Raine and Horne

A Super Brand in the Commercial Market heart of Sydney. Raine & Horne managed the sale of several resulting lots to the Australian Provincial Assurance Association for £83,000. In 1936, construction was completed on Asbestos House, a 12-storey art deco building located at 65 York Street. Raine & Horne were appointed managing agents, something that continued through to 1986 when the building was auctioned for $17.5 million to the present owners. The building itself has experienced several name changes including, James Hardie House and is currently known as ICON House. Remarkably, it still functions as an office block and carries heritage listing. As Sydney sprawled outwards into the suburbs, Raine & Horne’s commercial activities expanded to sales of industrial land and suburban shopping centres. Vacant land was especially sought after for shopping centres in suburbs such as, Hurstville, Kogarah, Burwood and Parramatta, where lots commanded £500 per frontage foot. The inner suburbs of Alexandria, Waterloo, Rosebery and Mascot were prized for industrial use. In fact, such was Raine & Horne’s activity in the commercial sector, 1938 saw a 21 percent rise in the firm’s state-wide property sales to £6.5 million. In the post-World War II era, the mining boom of the 1960s sparked another commercial property boom. Strata title was introduced and Land Trusts and other investment companies rushed to subdivide land for shops, warehouses and factories. As a measure of the scale of development, Raine & Horne’s sales for 1960 were the highest in the firm’s 77 years. In 1969, Raine & Horne, now under the leadership of Ned Raine, recorded total CBD sales of $18 million. Among them, a seven-storey granite office block at 115 Pitt Street—which During the 1970s and early 1980s, as Raine & Horne expanded its network through organic growth and franchising, commercial property activity continued to skyrocket Max Raine and talented trio, Michael, Nick, and Luke Smith of Raine & Horne Commercial Inner West/South Sydney. Raine & Horne had managed for 50 years—was sold by the firm at auction for a record $2.2 million, $700,000 above the reserve price. In that same year, the firm, in conjunction with Richard Stanton & Son, managed the sale of Sydney’s Theatre Royal – once home to the Soldene Opera Company renowned for its beautiful and scantily clad artists, and later the setting for performances by Dame Nellie Melba. The sale attracted yet another record price of $7.25 million. During the 1970s and early 1980s, as Raine & Horne expanded its network through organic growth and franchising, commercial property activity continued to skyrocket. The floating of the Australian dollar saw money flow rapidly into the country from overseas, and later, the introduction of the Superannuation Guarantee by then • Medibank House, Bondi Junction, $5 million. • Restaurant building, wide frontage to Willoughby Road at Crows Nest, $1.25m. • West Ryde, 3-storey office building in business centre, $1.2m. • Epping, Bridge St, National Australia Bank building with car park, $597,000. • Hornsby office development sites $9.7 million. • Fairfield Retail Investment Property $5.65m. • West Ryde Retail and offices $1.2m. • Padstow Development, factory units $3m. • Lidcombe Alfa Laval, warehouse, $3.3m. • APA Building, 53 Martin Place, $51m. • 1 & 2 Sussex Street, $65m. • Office building, cnr. York and Erskine Streets, $26.5m • Ultimo, development sites $14.7m. • Canberra City-Gate Motel, Canberra, $8m. • Canberra Rex Hotel, $12.75m. Some of the larger deals of 1988 106

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