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Draft:Hanover Holdings

From Wikipedia, the free encyclopedia
Hanover Holdings Limited
FormerlyAllans Finance Limited
Industry
  • Realestate
  • Mining
  • Exporting
PredecessorMasaga Investments
Founded14 July 1958
Defunct11 September 1979
FatePrivatised and dissolved
Successor
  • Austram Corporation
  • Hersfield Developments
  • Pacific Shopping Centres
Headquarters158 City Road, Southbank
276 Collins Street, Melbourne
Key peoplePaul Fayman
Maurice Alter
George Herscu
Total assets~ $300 million (1976)
DivisionsHanover Homes
SubsidiariesHanover Properties P/L
Hanover Developments P/L
Hanover Management P/L

Hanover Holdings Limited was an Australian property and industrial company headquartered in Melbourne, Victoria, and known for the development of housing estates and retail sites in the greater Melbourne area. It was the public successor to the Masaga Group, which formed in 1964 as a partnership between European-born entrepreneurs Paul Fayman, Maurice Alter and George Herscu. Masaga became Hanover Holdings when it went public in 1969. It had a large property portfolio spanning suburban shopping centres, compact retail arcades, department stores, office towers, and landmark city sites.

Hanover

Peak profits were recorded during the 1972–73 financial year followed by economic downturn in 1975. The following year, Hanover was privatised, and Fayman, Alter and Herscu started new companies of their own.

Formation and early years

[edit]

Background and predecessors

[edit]

Hanover was a joint venture lead by Polish-born entrepreneur Paul Fayman, who honed his skills in Munich's postwar wholesale markets. He moved to Melbourne in the early 1950s, buying into a small meat business in the city's inner-north.[1] He later developed an interest in real estate, and his first major proposal was the highly-ambitious Forest Hills Shopping Centre. This opened in stages during the 1960s as a partnership with developers Maurice Alter and George Herscu.[2] Its initial successful lead to a formal partnership between the developers, the Masaga Group, which was incorporated in October 1964.[3]

They set out to establish large-format retail stores that would then be leased on a long-term basis to national chains such as Woolworths, Coles, and Safeway.[4] Hanover built numerous shopping strips and arcades. Around a hundred retail sites and individual shops were built, particularly in Melbourne's outer suburbs like Fawkner and Box Hill but also regional centres such as Morwell and Niddrie.[5][6][7] Their original in-house architect, Thord Lorich, was influenced by Scandinavian design trends and frequently employed large anodised gold-framed shop fronts, terrazzo floors, tile mosaics and warm brick.

In 1968, the Alter–Herscu–Fayman partnership began formulating plans to secure a listing for Masaga on the Melbourne Stock Exchange.[8] Rather than pursue a traditional initial public offering, the group opted for a reverse takeover—targeting Allans Finance, a publicly traded company under the control of the Allans Music Group. The strategy was designed to provide access to public capital markets without the regulatory complexities associated with a full IPO.[9]

Going public as Hanover Holdings

[edit]

In early 1969, Masaga moved forward with its plan by engaging Reid & Company, a prominent Collins Street stockbroker. On 28 February 1969, Reid & Co. issued a letter to Allans Finance shareholders announcing an offer to purchase any available shares at 50 cents per share, valid through 28 March 1969. The Allans Group, which held approximately 31% of Allans Finance, initially declined the offer. A company secretary subsequently stated: "It is the view of Allans Music that the offer is below the true worth of the Company and is not acceptable to them."[10] Just over two weeks later, Reid & Co. increased the offer to 55 cents per share. This revised bid prompted the Allans Group to sell its 436,000 shares.[11]

Artists impression of 520 Collins Street

It was subsequently revealed that Masaga had also strategically acquired a further 400,000 shares from Hartleys Limited, another significant shareholder in Allans Finance.[12] Despite these purchases, Masaga still did not hold a controlling interest, leading to a subsequent takeover offer that proposed the allotment of an additional 350,000 shares at 55 cents each to Reid & Company, acting on Masaga's behalf.[13] Meanwhile, the Allans Finance Chairman urged shareholders to hold off on accepting the offer. However, on 25 March, the offer price was once again confirmed at 55 cents, and the identity of the acquirer was finally disclosed—Masaga Investments. Through these carefully orchestrated transactions, Masaga secured a 64% controlling stake in Allans Finance, which was eventually increased to approximately 70%.[14]

On 15 April 1969, a new temporary board of directors—comprising Paul Fayman, Arnold Bloch, and Fredrick Dodd—formally assumed control of the holdings company. Following a subsequent reconstitution of the board, Paul Fayman became Managing Director of the main holdings company, while Arnold Bloch and Fredrick Dodd were appointed as Directors. Alwynne Rowlands was elected Chairman, and Maurice Alter and George Herscu were appointed Managing Directors of the company's two principal subsidiaries.

