October 30, 2025 - National Retail Group

Chemist Warehouse Founders’ $5b Property Push: Retail & Medical Outlook

Category : Retail

Latest News

Categories

Image

Chemist Warehouse co-founders Sam Gance and Mario Verrocchi aim to more than double the portfolio of their retail property management business to $5 billion over the next five years, as they tap assets long held by family offices at a time of rising property values.

Gance and Verrocchi are backers and directors of National Retail Group, a company set up in 2019 with former Chemist Warehouse national asset manager Michael Spektor that includes “hundreds” of properties across Australia and New Zealand collectively worth less than $2 billion.

They are also two of 12 property-owning families investing in the company that has just paid $19.4 million for the heritage Heckelmanns building at 171 Elizabeth Street in the Brisbane CBD, as well as $10.85 million to purchase a three-level heritage-listed property at 150 Rundle Mall, in the Adelaide CBD’s high-profile pedestrian retail strip.

The company now sees an opportunity to pair with other family offices to redevelop and upgrade their assets and invest in new ones.

“Within five years, we want to have approximately $5 billion worth of assets management,” Spektor told The Australian Financial Review.

Read Full Article from Australian Financial Review