 page 31
  19. ↑ $3m grandstand for Randwick Canberra Times 7 November 1967 page 29
  20. ↑ Final touches to Gold Fields House Daily Telegraph 6 November 1966 page 20
  21. ↑ "Mainline workers carry on". Canberra Times (ACT : 1926 - 1995). 1974-08-28. p. 15. Retrieved 2020-11-29.
  22. ↑ "The ghosts of corporate past". The Age. 2004-02-11. Retrieved 2020-11-29.
  23. 1 2 3 "Mainline option on Chevron". Canberra Times (ACT : 1926 - 1995). 1970-04-22. p. 29. Retrieved 2020-11-29.
  24. ↑ "Part of Mainline 'saved'". Canberra Times (ACT : 1926 - 1995). 1974-09-07. p. 3. Retrieved 2020-11-29.
  25. ↑ Ancinas, Eddy Starr (2019-10-07). Squaw Valley and Alpine Meadows: Tales from Two Valleys 70th Anniversary Edition. Arcadia Publishing. ISBN   978-1-4671-4405-6.
  26. ↑ "Tourism boost for Fiji: Mara". Papua New Guinea Post-Courier (Port Moresby : 1969 - 1981). 1980-02-05. p. 18. Retrieved 2020-11-29.
  27. 1 2 3 4 "Mainline buys Q'ld motel". Canberra Times (ACT : 1926 - 1995). 1971-11-03. p. 26. Retrieved 2020-11-29.
  28. ↑ "MAINLINE TO FORM N.Z. OFFSHOOT". Canberra Times (ACT : 1926 - 1995). 1973-10-19. p. 12. Retrieved 2020-11-29.
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