At the request of Allan & Co, the company was renamed Hanover Holdings Limited and re-listed on the stock exchange under its new identity on 20th May 1969.[15][16] The three controlling shareholders agreed to sell a range of properties from their private companies to Hanover, mainly comprising leaseholds, commercial developments, and subdivision/home building projects, with a combined asset value of approximately $3 million (about $44 million in 2024).[17]

Maurice Alter was to control Hanover Properties, a principal subsidiary of the group, which was established to oversee development and management of property for retention as permanent investments. Similarly, George Herscu became managing director of Hanover Developments, which would develop properties for resale as investments. A third principal subsidiary, Hanover Management, was mainly controlled by Paul Fayman’s team to provide management for Hanover and control of expenditure on its behalf.[18]

Dandenong Arcade, 1973

The new directors, who saw the future of Hanover as lying principally within the field of real estate development, assured shareholders in their first annual report that: "The financial strength of the Company will be based upon a substantial holding of sound real estate by way of permanent investment, whilst at the same time the company will engage in the development of commercial, industrial, and residential projects for resale."[18]

Hanover subsequently carried out a survey of the business formerly conducted by Allans Finance and came to the conclusion that having regard to the relatively small amount of loan funds presently held by the company in proportion to capital, it was uneconomical for Hanover Holdings to continue to carry on the same type of money lending business which has been conducted in the past.[18]

Expansion

[edit]

Hanover Holdings was listed on the Sydney Stock Exchange (SSX) on 21st January 1971 and a regional office was opened in the IAC building on Carrington Street in late 1972.[17] Later that year, company Chairman James F. Hemphill announced that Hanover would kick start its Sydney operations with a commercial and retail development project in the inner suburb of Marrickville worth $10m (AUD$126m in 2024). The 10-acre site, bounded by Sydenham, Park and Livingstone Roads, had been sold to Hanover under a conditional contract. Marrickville Council subsequently granted Hanover approval to build a shopping centre with two major department stores, 80 variety shops and parking for 2000 cars. However, the site was acquired by the NSW Education Department which constructed the Wilkins Public School on the site.[19][20]

Demolition of the Ringwood Town Hall

Hanover briefly struck a deal with Eddie Kornhauser in 1974, buying half of his interest in the Chevron Hotel at St Kilda Road. In conjunction with the deal, the Kornhauser family got a 25 percent interest in a project Hanover had going in Surfers Paradise. The plan envisaged construction of a $30 million hotel-casino on the historic Surfers Paradise Hotel site, which Hanover had purchased for $4.7 million.[21] This partnership was dissolved by mutual agreement in 1975.[22] At the Company's annual meeting for 1973, directors announced to shareholders that Hanover would start investing overseas to stabilise operations after rapid formative growth. It was declared that negotiations had been done in West Germany, Canada, London, and the United States. Deputy Chairman Paul Fayman subsequently revealed that three joint ventures had commenced in Israel, which would see the construction of flats, offices, a shopping complex and a hotel.[23]

Fayman told shareholders that under Israeli law, private and commercial buildings could be pre-sold before building commenced to provide finance for the projects. One proxy holder, Ramsey Rose, expressed surprise that Hanover had decided to open an office in Israel and to invest in that country, stating "surely it is a high-risk area". Hanover Chairman James Hemphill said sites for the ventures had already been acquired but the company was not committed to expenditure on buildings.[23] By 1975, Hanover had several affiliate companies operating overseas in Holland (as Hanover Property Investments), Netherlands Antilles (as Hanover Holding), Luxemborg (as Hanover International SA), Israel (as Hanover Finance, Hanover Properties and Hanover Investment) and London (as Hanover International UK). Due to economic conditions, Hanover retrenched their overseas operations. It was later stated that "The company is not unwilling to consider in future the development of further overseas projects, but on any realistic assessment it is acknowledged that investment in property generally is likely to remain sluggish throughout the world for another year or two."[24]

Takeover bids

[edit]
Advertisement from 1974

In October 1969, Hanover launched a $3.4 million (equivalent to AUD$49.8 million in 2024) takeover bid for London Stores Limited, a department store group operating across city and suburban locations. Prior to its formal offer, Hanover had been quietly acquiring shares in the company over several months, building a strategic position.[25] However, the bid was soon challenged by the Slater Walker group, which, through its vehicle Beau Monde, submitted a rival offer nearly 40 percent higher than Hanover's.[11] Rather than enter a bidding war, Hanover's board opted to sell its existing stake in London Stores, realising a capital profit of $97,962 (around AUD$1.3 million in 2024). Chairman Alwynne Rowlands stated that the directors considered it more prudent to accept the profit and exit the position than to raise their offer and pursue control of the company.[26]

