Australia’s retail landscape has a new class of property high-rollers, and they’re all linked to the Chemist Warehouse empire.
Following a monumental year that saw the pharmacy giant list on the sharemarket and merge with ASX-listed Sigma Healthcare, creating a combined entity with a market capitalisation of approximately $33bn, its founders and key executives have been making headlines with their lavish property acquisitions across the nation.
The Chemist Warehouse success story, which began with Jack and Sam Gance buying a Melbourne pharmacy in 1972 and Mario Verrocchi joining in 1980, has transformed its leaders into bona fide rich-listers, with several staff also becoming multi-millionaires.
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Chemist Warehouse chief executive Vikesh Ramsunder, co-founders Sam and Jack Gance and Mario Verrocchi ring the bell at the ASX for the formal listing of the new merged entity made up of Sigma Health Care and Chemist Warehouse. Picture: John Feder
After merging with ASX-listed distributor and wholesaler Sigma Healthcare in February, Chemist Warehouse now has a market capitalisation of about $33 billion.
This new-found wealth is now being channelled into some of Australia’s most exclusive real estate.
The chain, which currently boasts 900 stores, plans to open another 500 to 600 in Australia, alongside ambitious expansion into Europe, as reported by the AFR.
However, closer on the home front, its founders have also managed to hit the real estate jackpots.
Toorak’s newest power players
This year’s most significant purchase belongs to Chemist Warehouse co-founder Jack Gance and his wife Evelynne, who reportedly splashed over $80m on a substantial block of land in Melbourne’s prestigious Toorak.
The site, featuring two existing houses, is widely considered a prime development opportunity and could soon be home to one of Melbourne’s grandest mansions.
The Gances already own a sizeable property in the suburb, and this new acquisition offers them the chance to reside on the same street as Jack’s brother and co-founder, Sam Gance, who owns a $43.1m residence there.
Mario Verrocchi, Sam Gance and Jack Gance celebrate the merger of Chemist Warehouse with Sigma Healthcare. Picture: The Australian / Nadir Kinani.
The 6340sq m Lansell Rd, Toorak property bought by Jack Gance and wife Evelyn.
The combined personal wealth of Jack, Sam, and Sam’s son Damien (a non-executive director) now stands at an impressive $11.27bn, according to the latest AFR Rich List.
Also making a move in Toorak is Chemist Warehouse New Zealand boss Azman Haroon and his wife Razia.
According to The Sydney Morning Herald, the couple placed a caveat on a stunning Toorak home, which settled in September for $33.288m in the names of his father, Abdul Haroon, and Saiaz Haroon.
Further east in Melbourne, Jason Yacoub, who owns a Chemist Warehouse in Warrnambool, secured a Kew mansion for $15.6m in an off-market deal in August.
Mario Verrocchi’s multistate splurge
Co-founder Mario Verrocchi has been particularly active in the luxury property market, acquiring homes in multiple states this year.
He is believed to have paid over $20m for a six-bedroom house in Toorak in an off-market transaction from vendors David and Fiona Atkins, who originally purchased the residence for $3.6m in 2005.
Chemist Warehouse duo Mario Verrocchi and Mario Tascone have each bought at Bondi Beach. Picture: Supplied
Verrocchi, who has an estimated $7bn plus wealth, has flicked the sub-penthouse on to colleague Mario Tascone, who joined Chemist Warehouse as an intern pharmacist in the late 1980s.
Verrocchi’s property portfolio also extends to Sydney, where he is tipped to have paid $23m for the penthouse in the Hall and Campbell development in Bondi.
Shareholder and chief operating officer Mario Tascone reportedly secured the sub-penthouse in the same development for $25.1m.
Mario Verrocchi and Mario Tascone at the Chemist Warehouse Supplier Function. Picture: Nick Addison
Verrocchi, whose combined personal wealth with brothers Marcello and Adrian is $9.79bn on the latest AFR Rich List, recently shared his thoughts on his new-found public profile with the AFR.
“It is weird, but what are you going to do about it? I didn’t steal it from anybody,” he said.
“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.”
Sydney and Byron Bay’s high-end hauls
In Sydney’s eastern suburbs, Tony Bassaly, the general manager of franchise brands for Sigma Healthcare, and his wife Angela, acquired a three-bedroom beachfront Bronte home for $22.65m in January.
The property was previously owned by F45 co-founder Rob Deutsch, who reportedly paid $11.2m for it in 2018.
Angela and Tony Bassaly pose for a photo at Bondi Icebergs New Year Day Party in 2021. Picture: Daily Telegraph / Monique Harmer
The property has sold on the quiet for about $25m
Not to be outdone, Damien Gance, director, pharmacist, and son of co-founder Sam Gance, along with his wife Sasha Robertson, made a significant splash in Byron Bay.
According to The Financial Review, they paid $33.5m in cash for a glamorous house in February, requiring no mortgage.
He’ll be in good company, as Brisbanite Brett Clark, AM, and his wife Maria, emerged on settlement documents in June as the $27.5m buyers of Copperstone in Bangalow, inland from Byron Bay.
Brisbanite Brett Clark, AM and his wife Maria have emerged as the $27.5 million buyers of Copperstone in Bangalow, settlement documents reveal, breaking the suburb record by more than double.
The Clarks purchased the luxury equine retreat from Tom and Emma Lane of the Oroton fashion family, who built the property from scratch after acquiring the 19ha farmland for $3m in 2021.
Brett Clark, a prominent Australian businessman and philanthropist, holds a stake in Chemist Warehouse and is a managing partner in Queensland and NSW.
Ambitious developments and record-breaking buys
Matthew Verrocchi, son of co-founder Mario and managing director of Bondi Perfume Co, and his wife Nicole, are also embarking on an ambitious project in Toorak.
They have acquired seven adjacent houses for a combined $27.83m and have secured a planning permit to construct a new residence.
Their property accumulation began in 2017 with a $5.78m contemporary home in Toorak, followed by the purchase of their next-door neighbour’s home for $2.4m the following year.
In 2022, they spent another $2.4m on an adjoining house to the south, and in 2023, they bought out the neighbour on the north side of their original purchase for $5m.
In 2024, they added the next neighbour to the south for $2.75m.
Last year, they also invested $4.5m in a property backing onto their block, and have since added a seventh property for $5m.
Chemist Warehouse co-founder Mario Verrocchi has purchased a mansion in Toorak for more than $20 million. Source: realestate.com.au
In Brisbane, Chemist Warehouse managing partner Jeff Wasley and his wife Tanya emerged on settlement documents as the buyers of a $12.5m mansion in Hamilton in June.
The five-bedroom, four-bathroom home, designed and built by Queensland developer Graya, features a tequila bar, magnesium pool, and spa.
A three-storey New Farm home, once owned by prominent Queensland developer and Graya managing director Rob Gray and his wife Meghan has sold for $25 million to Chemist Warehouse managing partner Jeff Wasley and his wife Tanya.
The Wasleys made further headlines in October with their $25m purchase of the New Farm home of Rob Gray, the developer behind Graya, and his wife Meghan.
This acquisition not only set a house price record for Brisbane but also delivered the Grays a staggering $16.5m gain in just three years.
The property market is clearly feeling the ripple effect of Chemist Warehouse’s extraordinary financial success, as its key figures invest their considerable wealth into some of Australia’s most sought-after addresses.
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