Wellington’s McGuinness family has been a powerful force in the capital’s property scene for several decades and its members’ ability to attract investment dollars from fellow Rich Listers is a testament to their success.
The McGuinness story dates back to 1950 when Lawrence T McGuinness launched a modest Wellington building company, with a reputation for workmanship. Joined by his four sons, Peter, Brian (pictured), Jim and Mark, LT McGuinness went from strength to strength as it took on ambitious projects including the two-year refurbishment of Government House and the $100m redevelopment of Chews Lane.
Made a member of the Order of Merit in 2012 for services to the building industry, eldest son Brian says his father took the boys to work during the school holidays to teach them a work ethic – and how to work together. Having a family business with traditional values is a useful advantage. “Clients can ring us up, get an answer and rely on us to stand by what we say.”
Expansion into the Auckland market has also increased the family and company’s profile and workload. LT McGuinness employs more than 200 fulltime staff and offers a range of services from value engineering to project management and the provision of building services through their dedicated LT McGuinness Facilities + Maintenance business.
Along the way, the brothers divided their energies. While Brian, Jim and Peter headed up the construction wing, Mark co-founded Willis Bond & Co, which has a track record of delivering excellent returns on projects and investments. A classic example is the $200 million invested since 2010 in 16 projects with an estimated end value of $1.56 billion. That theoretically values the combined 20% stake held by the McGuinness clan at $312m.
Although they work in two separate businesses, the brothers have partnered on numerous occasions including the $180m Clyde Quay Wharf project, which converted Wellington’s old Overseas Passenger Terminal into high-end apartments that sold for up to $10m. On the books now is the $220m ‘30 Madden’ apartment block in Auckland’s Wynyard Quarter and the $150m Wellington Convention Centre and Movie Museum involving Sir Peter Jackson.
The McGuinness financing and construction partnership has been well supported by wealthy investors like Sam and Gareth Morgan, Brendan Lindsay and his business partner, Wendell Phillips, who have committed tens of millions to three Willis Bond Capital partnerships. Those partnerships also extend to shared ownership such as the 50/50 split with Phillips and Brian McGuinness in the $21m Queens Wharf Retail Centre.
In 2015 the four brothers were recognised with a Wellington Icon award for literally changing the face of the capital’s landscape through the design, restoration and preservation of many landmark buildings. Described as a construction masterpiece by the judges, the Clyde Quay Wharf project headed off 33 competitors to win the 2015 Master Builders Commercial Project Supreme Award.
After working in the industry for more than 40 years Peter and Jim have now retired, but a third generation of the McGuinness family is already heavily involved in various businesses. “We want to leave it to the boys so they can run their own ship” says Brian. “I always reckon the trick with succession planning is to be able to go out the back door one day and no one knows you’re gone.”
Photo: Stuff