In March 1971, Hanover made a $631,872 takeover bid (equivalent to AUD$8.4 million in 2024) for the Australian Mont de Piete Loan and Deposit Co., a long-established pawnbroking firm. Despite initiating the offer, Hanover's directors openly described pawnbroking as "unfashionable," noting that A. Monte's earnings were relatively weak compared to companies in more modern segments of personal finance.[27] The market responded swiftly. Just a day after Hanover's announcement, A. Monte's share price surged from $1.32 to $4, reflecting speculation over the company's potential value and possibly drawing attention from other investors.[28] By May 1971, however, A. Monte's board had recommended that shareholders reject Hanover's offer. In June, Hanover formally withdrew its bid, bringing the attempted acquisition to a close without a deal.[29]

Hanover House

In January 1973, Hanover linked with the Kornhauser Family in a $2.4m (AUD$27.7m in 2024) million effort to keep Australian National Hotels (ANH) locally owned. Their offer came just a week after ANH announced it would raise $3.5 million ($40.4m in 2024) by selling a big slice of the company to Asian interests.[30] The offer, which provided that the 10 million shares be taken up in equal quantities by Hanover and the Kornhauser Family, was ultimately rejected by ANH.[16]

Partnership with Landall Holdings

[edit]

Beginning in mid-1973, Hanover Holdings began acquiring a stake in the Perth-based construction group Landall Holdings. By February 1974, Hanover had secured a 15.74% interest, prompting market speculation about a potential takeover.[31] Landall had been established in 1961 and gradually rose to prominence as a home builder, beginning operations in Victoria through the acquisition of Fulton Constructions in 1968.[32][33] During the early 1970s, the Landall group was heralded as being among the largest residential construction firms in Australia, second only to A. V. Jennings.[34][35]

Controlled by Donald Clark, the company specialised in medium-priced "tradesman-class" homes, based on standard designs, either on a client's own land, or on estates owned by Landall.[36][37] In April 1974, the boards of both companies announced that Hanover would invest over $1.2 million ($12.7 million in 2024) to increase its shareholding in Landall from 16% to 49%.[38][39] Hanover's directors pledged not to exceed a 51% stake without making a formal offer to all shareholders and stated that no such offer was currently planned.[40] As part of the agreement, Hanover sold three development sites to Landall, guaranteed $500 thousand ($5 million in 2024) in loan funds, and contributed real estate and financial expertise to support the partnership.[22]

Hanover Home at Vermont South, 1974

This strategic alliance formed the basis for Hanover Homes, a joint venture that brought together several construction companies associated with Landall's Victorian homebuilding group.[41] Hanover Homes focused primarily on building houses on Hanover-owned estates, ensuring that homebuilding companies within the Hanover–Landall conglomerates were effectively guaranteed building sites on Hanover's new subdivisions. Under this model, the builder would construct a home on a Hanover-owned lot, which would then be marketed and sold as a house-and-land package through the Hanover Homes banner.[42]

These homes were typically advertised by Hanover's appointed selling agents, often without reference to the specific construction company involved. This approach allowed Hanover to maintain a unified brand identity across its residential developments, even though multiple builders—operating under the Hanover umbrella—were responsible for the construction.[43] The venture also extended to public sector work, with Hanover Homes contracted by the Housing Commission of Victoria to construct homes for their estate in Broadmeadows and St Albans, with a site office established at the corner of Longford Crescent & Thorpdale Avenue.[44]

However, the partnership was short-lived. Landall Holdings, severely impacted by the 1974 collapse of the property market, suffered multi-million dollar losses, was refused Federal aid funding and ultimately went into receivership.[45][46] As a result, the Hanover-Landall partnership dissolved, and the remaining undeveloped lots on Hanover estates were progressively offered for sale through liquidation auctions, a process that continued into the early 1980s.[47][48][49]

Dissolution

[edit]

By the first half of the 1974–75 financial year, the company was already showing signs of distress, reporting a 71.2% drop in profits—a sharp decline attributed to the tightening credit conditions that were squeezing property markets across Australia. Amid this financial turmoil, Hanover's executive director Paul Fayman and joint managing directors Maurice Alter and George Herscu moved to consolidate control, increasing their combined stake in the company to 62% of its issued shares.[50][51]

The failure of Landall Holdings had a significant negative impact on Hanover Holdings, both financially and reputationally. As a major investment project under Hanover's portfolio, Landall's collapse led to substantial monetary losses and shook investor confidence in the company's decision-making and risk assessment processes. The fallout strained Hanover Holdings' cash flow and forced a reevaluation of its investment strategy. Additionally, the public and shareholder perception of Hanover suffered, leading to a decline in stock value and increased scrutiny from regulators and stakeholders.[52]

