Since 2010, Willis Bond has committed more than $200m of capital into 16 development opportunities with an estimated end value of $1.56 billion, which theoretically means the 10% stake held by Phillips in the first two partnerships could be worth $156m on completion.
Managed by the McGuiness family, the Willis Bond partnerships have attracted other Rich Listers including Sam and Gareth Morgan and Brendan Lindsay, who founded Sistema and sold the business to US interests for $660m.
A long-time business partner of Lindsay, Phillips played a crucial role in marketing and expanding Sistema’s export business and picked up his 10% stake in 2011 when he helped fund the company during what Lindsay says were some “hairy” moments with lenders.
Described in the Hardware Journal as a mover and shaker, Phillips was a founder member of the Mitre 10 Group and also founded the Building Depot chain, which he sold to Fletcher Building in 1997.
Current investments include an 11% stake in Donaghys, the Australasian rope, cordage and extruded plastics business, and Phillips also owns a half share in Wellington’s Queens Wharf Retail Centre, which has a rateable value of $21m.