Danish pension schemes defend use of Cayman Islands funds

first_imgPFA, Sampension and other Danish pension funds have defended themselves against reports that they have been avoiding tax by investing in funds domiciled in the Cayman Islands and other tax havens.A television documentary on Denmark’s national broadcaster DR on Tuesday and a report in national broadsheet Politiken today have both named Danish pension funds as having investments in tax havens.The reports follow the recent large-scale leak of tax-related documents – known as the “Paradise Papers” – implicating wealthy individuals and companies in tax avoidance practices.Politiken today reported that 16 out of 17 Danish pension companies it surveyed said they invested in a number of countries that are seen as tax havens. The paper singled out PFA, saying it had gone one step further and also set up its own fund in one such jurisdiction. PFA said it had set up the Midgard investment fund in 2009 but its choice of the Cayman Islands as the fund’s domicile had nothing to do with “aggressive tax speculation”.PFA said: “Tax was paid in relation to prevailing Danish and international legislation. The reason it was placed in the Cayman Islands at the time was that the fund was also intended for international investors, and the Cayman Islands had an investment set up that international investors can easily adapt to their business.”The Midgard fund had since moved to Luxembourg, it added.Lærernes Pension, the Danish pension fund for teachers, said it had money in a forestry fund registered in the Cayman Islands, but that investing pension money in this fund was not the same as investing it in a tax haven.“This is because we pay tax, both where the investment takes place and in Denmark,” it said. In relation to this investment fund, Lærernes Pension said it paid 19% in corporation tax in Indonesia as well as Danish pensions returns tax (PAL).“We think everyone – big and small – has to pay the taxes that the law requires, and if the law is too slack, politicians and international organisations should tackle this,” the fund said.Sampension said it also invested in the same fund, which backs sustainable forestry activity in three south-east Asian countries. It operates in conjunction with the Danish state investment fund IFU and several pension funds in Denmark and other countries, along with other investors.“The fund has been established [in] the Cayman Islands solely for practical reasons, to bring a range of investors together for investment in several different countries,” the pension fund said.Henrik Olejasz Larsen, CIO at Sampension, said the company did not participate in structures that aimed to avoid paying taxes in Denmark or the country where the economic activity took place.“As a pensions company, we gain no tax advantage from choosing to go with the state-owned development fund IFU and invest in funds in so-called tax havens,” he said.In response to the media reports, the Danish pensions and insurance association Forsikring & Pension (F&P) said that, since 2015, Denmark has had tax information sharing agreements in place with all jurisdictions that were previously deemed to be tax havens.Karsten Beltoft, deputy director at F&P, said: “Pension companies of course do everything they can to make sure they always pay the tax they should – both in Denmark and in the countries they invest in.“But realistically, no one can claim to have perfect knowledge about what ultimately happens regarding payments in third-party countries.”However, MP Pension’s chief executive Jens Munch Holst said his pension fund would use the media reporting as a prompt to take another look at its guidelines.“MP Pension does not approve of tax evasion, of course, however, our guidelines for responsible investments have not specifically focused on tax havens,” he said. “Politiken’s investigation has given us cause to revisit our guidelines.”Separately, in New Zealand, the managers of the country’s NZD36.4bn (€21.7bn) NZ Super Fund confirmed that it had previously used Appleby, the law firm at the centre of the Paradise Papers document release.The firm had been used to help with local Bermudan law advice in respect of certain investments, the Guardians of NZ Super said.However, the manager said it was confident there would be “no negative commercial implications” for the fund from the potential security breach of the Guardians’ documents.“The use of collective investment funds domiciled in locations such as Bermuda and the Cayman Islands is legal, common and widely considered best practice portfolio management,” the manager said.“The collective investment fund provides a tax-neutral jurisdiction to ensure its collective income does not pay a second layer of foreign tax in relation to income on which all applicable taxes have already been paid at source.”last_img read more