Board of directors, 1975

In an effort to stabilise the business and shift direction, Hanover announced a significant strategic realignment in August 1975. The company revealed that it would sell nearly $15 million (about $130 million in 2024) worth of retail property assets, an unprecedented transaction at the time and the largest of its kind in Melbourne that year. According to director Keith Head, the proceeds were to fund a new diversification strategy focused on residential home building, which he described as Hanover's most promising area for future growth. While this move was publicly framed as forward-looking, it also served to free up capital and prepare the company for a more profound internal transformation.[53] That transformation arrived in January 1976, when Fayman, Alter, and Herscu—operating through their private vehicle Tallerk Pty Ltd—made a privatisation offer of $19.9 million (about $152 million in 2024) to acquire the remaining shares in Hanover.[54] The bid, which valued the company well below its actual asset base, outraged minority shareholders, who viewed it as a blatant undervaluation. Nevertheless, in March 1976, the directors declared the acquisition unconditional, and the privatisation process proceeded swiftly. Hanover Holdings was officially delisted from the stock exchange on 24 March 1976, and its remaining assets were subsequently divided between the controlling shareholders over the next two years.[55][56]

Hanover development, Exhibition Street
Glen Waverley Station arcade

Behind the scenes, internal tensions among the company's leadership played a significant role in its eventual unraveling. By 1974, persistent rumours suggested that fiery boardroom showdowns had become a regular occurrence on the top floor of Hanover House. A merchant banker familiar with the directors once quipped: "With egos like that, they could never work as a team. Fayman thought he was the most cultured. Alter believed he was the smartest and wisest. Herscu thought he had more balls than anyone else—and in a way, he was right, if having balls means rushing into things without thinking them through."[4]

These clashing personalities, compounded by conflicting business ambitions, made sustained cooperation increasingly untenable.[4] The legacy of Hanover Holdings was further tarnished in the years following its dissolution, when Fayman, Alter, and Herscu were implicated in the massive Bottom of the harbour tax avoidance scheme uncovered by government investigators. The operation, which involved falsifying company returns using fabricated names and addresses, was estimated to have defrauded the Federal Government of over $200 million—equivalent to roughly $1.2 billion in 2024 terms. The revelations led to a formal inquiry led by the Corporate Affairs Office under the Liberal government, with investigators Patrick McCabe and David Lafranchi gathering extensive evidence. Hanover's former directors were ultimately identified as primary beneficiaries of the scheme. Subsequently, many thousands of documents and company ephemera from the Hanover era were intentionally displaced, burnt, or destroyed by other means, and as a result very little of the company's heritage is preserved outside of official reports and newspaper articles.[57]

Key developments

[edit]
Offices at Forest Hill
Opened Name Type Location Refs
1964 Forest Hills Shopping Centre Retail 270 Canterbury Rd, Forest Hill
1965 Huntingdale Factoryettes Industrial Carnish Road, Huntingdale
1966 Coles Balwyn Retail 342-344 Belmore Road, Balwyn [58]
1967 Glen Waverley Station arcade Mixed-use 39-51 Kingsway, Glen Waverley
1967 Retail Development House Mixed-use 6 Riddell Parade, Elsternwick [59][60]
1967 Centreway Shopping Centre Retail Main Street, Croydon [61]
1968 Forest Hills Theatre Entertainment 67 Mahoneys Rd, Forest Hill [62]
1968 Restaurant & Shops Mixed-use 79 Swan Street, Richmond
1968 Hamilton House Mixed-use 1-5 Station Street, Moorabbin [63][64]
1969 Bundoora Arcade Retail 43 Plenty Rd, Bundoora [65]
1969 Coles Ringwood East Retail 434 Maroondah Hwy, Ringwood [66]
1969 Glen Waverley Station arcade Retail 39-51 Kingsway, Glen Waverley [67]
1969 Executive Offices Building Mixed-use 69–79 Mahoneys Rd, Forest Hill
1969 Footscray Station arcade Retail Irving Street, Footscray
1969 North Melbourne Factoryettes Industrial 189 & 205 Arden St, Nth Melb [68][69]
1969 Burwood Rise Estate Residential Off Burwood Hwy, Vermont Sth
1969 Raybond Building Mixed-use 126 Raymond Street, Sale [70][71]
1969 Boronia Station arcade Retail 255 Dorset Road, Boronia [72]
1969 Forest Hill Professional Centre Office 69–79 Mahoneys Rd, Forest Hill
1969 Brendan Edwards Forest Hill Leisure 69–79 Mahoneys Rd, Forest Hill
1969 Brendan Edwards Sunshine Leisure 20 Sun Crescent, Sunshine
1969 Target Collingwood Retail 134-144 Smith St, Collingwood [73]
1969 Coles Sale Retail 276-278 Raymond Street, Sale
1970 North Melbourne Factoryettes Industrial Laurens Street, North Melbourne
1970 Hanover Arcade Retail 170 Thomas St, Dandenong
1970 Town Hall Shopping Centre Retail 149 Maroondah Hwy, Ringwood [74]
1970 Central Arcade Retail 154-160 Nicholson St, Footscray [75]
1970 Mayfair Arcade Retail 223 Lonsdale St, Dandenong [76]
1970 Target Warnnambool Retail 146-148 Koroit St, Warrnambool [77]
1971 Bellfield Building Mixed-use 95 Bell Street, Coburg [78]
1971 Hanover Shopping Centre Retail 46-148 Koroit St, Warrnambool [79]
1972 Dandenong Arcade Retail 236 Lonsdale St, Dandenong
1972 Niddrie Arcade Retail 334 Keilor Rd, Niddrie
1972 Northcote Arcade Retail 319-325 High St, Northcote
1973 Carrington Heights Estate Residential Off Morack Rd, Vermont Sth [80]
1973 Balmoral Arcade Retail Balmoral St, Frankston [81]
1973 Hanover House Office 158 City Rd, Southbank [82]
1973 Boronia Village Shopping Centre Retail 163 Boronia Rd, Boronia
1974 Ulverstone Shopping Centre Retail 16 Reibey St, Ulverstone [83]
1974 Venture Clayton Retail 1389 Centre Rd, Clayton [83]
1974 520 Collins Street Office 518–520 Collins St, Melbourne [84]
1974 Vermont South Shopping Centre Retail 495 Burwood Hwy, Vermont Sth [85]
1974 Diamond Village Shopping Centre Retail 78 Nepean St, Watsonia [86]
1974 Dandenong Hub Arcade Retail 15 Langhorne St, Dandenong [87]
1976 North Croydon Shopping Plaza Retail Maroondah Hwy, Croydon Nth
1976 Valley View Estate Residential Off Wellington Rd, Mulgrave [88]
1977 Former MGM Building Retail 288-292 Queen St, Melbourne [89]
1978 Thomastown Shopping Centre Retail 122 Main St, Thomastown
1979 Centrepoint Mall Retail 283-297 Bourke St, Melbourne [85]

