By Tom Cowie
The billionaire co-founder of the Chemist Warehouse chain is facing a battle with residents over plans to build a luxurious 16-bed coastal compound with a pool, cinema, two wine cellars and a tennis court.
Mario Verrocchi, who built his fortune from a pharmacy empire that began with five outlets in 1995, and his brothers have lodged an application to build an $18 million residence across five adjoining properties on the Esplanade in Mount Martha.
An aerial shot of the properties on Mount Martha’s Esplanade that will be developed as part of an application by the Verrocchi family.
According to an application filed with Mornington Peninsula Shire, Verrocchi intends to demolish three existing houses on the land to make way for a sprawling set of double-storey buildings that will overlook Port Phillip Bay.
The proposed homes will have separate addresses but will be connected by a series of communal areas with access from a single driveway.
As well as 16 bedrooms with ensuites, the plans include four living and dining areas, a billiards room, a gym and wellness facility, a pavilion for entertaining and 26 car spaces.
It is unclear from the plans if the houses are intended as permanent residences or a holiday getaway.
The council granted a permit for the development in April, but neighbouring residents have lodged an appeal with the Victorian Civil and Administrative Tribunal to stop it going ahead.
“The site is clearly capable of accommodating three dwellings, however the scale of the development is at odds with the physical constraints of the site,” said one neighbour in a letter filed with VCAT.
“The subject land is on a considerable gradient and … the large footprint basement and floor plates results in the need for extensive excavation.”
Another objector said in a written submission that an “entire wish list has been crammed onto the available land”.
Mario Verrocchi started the Chemist Warehouse business in the 1990s.Credit: Eamon Gallagher
“The stakeholders who have the misfortune to live adjacent to such a large project ... must endure the construction activity and live with the result afterwards during occupancy.”
Company documents show the five properties are owned by 286 Esplanade Pty Ltd, which is directed by Verrocchi and his brothers, Adrian and Marcello.
According to title documents, their parents bought one of the properties in the 1980s, with the other four pieces of land acquired over the past two decades at a cost of more than $6 million.
The origins of the Chemist Warehouse empire dates back to 1980, when Mario Verrocchi got a job working for pharmacist brothers Jack and Sam Gance at a Reservoir chemist.
They went on to launch Chemist Warehouse, which has expanded to more than 500 stores across Australia.
The Australian Financial Review estimated last year that the Verrocchis’ wealth had grown to $3.16 billion, with the company currently attempting a blockbuster merger with Sigma Healthcare.
The Mount Martha land is not the only property in the area owned by the Verrocchis. The family emerged in 2020 as the buyers of Mount Eliza’s famed Morning Star Estate, which sold for more than $30 million.
The property, which includes a 12-hectare vineyard and a helipad and 63 hectares with beach frontage, was described by real estate agents as the “Downton Abbey” of Australia.
The Verrocchi family was contacted for comment. The Mount Martha application is set for a hearing at VCAT in December.
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