IPE Conference: How ABB’s digital strategy underpins its multi-national pensions

first_imgShe emphasised that this required a fine-tuned understanding of individual schemes’ liabilities and the specific local interest rate situation.INTEXTLINKTEXT; Elisabeth Bourqui, ABB; Vincent Mortier, Amundi; Liam Kennedy, IPE” src=”/Pictures/web/u/u/a/Highlights-IPE-29th-Nov—-Morning-0_660.jpg” />L-R: Onno Steenbeek, APG; Elisabeth Bourqui, ABB; Vincent Mortier, Amundi; Liam Kennedy, IPEABB’s head of pensions management indicated that the ALM studies helped to integrate the market cycle for equity into the long-term investment policy for the pension funds’ assets, which total approximately €9.5bn.Bourqui added that the ABB pension funds had invested heavily in real assets for its long-term investment policy. It total real estate allocation is approximately 12%.A vote among pensions funds and asset managers at the strategy forum showed that 14% did not have any investments in real assets, whereas 7% had invested more than 10% in the asset class.Vincent Mortier, deputy chief investment officer at Amundi, indicated that the asset manager assumed that returns on real estate and private equity would be 4% and almost 9%, respectively, in 10 years’ time.Also during the panel discussion Onno Steenbeek, director of strategic portfolio advice at the €460bn Dutch asset manager APG, explained that the fates of its pension fund clients – including the €403bn civil service scheme ABP – were intertwined, despite the individual schemes having different objectives. “We need to help them with that,” he said.Steenbeek said APG looked at a scheme’s pension target, costs, contribution rate, risks and sustainability as criteria for establishing a proper asset allocation.ABB’s Bourqui collected two awards at Tuesday’s ceremony in Prague: the country award for best pension fund in Switzerland, and the Gold award for Pension Fund Achievement of the Year.APG took home the Climate-Related Risk Management award. A “very strong” digital infrastructure helps Swiss-Swedish ABB Group knit together its multitude of different pension funds around the world, according to Elisabeth Bourqui, head of pensions management at the technology multi-national.Speaking at a pension fund strategy forum during IPE’s conference in Prague, Bourqui said that the digital system helped to bring together the combined liabilities of the company’s dozens of pension funds.The system was also useful for analysing the local situation for each fund, as well as for communication with the various schemes when generating a broader picture for the overall management, she explained.Bourqui said that ABB Pensions had entered into a partnership with Dutch pensions adviser Ortec Finance, which had carried out local asset-liability management (ALM) studies to establish unique local liabilities, taking into account, for example, individual schemes’ profiles and local regulation.last_img read more

Dutch schemes blame rising costs on performance fees, dealing costs

first_imgLCP found around half of the increase in costs was caused by higher performance fees, which rose by 32% to €2bn, while combined returns decreased to 5.7% in 2017 from 10.4% in 2016.Koopmans said lower returns do not necessarily mean lower fee ”as for a performance fee, the achieved returns only need to be better than the agreed benchmark”.Transaction costs climbed by €331m to €1.3bn, he said, amounting to 0.1% of total assets, pointing out that several pension funds indicated they had only last year started disclosing transaction costs in accordance with rules set by the Pensions Federation.According to LCP, higher asset management and transaction costs accounted for €819m of the total rise in costs last year of €968m, with changes in the asset mix as well as higher levels of assets under management behind the remaining €149m.Large pension funds in particular incurred higher costs last year, although more than 60% reported an average 8bps fall in costs.Meanwhile, the combined costs of pensions administration dropped 0.9% to €990m last year.Costs per active participant or pensioner fell from €115 to €111 per participant – a decrease of 3.3%.As in 2016, the cost of pension provision varied widely between the funds, with 55% posting increases of 12% on average and 45% reporting an average 8% fall.LCP noted that industry-wide schemes – which tend to be large – incurred much lower than average costs at €91 per participant on average. Company schemes and professional pension funds, on the other hand, reported average costs per participant of €258 and €422 respectively.Asset management costs and administration costs at general pension funds (APFs) were largely similar to costs at company pension funds.LCP said the 2017 survey was the first opportunity to compare eight of the 16 compartments at five APFs, as these had still been company schemes in 2016. Dutch pension funds saw their combined asset management and transaction costs rise by 14.7% to €7.6bn in absolute terms last year, on the back of increased performance fees and previously hidden dealing costs, according to LCP Netherlands.In a year that saw the schemes’ total assets under management grow 8% to €1.31trn, the average cost level rose by 6.2%, or from 54bps to 58bps, the consultancy’s survey of 222 annual reports reveals.This compares with a rise in costs of just 1% in 2016.Jeroen Koopmans, partner at LCP and author of the survey, said he was surprised by the scale of last year’s increase, even though asset managers often charge more if assets under management rise.last_img read more