References

[edit]
  1. ↑ Sorell, John (29 October 1969). "Peddling Paul takes a new change". University of Melbourne Archives, JB Were & Son company research files: Hanover Holdings.
  2. ↑ "To begin in February – £5m. Forest Hills Shopping Centre". Eastern Times. 27 October 1957. p. 1.
  3. ↑ "Company summary: Masaga Investments Pty Ltd". Australian Securities and Investment Commission. Retrieved 2 October 2026 – via ASIC Connect.
  4. 1 2 3 Hills, Ben (7 December 1990). "House of cards: Herscu's making ... and breaking". The Age. p. 6.
  5. ↑ "Fawkner – Still some shops left in this excellent development. Masaga Developments". The Age. 19 April 1967. p. 34 – via State Library Victoria.
  6. ↑ "Morwell – 11 shops now being developed in heart of town. Long leased. Reasonable rents. Masaga Investments". The Age. 19 March 1966. p. 55.
  7. ↑ "Ringwood – Four shops still available in our new "Ringwood Central" development. Retail Developments P/L". The Age. 19 March 1966. p. 55.
  8. ↑ McDougall, Graeme (26 November 1975). "Hanover gets inside offer". The Age. p. 21.
  9. ↑ Sykes, Trevor (1978). The Money Miners.
  10. ↑ ""Don't Sell" advice by Allans". The Age. 3 March 1969.
  11. 1 2 [Outward Telex] To Adelaide from Melbourne – The directors of Allans Finance Limited announce that they have received definite from Allans Music (Australia) Pty. Ltd. that it has agreed to sell all its shares in this company at 55 cents each on the basis that this offer is to be made available to all other shareholders of the company. Stock Exchange of Melbourne. 26 March 1969 – via University of Melbourne Archives, Records of the Stock Exchange of Melbourne Limited.
  12. ↑ "Special sale of 31% of Allans Finance capital". Australian Financial Review. 4 March 1969.
  13. ↑ "More music from Allans Finance?". The Age. 4 March 1969 – via University of Melbourne Archives, Company Research Files Compiled by J. B. Were & Son.
  14. ↑ Neville, Patrick (1969). "Hanover's Fayman: He is now watched by 500". Australia Financial Review?.
  15. ↑ Certificate of Incorporation on Change of Name of Company: Allans Finance Limited to Hanover Holdings Limited. Melbourne: A. C. Brooks, Government Printer. 13 May 1969 – via Melbourne University Archives, Records of the Stock Exchange of Melbourne Limited.
  16. 1 2 "Finance and Business, Briefly: From today Allans Finance Limited will be known as Hanover Holdings Limited". The Age. 20 May 1969. p. 18.
  17. 1 2 "Hanover plans move to property". The Age: Finance and Business. 23 April 1969. p. 20.
  18. 1 2 3 Directors Report and Accounts. Hanover Holdings Limited. 17 October 1969.
  19. ↑ Henderson, Don (9 December 1972). "Hanover comes to Sydney". The Bulletin. 094 (4833): 53 – via Trove.
  20. ↑ "Textile Holdings has $1.2 million loss: property sold". The Sydney Morning Herald. 17 November 1972. p. 21.
  21. ↑ Whitton, Evan (23 February 1982). "The QLD casion stakes: big profits and a coalition". The Sydney Morning Herald. p. 2.
  22. 1 2 Half-Yearly Report by the Deputy Chairman and Chief Executive, Mr. Paul Fayman. Hanover Holdings. 14 March 1975 – via University of Melbourne Archives, Records of the Stock Exchange of Melbourne Limited, Boxes 104–105.
  23. 1 2 "Hanover turnover soars above budget". The Age. 26 October 1973. p. 17.
  24. ↑ Annual Report. Hanover Holdings. 1974 – via Melbourne University Archives, Records of Stock Exchange of Melbourne Limited, Boxes 104 & 105.
  25. ↑ "Hanover bids $3.4 million for store". The Age: Business Age. 29 October 1969. p. 15.
  26. ↑ "Hanover's large capital profit". The Age. 8 October 1970. p. 21.
  27. ↑ "Bid for pawnee". The Age. 19 May 1971. p. 19.
  28. ↑ "Merger stocks steal the show". The Age. 19 May 1971. p. 15.
  29. ↑ "Hanover declines to bid". The Sydney Morning Herald. 4 June 1971. p. 20.
  30. ↑ McDougall, Graeme (27 January 1973). "Business Age: Hanover, hotel family join in casino offer". The Age. p. 20.
  31. ↑ "Hanover to bid for Landall?". The Sydney Morning Herald. 19 February 1974. p. 17.
  32. ↑ Annual Report. Landall Holding Limited. 30 June 1973. pp. 2–12 – via Melbourne University Archives, Company research files compiled by JB Were and Son: Landall Holdings Limited (2000.0017 Unit 0350).
