Ross Robertson looks back on 40 years with Perron Group
If there is one person who knows what it is like to ride the highs and lows of the property sector it is Managing Director and CEO of Perron Group, Ross Robertson.
Celebrating 40 years with the company, Ross considers himself privileged to have had what he calls “a box seat” after being employed by one of the giants of the property sector, Stan Perron AC in December 1981.
Starting out as Assistant Accountant , he found himself almost from the start having the opportunity to observe his new boss at work.
“I recall from ‘day one’ I was always welcomed into Mr Perron’s office when there was a deal under consideration, more for my business education than contribution to the discussion,” Ross said.
“The constant question was always: ‘Does the deal stack up?’ I remember Mr Perron doubling as our investment analyst, running the feasibility analysis on the ‘state of the art’ HP calculator he had bought on his last trip overseas.
“When I joined Perron Group the office consisted solely of Mr Perron, General Manager John Gadsdon, Property Manager Ian Armstrong, an accountant and a receptionist.
“We had the beginnings of our shopping centre portfolio with Phoenix Park in Spearwood, La Plaza Bentley and Thornlie Square, with office tower Eastpoint Plaza in Adelaide Terrace under construction and a string of other properties scattered around Perth.”
Forty years later, Perron Group’s $4 billion in real estate assets are spread nationwide, representing one of the largest privately held property portfolios in Australia. The Group’s holdings feature outright or joint venture ownership of a dozen shopping centres, a half share in Perth’s tallest building, Central Park, as well a range of smaller holdings in car parks, industrial and commercial properties. The Group is also an active residential land developer both here in WA and on the Gold Coast.
Ross took over as CEO in 2010 and was appointed Managing Director upon the death of his much-loved boss in 2018.
“Mr Perron was my mentor and it was a privilege to share daily his passion for business and follow his example of how life should be lived with his constant display of integrity, respect, humility and compassion,” Ross said.
But it wasn’t always plain sailing and it was during the hard times that Ross said that he learned some of the most important lessons.
“After the stellar growth of the 1980s, the 1991 recession saw property values plunge and the Group needing to restructure its finances to ensure it was better protected for the inevitable uncertainties of the future,” Ross said.
“It was a timely reminder to all of us that you always need to be prepared for the unexpected and that’s exactly what we have seen over the past two years with the COVID-19 pandemic.
“Never in Perron Group’s history was the possibility contemplated of a pandemic and lockdowns that prevented shoppers being allowed to enter our centres.
“No shoppers meant the level of rent arrears reached eye-watering numbers and reduced rents resulted in the largest property valuation write-off in our history.”
Fortunately, the Group under Ross’s leadership recently reported a record statutory profit after tax of $337 million for the last financial year – a result largely influenced by the beginnings of the recovery in the property sector and other diversified income streams, including from the automotive sector, iron ore royalties and a significant equities portfolio.
Of all his achievements, Ross points to the work done since Mr Perron’s passing to maintain the successful culture set by the company’s founder, which is an unwavering commitment to what is called The Perron Way.
“That is arguably the greatest asset we have as a business, and I believe the ultimate key to our success,” Ross said.