BlackRock cites auto-enrolment, UK’s NEST as model for French reform

first_imgBlackRock has pointed to the UK multi-employer pension scheme NEST as an example of a vehicle France could consider setting up to encourage employer take-up of a new type of pension scheme introduced by legislation. In a comprehensive note on the “Pacte” law, a group of BlackRock senior staff also suggested that authorities consider eventually imposing auto-enrolment, making it obligatory for employers to offer a pensions saving scheme to employees – or, in the case of the self-employed, to sign up to a scheme once certain revenue conditions were met.In return for imposing such an obligation, BlackRock said, the French government could consider setting up a national structure like the UK’s National Employment Savings Trust – better known as NEST – to encourage employers to offer the new pension plan introduced by the Pacte law and close any gaps in private sector pensions coverage.NEST was set up by the UK government in 2011 to help implement its auto-enrolment policy, and today the £4.5bn (€5.1bn) defined contribution master trust has more than 8m members across thousands of employers. The BlackRock authors said NEST gave smaller entities access to a mutualised multi-employer plan that was competitive compared with vehicles offered by private players.Another measure recommended by BlackRock was the creation of a “dashboard” to display individuals’ pension entitlements across the three pension pillars once reform of the country’s public pension system was complete.Loi Pacte and wider reformsIn France, the first and second pension pillars refer to the pay-as-you-go public pension system, which includes a social security entitlement (first pillar) and complementary pension provision linked to professional status (second pillar). The two elements are the focus of a major reform being prepared by high commissioner Jean-Paul Delevoye, who is due to publish a report setting out his ideas this year.The third pillar refers to funded pension vehicles that individuals or employers can subscribe to voluntarily, and is addressed by the Pacte law. Passed by the French parliament in April, it aims to catalyse domestic economic growth by developing equity financing. Outside the public pension system, the French mainly save for retirement using life assurance products – invested mostly in fixed income assets – and bank savings accounts such as the “Livret A”, with workplace pension schemes such as the PERCO seeing less take-up. The pensions reform element of the Pacte law centres on the introduction of a standardised pensions saving product called Plan Epargne Retraite (PER), with features aiming to make workplace or individual pensions saving more attractive. The PER market will be open to asset managers.Regulations setting out the detailed implementation measures for the PER could be published later this summer, according to French media reports.last_img read more

Dutch doctors’ scheme ditches commodities following review

first_imgCredit: Darko Stojanovic The Dutch doctors’ pension scheme has cut its allocations to Chinese equities and commodities“The divestment of the last and most complicated investments came with calculated losses, which we deemed acceptable relative to the profits generated by the initial allocation,” the scheme told IPE.The pension fund said it had now fully committed an €80m allocation to investments in care home properties as an impact investment, adding that the 10 assets it already owned had generated a result of 5.4%.The scheme has a hedge fund allocation of almost €5m. SPH has been divesting this position since 2016.The occupational pension fund posted an overall investment loss of 0.9%.Future plansLast year, SPH introduced a new framework for balance sheet management, focusing on its risk budget. An important part of the new setup was a funding level-based matrix for strategic asset allocation, which would direct its investment policy towards an increasingly defensive asset mix and interest rate hedge as the scheme’s funding level improved.At year-end, its interest rate hedge position stood at 69%. It said the cover had contributed 2.6 percentage points to its overall return. In contrast, it lost 1.6 percentage points as a result of its currency hedge.The board also said it had started evaluating its current arrangements in order to improve the sustainability of its pension plan. The outcome would be used as input towards a new administration system to be introduced in 2022, the board said, when its current provider provider PGGM aimed to replace its current system.Dutch pensions publication Pensioen Pro, citing SPH, reported that the reorientation could also lead to the pension fund taking its administration in-house, or co-operating with another self-administrating scheme.The occupational pension fund granted its participants additional pension rights of 3.1%, based on its coverage ratio of 138.6% at the end of 2018. However, it said the indexation bonus was still short of its target of 2.25% plus wage inflation, which amounted to 4.2% in total.Last year, SPH replaced PGGM with BlackRock as manager of its interest rate-matching mandate of government bonds and interest swaps. It said the change followed the appointment of Achmea Investment Management as “co-ordinating” manager.SPH reported administration costs of €598 per participant. It spent 28bps and 6bps on asset management and transactions, respectively.The GP scheme has 11,670 active participants, 1,288 deferred members and 7,095 pensioners. SPH, the €11bn Dutch occupational scheme for general practitioners, has divested its 4% allocation to commodities following an investment review.In its annual report for 2018, the scheme said it had concluded that commodities offered “limited value” to the scheme and that access to the risk premium was getting increasingly complicated.“As the market is getting smarter, it is necessary to keep on developing a clever strategy,” it said. “We have estimated that the risk premium of simply keeping a commodities allocation had become insufficient.”The pension fund reported a 15.2% loss on commodities for 2018, but this still represented a slight outperformance relative to its benchmark. SPH also cut its Chinese equity holidngs last year, preferring instead to focus on broader benchmarks and equity mandates.In its annual report, it said that it had lost 10.5% on emerging market equities, attributing the result in part to the performance of Chinese equity.The doctors’ scheme made a 22.4% loss on private equity in 2018, in the last phase of a gradual divestment of the asset class that began in 2011.last_img read more