  33. ↑ "LANDALL BUYS VICTORIAN CO. – Landall Holdings Ltd. has acquired all the issued capital of a Melbourne homebuilding company, Fulton Constructions Pty. Ltd". The Western Australian. 12 October 1968 – via Melbourne University Archives, Company research files compiled by JB Were and Son: Landall Holdings Limited (2000.0017 Unit 0350).
  34. ↑ "Landall Holdings: Second only to A V Jennings as the biggest home builder in Australia". Business Review. January 1970. p. 24.
  35. ↑ "Landall profit rate doubles in half year". The Independant. 15 March 1970. p. 17 – via Melbourne University Archives, Company research files compiled by JB Were and Son: Landall Holdings Limited (2000.0017 Unit 0350).
  36. ↑ "Faces Behind The Figures: Donald W. Clark". 17 August 1968 – via Melbourne University Archives, Company research files compiled by JB Were and Son: Landall Holdings Limited (2000.0017 Unit 0350).
  37. ↑ "Landall may be takeover target". The Western Australian. 2 November 1973 – via Melbourne University Archives, Company research files compiled by JB Were and Son: Landall Holdings Limited (2000.0017 Unit 0350).
  38. ↑ Joint Announcement – Hanover Holdings Limited and Landall Holdings Limited. 158 City Road Southbank: Hanover Holdings. 5 April 1974. pp. 1–2 – via University of Melbourne Archives, Records of the Stock Exchange of Melbourne Limited, Boxes 104 & 105.{{cite book}}: CS1 maint: location (link)
  39. ↑ "Hanover buys control of Landall". The Age. 6 April 1974. p. 19.
  40. ↑ Annual Report. Hanover Holdings. 1974 – via Melbourne University Archives, Records of Stock Exchange of Melbourne Limited, Boxes 104 & 105.
  41. ↑ "Report Of Affairs: Landall-Fulton Constructions Pty Ltd". Australian Securities Index Commission (ASIC).
  42. ↑ "Bond stays confident". The Sydney Morning Herald. 18 October 1974. p. 12.
  43. ↑ Davidson, Christopher (1 October 1975). "Hanover moves investment focus". The Age. p. 19.
  44. ↑ Report of Royal Commission into Certain Housing Commission Land Purchases and Other Matters. Federal Government of Australia. 15 October 1981.
  45. ↑ "Landall crisis won't hurt Hanover, directors say". The Sydney Morning Herald. 22 October 1974. p. 25.
  46. ↑ "Federal 'no' beat Landall – The refusal of $3 million Federal aid led directly lead to the failure of the big WA development company, Landall Holdings Ltd". The Western Australian. 21 October 1974 – via University of Melbourne Archives, Company research files compiled by JB Were and Son, Landall Holdings Limited (2000.0017 Unit 0350).
  47. ↑ "Massive slump in Hanover profit". The Age. 5 February 1975. p. 19.
  48. ↑ Flint, Barry (25 November 1978). "Landall has $5m deficit". The Age. p. 19.
  49. ↑ "Landall is still in business, receivers say". The Age. 11 November 1974. p. 3.
  50. ↑ McDougall, Greame (8 July 1975). "Business Age: Hanover moves". The Age. p. 17.
  51. ↑ Davidson, Christopher (5 January 1975). "Massive slump in Hanover profit". The Age. p. 19.
  52. ↑ "Federal 'no' beat Landall – The refusal of $3 million Federal aid led directly lead to the failure of the big WA development company, Landall Holdings Ltd". The Western Australian. 21 October 1974 – via University of Melbourne Archives, Company research files compiled by JB Were and Son, Landall Holdings Limited (2000.0017 Unit 0350).
  53. ↑ "hanover%20holdings" "AUCTION - Tuesday, 30th September at 10:15 AM at the Douglas Room Windsor Hotel under instructions from Hanover Holdings Ltd., which is carrying out a diversification program and as to part from Messrs. Kliger, Fayman and Lew, solicitors. 12 retail investments, 8 industrial investments, 2 city properties". Australian Jewish News. 19 September 1975. p. 7.
  54. ↑ OFFER BY TALLERK PTY. LTD. TO THE SHAREHOLDERS OF HANOVER HOLDINGS LIMITED. Slonim Velik & Emanuel. 7 January 1976 – via University of Melbourne Archives, Records of the Melbourne Stock Excange.
  55. ↑ McDougall, Graeme (26 November 1975). "Hanover gets inside offer". The Age. p. 21.
  56. ↑ Clarke, Anthony (18 March 1976). "Hanover offer to close soon". The Age. p. 18.
  57. ↑ "Hundreds named in tax scheme report". The Age. 28 May 1982. p. 1.
  58. ↑ "Shops to let". The Age. 17 December 1966. p. 44 – via State Library Victoria.
