The Richardson & Wrench franchise’s early days as auctioneers
During the period of First World War the real estate and property business raised its issued capital to £70,000. In 1917, Richardson & Wrench appointed Charles Henry Crammond as Managing Director and also witnessed prominent auction sale. During 1923 Inglis Milk Cow Sales yard was sold for £14,000 at Darling Harbour. The William Street Resumption was sold at £70 per foot at £30000 based on the instruction given by City council. The auctioneers franchise gained its prestige by selling 40,000 Ausalian Gas Light Company share for £300,000.Federal government invited the real estate business in 1924 to carry out Canberra’s first land sale.
In 1928 Richardson & Wrench’s turnaround reached £1,368,344, but was soon affected by the Great Depression that affected Australia. In 1932, with the instructions of the transport commission, the real estate and property business sold Woolworth for £171,000.
After this brief lull in business, Richardson & Wrench faced a steady growth after 1930’s. During 1934 the auctioneers franchise, in alliance with leading real estate agent, sold a valuable land in auction for £700 per foot. The auctioneers franchise auctioned the trust building to bank of NSW for £273000.Government’s rent control legislation and land sale control restricted profitable trading. 26.12.2007
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Tel: 02 9299 8177
Fax: 02 9299 7188