People moves: European actuarial body hires new CEO from UK’s FRC [updated]

first_imgUWV – Toine van der Stee is the new chairman of the board of the €7.9bn pension fund for Dutch employment and benefits agency UWV, succeeding Frank van Galen , who has retired. Van der Stee has been the chief executive of fiduciary manager Blue Sky Group since 2005. Smart Pension –  Ruston Smith has been appointed chair of the board of directors of the UK defined contribution master trust provider Smart Pension, replacing former Virgin CEO Stephen Murphy , who has stepped down. Smith is also chair of the firm’s international advisory board and has been a non-executive director at the provider since September 2018. He is the former chairman of the UK’s pension fund trade body and former Tesco group pensions director. Smart Pension said Smith’s appointment came as the company “extends its reach in the UK as a broader DC pension provider and moves into new global territories with its platform technology arm”.Smith said: “This is an exciting time to be leading the Smart Board with the two strategic directions the company is moving in”. NIO Fondsmæglerselskab – Bjarne Graven Larsen , former CIO of both Canada’s Ontario Teachers’ Pension Plan and Danish pension fund ATP, has taken on a new role at the alternatives-focused Danish investment fund company NIO Fondsmæglerselskab. He has become deputy chair of the firm’s board of directors and chair of its investment committee. Last year, Graven Larsen launched his new firm Qblue Capital , which is to offer a multi-strategy risk premia investment fund.Bank J. Safra Sarasin – Sasja Beslik has left Nordea Asset Management to take up the position of head of sustainable finance development at the Swiss private bank. He had been at Nordea since 2009, and had been head of group sustainable finance since 2017.Bank J. Safra Sarasin described him as an “internationally renowed ESG financial expert”, highlighting accolades such as his 2013 award from the king of Sweden for outstanding contributions to Swedish environmental and sustainability theory.B&CE  – Jane Dunlop has joined the provider of multi-employer defined contribution scheme The People’s Pension as general counsel, and a member of the executive team. Previous roles include director of legal (life) for Aviva UK Insurance and head of legal for Friends Life UK.Clara Pensions – Ashley Smith has been appointed general counsel at the defined benefit pension scheme consolidator. He joins from law firm CMS , having previously worked at Addleshaw Goddard and Clifford Chance. Clara Pensions said his addition to the team “reflects a growing pipeline of potential transactions as Clara works toward approval”.Swedish ministry of health and social affairs – Annika Strandhäll , the Swedish minister for social security since October 2014, has resigned her post following a period of absence in the wake of the sudden death of her partner.In a post of Facebook, Strandhäll said: “The background is that right now I need to focus on creating peace and security in everyday life for my children and for the whole family.” However, she said she would not leave politics, which was “part of what makes me who I am”.On Tuesday Swedish prime minister Stefan Löfven announced she was being replaced by Ardalan Shekarabi , who is moving into the role from his previous job as minister for public administration. In turn, Lena Micko has been appointed as the new minister for public administration.Janus Henderson Investors – The €287bn global active aset manager has hired Norbert Fullerton from MJ Hudson Allenbridge as head of institutional client strategy for the Europe, Middle East and Africa region (EMEA). Janus Henderson said Fullerton would be fulfilling a new role, “enhancing the way we engage with our institutional clients in EMA by leading our thought leadership, investment solutions and strategic initiatives for our institutional clients”.At MJ Allenbridge Fullerton was a senior adviser. Previous roles include partner at Mercer, director of pension solutions at Russell Investments, and senior investment strategist and scheme actuary at then Towers Watson.Invesco – Stephanie Butcher , European equity fund manager, has been named as the successor to Nick Mustoe , who has decided to step down after 10 years as chief investment officer, the €777bn asset manager announced this week.Butcher is to work alongside Mustoe for a three-month transition period and assume the role of CIO from 1 January 2020.Doug Sharp, senior managing director and head of EMEA, said: “I am delighted to announce Stephanie’s appointment to CIO. She is an investor of the highest calibre, combining strong leadership and investment skills, with an exceptional understanding of our clients’ needs, built up over her 17 years with Invesco.” BNP Paribas Asset Management – David Vaillant is switching roles within the BNP Paribas group, taking on the role of global head of finance, strategy and participations at the asset manager after having been head of banking for EMEA in the investment bank’s financial institutions coverage division.At the asset manager he succeeds Pascal Biville , head of strategy and finance and head of affiliate network, who the company said had left to pursue other opportunities.UK Sustainable Investment and Finance Association (UK SIF) – Michael Meehan , the former CEO of the Global Reporting Initiative , has been appointed the new chair of the sustainable finance membership organisation. He replaces Lesley Alexander , who steps down after five years as chair of UKSIF.According to UK SIF, Meehan has been a chief executive and board member in sustainability for almost 20 years and has worked with organisations and governments around the world including the World Economic Forum, California State Senate, the White House, and the United Nations. He sits on the boards of impact organisations such as London-based Natural Capital Coalition and TCR Innovations.  Swedbank Robur — Catrin Jansson has been appointed as portfolio manager equity at Swedbank Robur, and began work in the new role at the Swedish bank’s mutual funds subsidiary on 1 October. Jansson previously worked at Swedish fund management firm Enter Fonder, where she was also equity portfolio manager. At Swedbank Robur, she is taking over management responsibility from Carl-Fredrik Lorenius , who remains at the firm as portfolio manager.Mediolanum International Funds – The Irish asset management division of Italian banking group Mediolanum has hired Damian Barry as head of multi-asset multi-management, a newly created role. He joins from Seven Investment Management, and has also worked at Threadneedle and Russell Investments. Smart Pension, UWV, AAE, NIO Fondsmæglerselskab, Bank J. Safra Sarasin, B&CE, Clara Pensions, Swedish social security minister, Janus Henderson Investors, Invesco, BNP Paribas Asset Management, UK SIF, Swedbank Robur, Mediolanum International Funds Actuarial Association of Europe (AAE) – Cecilia Thorn has replaced Ad Kok as chief executive of the European actuarial association. According to an announcement from the AAE, she has 16 years of experience in international and EU public affairs/policy, with her last position being head of international relations for the UK’s Financial Reporting Council .Kok was chief executive of the association for five years until his retirement at the beginning of August. The AAE said it was grateful to him “for the way he fulfilled this position and thereby contributed to the further professionalisation of the association”.Esko Kivisaari, chairperson of the AAE, said: “I am delighted that Cecilia has accepted the position of chief executive of the AAE. I look forward to continuing to build a strong and effective partnership between the executive and the AAE leadership that Cecilia draws on her experience to help deliver our strategy.”last_img read more

