John Gandel AO (born 1935), an Australian businessman, property developer and philanthropist, made his fortune in the development of commercial real estate as well as shopping centres located in Melbourne, Victoria.
Gandel, who inherited much of his wealth from his Polish-immigrant parents, founders of the Sussan women’s clothing chain, is consistently ranked within the top ten wealthiest Australians by net worth in both the BRW Rich 200 and Forbes magazines. In May 2016 he was ranked fifth.
Early life and education
Gandel was born in Australia in 1935, the son of Sam and Fay Gandel, Jewish immigrants from Poland. His parents operated a corsetry store on Collins Street in Melbourne. Gandel was educated at Melbourne High School. He has one sister, Eva Gandel Besen.
Career
In the 1950s, Gandel took control of his parents’ women’s clothing business (then named Sussan) in the 1950s and with his brother-in-law Marc Besen grew it into a chain of over 200 stores. In 1983, he bought the Chadstone Shopping Centre, selling Sussan to his brother-in-law in 1985 to concentrate on real estate. He subsequently built his own fortune in shopping centres.
In July 1983, the Myer Emporium sold the Chadstone Shopping Centre to the Gandel Group for A$37 million, which has since managed and developed the complex into Australia’s biggest shopping mall which is now valued at over $3 billion. In July 1983, the Myer Emporium also sold the Northland Shopping Centre to the Gandel Group. Gandel’s major assets are 50 per cent shares in Chadstone, and a 17 per cent stake in the listed Novion that owns the other half. Gandel also owns significant stakes in listed property companies, besides the stake in Novion, worth about A$800 million, and a 15 per cent stake in Sydney-based property group, Charter Hall, in which he invested A$151 million.
According to a January 2012 Herald Sun report, Gandel was the wealthiest man in Melbourne, with an estimated A$3.4 billion net worth. In 2012 Gandel sold his stake in the Northland Shopping Centre for A$455 million and announced an A$500 million hotel and office redevelopment at Chadstone in 2011. In 2006, Gandel bought a 50% stake in Plastro Irrigation Systems, an Israeli irrigation company. In May 2007, the majority owners of the company exercised a right they held and bought back these holdings.
John Gandel is an Australian businessman and property developer who has an estimated net worth of $3.5 billion as of November 2016 according to Forbes. He is the seventh richest person in the Top 50 list of Richest Australians and is ranked 495th in the list of World Billionaires. Mr. Gandel has earned his estimated net worth of $3.5 billion from his estate from his Polish-immigrant parents and mostly from the development of commercial real estate and the shopping malls located in Melbourne and Victoria.
Gandel’s parents founded and owned the Sussan women’s clothing chain. He took control of the clothing business in the 1950’s and together with his brother-in-law, Marc Resen, he has helped it grow into a chain of more than 200 stores. In July 1983, he bought the Chadstone Shopping Center from Myer Emporium for $37 million as well as the Northland Shopping Center. In 1985, he sold Sussan to Marc so he could concentrate on real estate. Since then, the Gandel Group has managed and developed the complex into Australia’s billion shopping mall with the current value of more than $3 billion where he owns $50 million shares. He plans to add a $525-million hotel and office tower.
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