Kacor was an Australian-ran, American-owned land development company active between 1970 and 1981. It was overseen by general manager Rich Holloway.
History
Background American conglomerate Kiaser Industries established its realestate operations during the post-war construction boom, and in 1969 partnered with the Aetna Life & Casualty Company to create a formal realestate venture. Known as Kaiser Aetna, it quickly rose to prominence as an international developer of large-scale industrial, commercial, and residential projects.
Formation and early years Kaiser Aetna Australia formed in June 1970 and soon launched a joint venture with the country's then-largest home builder, AV Jennings. Known as Kaiser Aetna Jennings (KAJ), the partnership was formally announced in August 1970 with a capital of USD$6.7 million, aiming to deliver several developments on land owned by Jennings across Australia. The partnership aimed to work with State and civic organisations on establishing "creative and balanced community developments" on its over 660 hectares of land (by 1971).
The first major project to get off the ground was a series of 7 ambitious purpose-built industrial estates subdivided at Melbourne and Sydney. Columnist John Mitchell described KAJ's strategy as buying, developing and "getting out as soon as possible" in contrast to Jennings' passive approach of thoroughly assessing its investments. These clashing philosophies soon lead to Jennings pulling out the venture just months in, citing that they would "prefer to approach property development with Kaiser Aetna on a project-by-project basis rather than as a joint owner of a business".
Diversification Following the dissolution, Kaiser Aetna Australia considered floating public but instead diversified into the residential subdivision and construction industry, purchasing tracts of land in Kilsyth, Vermont South and Eltham for large-scale housing estates. Formed in June 1973, Macquarie Builders was the home-building division of Kaiser Aetna Australia. At its peak, Macquarie offered more than 25 different home designs which could be purchased either as completed houses within Kaiser Aetna estates or built on clients' own land.
The company's in-house drafting team developed homes in a rustic style that emphasised natural materials and aimed to blend with the surrounding landscape. Many of its designs drew inspiration from traditional Australian homestead architecture and colonial architecture. Profits steadily increased each financial year, and by April 1975, Kaiser Aetna had over $20 million of industrial and residential landholdings in Melbourne, Sydney and Perth.
Dissolution Beginning in 1973, Kaiser Aetna's executives grew increasingly dissatisfied with the Whitlam government's attitude towards foreign involvement in Australian land investment. Furthermore, Kaiser Aetna had been searching unsuccessfully for a replacement to AJ Jennings for over five years. This, combined with a market slump in the United States, lead Kaiser Aetna to put its Australian subsidiary up for sale in 1975. The company asked $24.7m for its assets – which included five industrial projects, two shopping centre projects, and three residential projects in just Sydney alone.
Developments
Housing projects YearsNameLocationSizeNotes/Sources1973–75Pioneer Ridge Vermont South, Victoria 24 hectares1971Stokes Orchard Estate Eltham, Victoria76 hectares1975Ocean ReefOcean Reef, Western Australia
Industrial projects YearsNameLocationSizeNotes/Sources1971Blacktown Industrial EstateBlacktown, New South Wales24 hectaresTheir 24-hectare Blacktown Industrial Estate in western Sydney was built in late 1971, creating Forge and Steel Streets, which were named as a reference to the Kaiser Aluminium Chemical Corporation. 1971Dandenong Park Industrial EstateDandenong South, Victoria76 hectaresBy far, the group's most ambitious undertaking was the proposed Dandenong Park Industrial Estate at Dandenong South. With an initial projected cost of $18m, it occupied 76 hectares and set out to provided around 15,000 jobs. Land went to sale just two months before KAJ separated, with the AMP Society swiftly replacing Kaiser Aetna's role in the project.1971Dorset Industrial EstateBayswater, Victoria25 hectares1971Glenvale Industrial EstateMulgrave, Victoria16 hectaresKAJ first established their presence in Victoria with the 16-hectare Glenvale Industrial Estate, which began construction in late 1970. The leasehold estate consisted of large, landscaped allotments centred around Glenvale Crescent – designed by prominent engineers Garlick & Stewart. Jennings held on to this development after the split of KAJ, resuming c1974 as a partnership with UK-based Slough Estates.1971Monash Industrial EstateMulgrave, Victoria6 hectaresKAJ's 6-hectare Monash Industrial Estate at the north-west corner of Blackburn and Ferntree Gully Roads was built in 1971. Its 18 blocks went to sale the day after the subdivision was approved in early 1972, selling out fast.1971–72Thomastown Industrial EstateThomastown, Victoria21 hectares1971Western Highway Industrial EstateGirraween, New South WalesUnknown1977–78Burwood Highway Industrial EstateWantirna South, Victoria25 hectares
References