New ‘informal’ sustainable finance group formed, comments on NFRD

first_imgThe industry groups for European asset managers and German banks, Schroders, ShareAction, AccountancyEurope, the WWF and four other entities have formed an informal group on sustainable finance, with their first output being a joint statement about the review of the Non-Financial Reporting Directive (NFRD).The statement is also supported by BNP Paribas Asset Management and Candriam, although they are not part of the coalition itself.Besides Efama, the Association of German Banks and other aforementioned organisations, this new group comprises: the Association of Chartered Certified Accountants (ACCA), a professional body; the Climate Disclosure Standards Board, a reporting framework-setting consortium; Frank Bold, a “purpose-driven law firm”; and the Institutional Investors Group on Climate Change.In a press release, the group was described as “a group of stakeholders with different backgrounds, but a common interest in sustainable finance”. “The group is used as platform for collaboration and coordination and can serve in the future as a useful forum for further interactions with the EU institutions,” it said. According to a spokesperson for the group, the coalition had its genesis in discussions between the organisations about their interests in relation to sustainable finance, and in particular the possibility of joining the European Parliament (EP) “intergroup” on ‘Sustainable, long-term investments & competitive European industry’.“As part of this, participants recognised that such a unique forum for collaboration can be very constructive and powerful,” said the spokesperson.“The number of stakeholders being interested in sustainable finance are numerous. The group as it stands brings in a number of interesting backgrounds and comprehensive feedback but there is always the opportunity to add more.”To be clear, this new informal sustainable finance group is not that EP intergroup.NFRD needs ‘leap forward’For now, the new informal sustainable finance-focussed coalition has gone public in relation to the NFRD, which the European Commission is planning to revise and on which it ran a consultation until 11 June.In its press release, the new informal group said its members believed the NFRD “should make a leap forward in improving the quality, comparability, and consistency of environmental, social and governance information”.This was against a backdrop of the EU, and the world economy, “facing one of the biggest challenges of our time in designing the means and tools to foster a green economic recovery”.“It is more important than ever for both the private and the public sector to work together on policy priorities governments should take in reaction to this crisis.”The group identified seven “matters” as being “instrumental” for the upcoming revision of the NFRD, including:Expanding the scope of NFRD reporting beyond large listed companies;Strengthening reporting on social and governance aspects;Developing minimum mandatory reporting requirements;Building on existing reporting initiatives to achieve comprehensive non-financial reporting; andEnsuring legislative consistency and avoiding duplication of reporting legislation.Hosted on AccountancyEurope’s website, the group’s full statement about the revision of the NFRD can be found here.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Traditional Queenslanders bookend super-sized auction