  59. ↑ Alter, Maurice (22 July 1967). "New prestige office space". The Age. p. 54 – via State Library Victoria.
  60. ↑ Retail Development House was a double-storey office and retail building completed in mid-1967 at the south-east corner of Glenhuntly and Riddell Roads, Elsternwick. Comprising several shops on the ground floor and office suites above, the building was named as the headquarters of Retail Development Pty Ltd: a primary subsidiary of the Masaga group (later Hanover Holdings) which developed the site. For ten years, Suite 1 was the registered address of numerous Hanover subsidiaries and affiliate companies. Most of the original two-tone brick exterior has since been rendered over and covered with cladding. The office suites have since been consolidated into a single commercial tenancy.
  61. ↑ "Shop sites in Croydon passed in". The Age. 23 July 1966. p. 9 – via State Library Victoria.
  62. ↑ Public Building File No. 14940, Forest Hill Theatre. Department of Health, Building and Services Division.
  63. ↑ Retail concourse for Moorabbin Station with office space above. Completed in 1968, the building was named Hamilton House after Bob Hamilton: a former LJ_Hooker executive who ran his own real estate business from the site until 1979.
  64. ↑ Directors Report and Accounts. Hanover Holdings Limited. 17 October 1969.
  65. ↑ "A new major centre – Hanover Holdings Ltd". The Age. 6 December 1969. p. 48.
  66. ↑ A 16,464 sq. ft. supermarket for Coles at the Burntbridge Shopping Centre
  67. ↑ Directors Report and Accounts. Hanover Holdings Limited. 17 October 1969.
  68. ↑ Davie, Ray (7 August 1968). "15 factories". The Age. p. 25 – via State Library Victoria.
  69. ↑ "Factories to let – Hanover Holdings". The Age. 29 October 1969. p. 35.
  70. ↑ Directors Report and Accounts. Hanover Holdings Limited. 17 October 1969.
  71. ↑ The Raybond Building is a double-storey development in Sale, Gippsland built in 1969 by the Masaga Group. It comprised 39 partitioned office flats. Esso was a long-time major tenant.
  72. ↑ "Boronia Station Entrance". The Age. 25 October 1969. p. 46 – via State Library Victoria.
  73. ↑ 22,000 sq. ft. department store for Lindsay & McKenzie
  74. ↑ "Hanover Holdings - Applications are now invited for the selected retail premises listed below". The Age. 6 November 1972. p. 69.
  75. ↑ "$250,000 for property in Footscray". The Age. 2 October 1968. p. 8 – via State Library Victoria.
  76. ↑ 40 arcade shops; 22,000 sq. ft. department store for Lindsay & McKenzie Pty. Ltd., and 12,000 sq. ft. of air conditioned office space.
  77. ↑ 40,000 sq. ft. department store for Lindsay & McKenzie (now Target) and 20 shops
  78. ↑ The Bellfield Building in Coburg is a double-storey brick office and retail complex. It opened in 1971. Outside, the building retains much of its original appearance and some of the old tilework. Inside, a prominent feature is the original granolithic floors.
  79. ↑ "Royal Archer Hotels". The Age. 13 December 1969. p. 27.
  80. ↑ {{cite news}}: Empty citation (help)
  81. ↑ "Balmoral Centre, Frankston". The Age. 19 April 1972. p. 16.
  82. ↑ Mitchell, John (11 April 1973). "Not only developers but tenants, too". The Age. p. 23.
  83. 1 2 "AUCTION - Tuesday, 30th September at 10:15 AM at the Douglas Room Windsor Hotel under instructions from Hanover Holdings Ltd., which is carrying out a diversification program and as to part from Messrs. Kliger, Fayman and Lew, solicitors. 12 retail investments, 8 industrial investments, 2 city properties". Australian Jewish News. 19 September 1975. p. 7.
  84. ↑ HODDLE GRID HERITAGE REVIEW VOLUME 2b: Postwar Thematic Environmental History and postwar places (PDF). GML Heritage Victoria Pty Ltd. July 2020.
  85. 1 2 Directory of Australian Shopping Centres. National Council of Shopping Centres. November 1980. Retrieved 11 April 2025.
  86. ↑ "Watsonia, Shop & Dwelling - Hanover Holdings". The Age. 19 June 1976. p. 68.
  87. ↑ "Hanover Holdings, City of Dandenong, Commercial Properties To Lease, Hanover Arcade". The Age. 4 April 1970. p. 45.
  88. ↑ "Wheelers Hill Land Buyers – You must see our great selection of blocks on the VALLEY VIEW ESTATE". The Age. 13 November 1976. p. 72.
  89. ↑ "Retail and office complex at 288-292 Queen Street". The Age. 2 December 1995. p. 84.

