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Mainline Corporation

January 06, 2023

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.

Mainline Construction
IndustryConstruction
Founded1961
FounderDick Baker
Defunct1974
FateCollapsed
Headquarters
Sydney
,
Australia
Area served
Australia, New Zealand, Fiji, United States of America

History

Mainline Corporation was established in 1961 by Mr Richard ("Dick") C Baker as a small construction company in Sydney building apartment blocks in Double Bay and Potts Point.[1] 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 of Mainline Corporation Ltd.

In December 1968, Mainline Corporation Ltd was listed on the Sydney Stock Exchange.[2][3] Major shareholders were AMP Limited, L.C. O'Neil Enterprises Pty Ltd (Laurie O'Neil)[4] and W.R. Carpenter Holdings Ltd (Walter Randolph Carpenter).

In June 1971, Mainline Corporation paid $1.35 million for a site in Canberra CBD.[5]

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.[6]

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.[7] 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.[8]

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.[9][10]

Mainline corporation Ltd appointed Mr J. H. Jamison as the receiver-manager to administer the more than $60 million owed to creditors.[11][12]

Following the collapse of Mainline Corporation in August 1974, the Builders Labourers Federation (BLF) called for nationalisation of the building industry under workers control.[13]

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.[14][15]

Major construction projects

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

Completed Project Project Value Location Notes
1972 Lakeisde Hotel, Canberra Canberra, Australian Capital Territory [16]
AMP Centre Sydney, New South Wales [17]
Randwick Racecourse grandstand $3 million Sydney, New South Wales [18]
Gold Fields House Sydney, New South Wales [19]
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 project At 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 [20]
Collins Place Melbourne, Victoria [21]
60 Martin Place Sydney, New South Wales
1964 Surfers Paradise Travelodge Gold Coast, Queensland [22]
1966 The Sands Gold Coast, Queensland [22]
1976 Law Courts Building, Sydney $214 million Sydney, New South Wales
Canberra Club (extensions) $4.6 million Canberra, Australian Capital Territory [23]
1973 Mainline Drive, Sacramento - Housing Estate Sacramento, California
1973 Discovery Bay Condominiums - Commercial & Residential Towers (JV with MEPC_plc) $30 million Honolulu, Hawaii
Squaw Valley Ski Resort Olympic Valley, California [24]
The Warwick Resort (JV W.R. Carpenter Holdings Ltd (Walter Randolph Carpenter) Fiji [25] 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 assests:

Year

Purchased

Year

Sold

Property / Investment Location Managed By Notes
unknown unknown Macquarie Hotel Port Macquarie, New South Wales Noahs [26]
unknown unknown Royal Hotel-Motel Port Macquarie, New South Wales Noahs [26]
1970 unknown Chevron's Surfers Paradise hotel Gold Coast, Queensland Noahs [22]
1971 unknown Tower Mill motel Wickham Terrace, Brisbane Queensland Noahs [26]
1971 unknown Holiday Inn Potts Point, NSW Noahs [26]

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.[27]

In 1975, Mainline Corporation of New Zealand adopted the name Mainzeal Corporation Ltd ("Mainzeal").

