L. J. Hooker
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| L.J. Hooker | |
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| Type | Proprietary |
| Founded | 1928, Maroubra, New South Wales |
| Founder | Leslie Joseph Hooker |
| Headquarters | Alexandria, New South Wales |
| Key people | Warren McCarthy, Managing Director Angelo Nicholson, General Manager Alan Lambert, Deputy Managing Director |
| Industry | Real Estate |
| Website | http://www.ljhooker.com/ |
L.J. Hooker is an Australian real estate franchise.
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[edit] History
The company was established in 1928 by Sir Leslie Joseph Hooker in Maroubra, New South Wales. Leslie Joseph Hooker was born Leslie Joseph Tingyou to an Australian mother and a Chinese father. Believing his Chinese name would be a disadvantage when conducting business in Australia, he changed his surname by deed to Hooker, either after his favourite position in rugby union or because his father was employed on the railroad as a hooker. [1] In 1935 he opened the first city office of L.J. Hooker at 12 O’Connell Street, Sydney. In 1936 the business expanded into Kensington, New South Wales, Kingsford, New South Wales and Randwick, New South Wales. By 1938 the company was in the position to purchase H.L. Cross & Co. and relocated to the heart of the city on the corner of Martin Place and Pitt Street. After the Depression and the Second World War, the company floated on the Australian Stock Exchange on 1 July 1947.
L.J. Hooker Investment Corporation Limited was formed in 1958 to allow L. J. Hooker to deal with a more diverse range of real estate areas including hotel and leisure, music, land and building trusts, pastoral holdings and housing and land subdivision. In 1958 Hooker bought Festival Records from its original owners, the merchant bank Mainguard, and he even established his own boutique label, Rex, (named after his Sydney hotel) as a Festival subsidiary. But Festival was losing money during this period, just prior to the beginning of the Sixties pop boom, and Hooker eventually sold the struggling label to News Limited in 1961.
In 1980 the real estate division had spread across every state of Australia when they opened the first office in Perth, Western Australia.
In the mid 1980s, while lead briefly by CEO, George Herscu, L.J. Hooker crossed into development and acquisition of retailers and large scale shopping complexes in the United States. This move proved ill-conceived, with such questionable ventures as the purchase and operation of several storied but troubled American department store chains as B. Altman & Co., Bonwit Teller, Sakowitz and Parisian stores, to be utilized as anchors for a number of large, but poorly located shopping malls in the United States. Having no track for understanding the complex operations required to run retail department stores, and with the questionable locations of many of the proposed malls, coupled with forcing the newly acquired anchor stores into locations with no previous market presence, this venture proved deeply flawed and plunged L.J.Hooker, the department stores and its various development holdings into bankruptcy.
Most of the department store chains were liquidated with large economic and employment losses. The one mall complex that was constructed, the Forest Fair Mall in suburban Cincinnati, Ohio, went through numerous changes in ownership and operations. Today the ill-fated Forest Fair Mall was redeveloped into the now successful Cincinnati complex, owned by the Mills Corporation. This period, although brief in its history, was deeply timultuous and troubling and led to L.J. Hooker Limited being purchased by the Queensland based Suncorp-Metway Limited, in January 1990.
In 1997 they opened offices in Hong Kong and Papua New Guinea.
In 1996 L.J. Hooker purchased the Challenge Realty Group in New Zealand and in 1998 they rebranded them literally overnight as L.J. Hooker. In 2003 L.J. Hooker purchased the real estate franchise group Olsen & Everson. In 2002 L.J. Hooker opened its first offices in Indonesia, and in 2004 L.J. Hooker opened offices in Mumbai, India and Shanghai, China.
In October 2004, Grahame Cooke stepped down as CEO and was replaced by Warren McCarthy. McCarthy was selected from within the existing L.J. Hooker network and in The Australian Financial Review, he stated that "It was important that the chief executive be an L.J. Hooker person. There is an inherent culture. It is very much a family and there is passing on of generations of knowledge in auctions, good property management and good referral systems."
[edit] Organisation
L.J. Hooker is a franchise operation. The real estate side of the business is done by franchise owners. The current CEO is Warren McCarthy and Alan Lambert is Director of Corporate Services & the Deputy Managing Director.
Hooker Corporation Limited is the holding company, and L.J. Hooker Limited is the trading entity. Hooker Corporation Limited's ACN is 003 890 444 and the ACN of L.J. Hooker Limited is 003 890 4553. L.J. Hooker has also established an independent incorporated legal practice trading as L.J. Hooker Conveyancing NSW which is a division of Summerslegal N.S.W Pty Ltd (ACN 106 910 838). L.J. Hooker Conveyancing is located in Sydney. In Western Australia they use L.J. Hooker Settlements to do their conveyancing.
Suncorp own Hooker Corporation.
[edit] 2007 Victorian Stamp Duty Scandal
One of the franchise offices of LJ Hooker in Hampton Park, a suburb of Melbourne, is currently involved in a class action that has been taken out by over 200 former customers, who allege that the previous owner of the branch (which is now owned by the previous owner's wife) backdated sale contracts which has landed the customers with over $1.3 million in additional stamp duty charges. The matter is currently before the Federal Court of Australia and list LJ Hooker Corporation as one of the defendants, along with the former owner of the franchise. The Victorian Department of Justice (Consumer Affars) is also investigating the actions of the parties involved.[2][3] [4]
[edit] Cystic Fibrosis
The company is a major sponsor of Cystic Fibrosis Australia, whose objective is to facilitate and promote the provision of care to all people affected by cystic fibrosis and ensure they have the best possible quality of life [5]. They have been supporting them since 1998, and they have has so far contributed more than $1 million in research funds to the organisation.
[edit] References
- Harley, Robert (October 7, 2004). One-stop shop key to future. Australian Financial Review.
- Herald Sun (August 4, 2007). Home Buyers Sue Over Fees [6]
- Herald Sun (May 4, 2007). Home Tax Row Threats [7]
- Jenman, Neil (May 18, 2007). Marvelli the Magician. [8]