Notably, in 1960, Development Consolidated launched an ambitious joint proposal with Raymond Borg’s Paynes Properties to build an Australian version of Disneyland on a 500-acre site in Laverton near. The project was officially announced in The Age, describing plans for "educational exhibits, together with the more customary forms of children's entertainment."[1] A proposed name was Australialand. Despite a mostly-positive public reception, plans fell through just months later after the stock market crashed and the whole proposal was deemed unfeasible.[2] It was further denounced after a stern message to the developers by Walt Disney's Australian representative, Walter Grainger, who warned of possible copyright infringement. By 1961, Development Consolidated had cut all ties with Paynes Properties.[3]

Between 1959 and 1961, Fayman & associates developed the Borrack Square Shopping Centre in Altona North. Comprising 30 specialty shops, a large supermarket, and off-street parking, the centre was developed in tandem with the adjacent Central Hotel (now Millers Inn). This became the first licensed hotel in the area, and was designed by commercial architects Jorgenson & Hough, who also designed Melbourne's Burvale and Manhattan Motels.[4] An adjoining 110-lot residential estate was also subdivided by Wright Bros Development, creating Duke Street, Cherry Avenue and Murphy Street.[5] Other significant residential estates undertaken by the group include the 220-lot Waverley Views Estate in Glen Waverley,[6][7] the 51-lot Warragul Park Estate in Warragul,[8][9] and the gargantuan Eliza Downs Estate in Frankston.[10] The group also owned and operated the Shepparton Indoor Bowling Centre, which opened in 1963 and became a local success.[11]

Company records

[edit]

Category:Companies based in Melbourne Category:Development corporations in Australia Category:1969 establishments in Australia Category:1979 disestablishments Category:Companies formerly listed on the Australian Securities Exchange Category:Real estate companies of Australia

  1. ↑ "Disneyland planned for Laverton". The Age. 29 July 1960. p. 14.
  2. ↑ "£5 Million Fun Park May be Built on Big Laverton Site". The Age. 4 October 1960. p. 5.
  3. ↑ Groves, Derham (25 October 2024). "Walt Disney's 'love affair' with Australia". The University of Melbourne: Pursuit.
  4. ↑ "Altona to get its first hotel". The Age. 21 May 1959. p. 10.
  5. ↑ "Altona schemes to be discussed". The Age. 30 May 1958. p. 3.
  6. ↑ The Waverley Views Estate was a residential subdivision situated on a former a 54-acre farm site at the north-east corner of Blackburn and Ferntree Gully Roads in Glen Waverley. A 5-acre portion of the land was acquired by the State Government for the Monash Freeway. Built and sold off across several stages between 1958 and 1964, the development comprised over 220 lots including a small architect-designed shopping centre and adjacent corner service station, both of which remain operating today (as at July 2025)
  7. ↑ "PROPERTY SALES: Syndal Lots Average £1108 at Auction". The Age. 11 August 1958. p. 8.
  8. ↑ Not to be confused with a different subdivision of the same name from 1902, the Warragul Park Estate was developed in the early 1960s and comprised 41 home sites and a proposed group of shops at Burke Street between McCulloch Avenue and Cornish Street.
  9. ↑ "Land auction, Warragul Park Estate". The Age. 23 November 1960. p. 31.
  10. ↑ "Your introduction to gracious living: Eliza Downs Estate". The Age. 25 January 1963. p. 13.
  11. ↑ "Applications are invited for the lease of a restaurant and snack bar in Shepparton's new modern indoor bowling centre". The Age. 9 March 1960.
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