References

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

January 06, 2023
mainline, corporation, mainline, australia, largest, construction, companies, during, late, 1960s, early, 1970s, responsible, building, some, australia, most, notable, landmark, buildings, before, collapse, 1974, mainline, constructionindustryconstructionfound. 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 Mainline ConstructionIndustryConstructionFounded1961FounderDick BakerDefunct1974FateCollapsedHeadquartersSydney AustraliaArea servedAustralia New Zealand Fiji United States of America Contents 1 History 2 Major construction projects 3 Mainline Investments Pty Ltd 4 Mainzeal 5 ReferencesHistory EditMainline Corporation was established in 1961 by Mr Richard Dick C Baker as a small construction company in Sydney building apartment blocks in Double Bay and Potts Point 1 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 of Mainline Corporation Ltd In December 1968 Mainline Corporation Ltd was listed on the Sydney Stock Exchange 2 3 Major shareholders were AMP Limited L C O Neil Enterprises Pty Ltd Laurie O Neil 4 and W R Carpenter Holdings Ltd Walter Randolph Carpenter In June 1971 Mainline Corporation paid 1 35 million for a site in Canberra CBD 5 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 6 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 7 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 amp 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 8 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 9 10 Mainline corporation Ltd appointed Mr J H Jamison as the receiver manager to administer the more than 60 million owed to creditors 11 12 Following the collapse of Mainline Corporation in August 1974 the Builders Labourers Federation BLF called for nationalisation of the building industry under workers control 13 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 14 15 Major construction projects EditMainline has built some of Australasia s landmark buildings including the following major projects Completed Project Project Value Location Notes1972 Lakeisde Hotel Canberra Canberra Australian Capital Territory 16 AMP Centre Sydney New South Wales 17 Randwick Racecourse grandstand 3 million Sydney New South Wales 18 Gold Fields House Sydney New South Wales 19 AMP Building Sydney Sydney New South WalesGateway Plaza 1 Macquarie Place Sydney New South WalesAuckland Harbour Board Redevelopment JV Dillingham Construction amp Fletcher Construction 45 million Auckland New Zealand10 20 Bond Street Sydney New South WalesNabalco bauxite project At Gove Arnhem Land60 Carrington Street Sydney New South Wales25 Bligh Street Sydney New South WalesSydney Adventist Hospital Wahroonga New South Wales1974 AMP Place Brisbane 10 Eagle Street Brisbane Queensland1977 Town Hall House 18 million Sydney New South Wales 20 Collins Place Melbourne Victoria 21 60 Martin Place Sydney New South Wales1964 Surfers Paradise Travelodge Gold Coast Queensland 22 1966 The Sands Gold Coast Queensland 22 1976 Law Courts Building Sydney 214 million Sydney New South WalesCanberra Club extensions 4 6 million Canberra Australian Capital Territory 23 1973 Mainline Drive Sacramento Housing Estate Sacramento California1973 Discovery Bay Condominiums Commercial amp Residential Towers JV with MEPC plc 30 million Honolulu HawaiiSquaw Valley Ski Resort Olympic Valley California 24 The Warwick Resort JV W R Carpenter Holdings Ltd Walter Randolph Carpenter Fiji 25 Project Completed by Coral Surf ResortsMainline Investments Pty Ltd EditMainline Investments Pty Ltd was a wholly owned subsidiary of Mainline Corporation Mainline Investments owned the following assests Year Purchased Year Sold Property Investment Location Managed By Notesunknown unknown Macquarie Hotel Port Macquarie New South Wales Noahs 26 unknown unknown Royal Hotel Motel Port Macquarie New South Wales Noahs 26 1970 unknown Chevron s Surfers Paradise hotel Gold Coast Queensland Noahs 22 1971 unknown Tower Mill motel Wickham Terrace Brisbane Queensland Noahs 26 1971 unknown Holiday Inn Potts Point NSW Noahs 26 Mainzeal EditIn 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 27 In 1975 Mainline Corporation of New Zealand adopted the name Mainzeal Corporation Ltd Mainzeal References Edit Luxury apartments at Double Bay Canberra Times 28 February 1966 page 11 Mainline to float Canberra Times 4 October 1968 page 13 New Listings Open at Big Premiums Canberra Times 13 December 1968 page 20 Australian Financial Review 1989 05 12 FAMILY FORTUNES https www afr com companies family fortunes 19890512 kakj1 7Caccess date 2022 11 22 Release of major sites to be announced Canberra Times ACT 1926 1995 1971 06 30 p 1 Retrieved 2020 11 29 SUCCESSFUL YEAR FOR MAINLINE Canberra Times ACT 1926 1995 1971 08 28 p 19 Retrieved 2020 11 29 Mainline lifts profit 104 Canberra Times ACT 1926 1995 1972 08 12 p 17 Retrieved 2020 11 29 Mainline 1 5 issue Canberra Times ACT 1926 1995 1973 09 04 p 13 Retrieved 2020 11 29 Receiver call by Mainline group Canberra Times 20 August 1974 page 1 Future of Mainline undecided Canberra Times ACT 1926 1995 1974 08 27 p 9 Retrieved 2020 11 29 Mainline future Canberra Times ACT 1926 1995 1974 09 13 p 1 Retrieved 2020 11 29 Mainline hopes Canberra Times ACT 1926 1995 1974 08 23 p 3 Retrieved 2020 11 29 NATIONAL INDUSTRIAL NEWS Tribune Sydney NSW 1939 1991 1974 08 27 p 4 Retrieved 2020 11 29 Mainline sale Canberra Times ACT 1926 1995 1975 04 16 p 21 Retrieved 2020 11 29 Auction of Mainline properties Canberra Times ACT 1926 1995 1975 04 10 p 8 Retrieved 2020 11 29 Work to begin on Lakeside Hotel Canberra Times 29 October 1970 page 27 24 8m contract Canberra Times 24 September 1970 page 31 3m grandstand for Randwick Canberra Times 7 November 1967 page 29 Final touches to Gold Fields House Daily Telegraph 6 November 1966 page 20 Mainline workers carry on Canberra Times ACT 1926 1995 1974 08 28 p 15 Retrieved 2020 11 29 The ghosts of corporate past The Age 2004 02 11 Retrieved 2020 11 29 a b c Mainline option on Chevron Canberra Times ACT 1926 1995 1970 04 22 p 29 Retrieved 2020 11 29 Part of Mainline saved Canberra Times ACT 1926 1995 1974 09 07 p 3 Retrieved 2020 11 29 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 Tourism boost for Fiji Mara Papua New Guinea Post Courier Port Moresby 1969 1981 1980 02 05 p 18 Retrieved 2020 11 29 a b c d Mainline buys Q ld motel Canberra Times ACT 1926 1995 1971 11 03 p 26 Retrieved 2020 11 29 MAINLINE TO FORM N Z OFFSHOOT Canberra Times ACT 1926 1995 1973 10 19 p 12 Retrieved 2020 11 29 Retrieved from https en wikipedia org w index php title Mainline Corporation amp oldid 1123158024, wikipedia, wiki, book, books, library,

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