To make it onto the NBR Rich List, your net worth needs to be at least $50 million. This year we have identified some rising stars who are likely candidates in future years.
It is hardly surprising that service stations occupy valuable real estate given their often strategic location at major intersections. And when it comes to the retail side of the business, Aucklanders Dipak and Sanjai Bagia are kings of the forecourt.
From a small start owning a single news agency, the Bagia brothers now manage a portfolio of 17 Caltex-branded service stations which employ more than 150 people. They're mostly in Auckland but also in Napier, Waipukurau and the Kapiti Coast.
They trade as the Petrochem Group.
Many of the sites are operated as joint ventures and the underlying real estate, which is owned by the Bagias and their business partners, is worth more than $50 million. By far the most valuable site is a commercial retail property covering 2.1ha in New Lynn, which is valued at $22m.
Educated at Australia’s Wollongong University, Dipak is the managing director of the business. Sanjai is the operations director responsible for innovations such as the introduction of the Goody loyalty card, which allows them to tap customer data and offer rewards for repeat business.