first_imgSurprises inside this recently renovated Queenslander.Tucked away in a quiet cul-de-sac this traditional home has been renovated to an eye-catching contemporary style. Belle Property agent Deborah Sutton said the home’s recent renovations are a standout. “The owners have completely renovated the property,” Ms Sutton said.“It has been raised and built it underneath for extra space with original VJ timbers sourced.“The renovation is sympathetic to the original style with sleek finishes to the kitchen and bathrooms.” Rooms with million dollar views.Designed as the dream home for a Brisbane entrepreneurial couple, it sits at the high point of Balmoral hill and Place Bulimba agent Sarah Hackett describes the home as one in a million. “The home boasts sweeping views with full river and city views from the front and river to gateway views from the back of the property,” she said.The property is located around the corner from Bulimba’s Oxford Street boasting the best of Brisbane shops and eateries. Ms Hackett said that there is a sweeping view from every room. Multiple level living.Around the corner at 1pm, 41 Dickens Street, Norman Park, will also go under the hammer. Stunning city and river views from 15 Wentworth Pde, BalmoralKicking things off for an early 9am start will be a charming Queenslander at 19a Clegg Parade, Newmarket. Bathroom with monochromatic styling of a high standard.“It would suit a growing family,” Mr Price said.There is an open-plan design to the upstairs areas with the large lounge, kitchen and dining areas all interconnected. Open-plan design connects upstairs living areas.An added feature is a gourmet kitchen which would satisfy a discerning chef. Bar and Kitchen with more views.The home has enjoyed interest from empty nesters’ to large families. “The home’s layout is that it could adapt to any size family,” Ms Hackett said. “You could live on one or all levels.” The home will go to auction at 10am on Saturday. VJs and fretwork add to the home’s charm.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“There is absolutely no work to be done on the property.”The home will go to auction on Saturday, at 9am. Kitchen in keeping with traditional style.The home is perched above the tree canopy and the back deck hosts sweeping views across to Mt Coot-tha.center_img Another million dollar view from the comfort of the lounge room.“With a large bar and centrally located kitchen there’s no need to go out,” she said.“And with mild Brisbane’s winter weather the entertaining areas are perfect for indoor and outdoor living.” Sophisticated bathroom styling combines with traditional louvres.“It would be suited to young professionals or a family as it is located in the Wilston State School catchment area with access to the Newmarket Shopping Precinct.” ’Wandana’ a majestic residence at Balmoral.At 10am it’s a quick trip across the Story Bridge to 15 Wentworth Parade, Balmoral, where the majestic ‘Wandana’ is set to go under the hammer. Renovated Queenslander in poet’s corner.This three bedroom, two bathroom Queenslander is in the sought-after poets’ corner of inner Brisbane. The property was recently renovated and with monochromatic styling, which is crisp and clean. Ray White Each Brisbane agent Garry Price believes it’s a perfect family home. “There is nothing to do, just move right in and enjoy.” Bedrooms are all upstairs and with an additional downstairs living area. The home at 15 Wentworth Parade, Balmoral, will go to auction this weekend.Whether you’re on a beer or champagne budget, this weekend’s buyer will be spoiled for choice. Two meticulously restored and styled Queenslanders bookend this Saturday’s showstopper — the architecturally designed ‘Wandana’ at Balmoral. Enjoy sweeping views across to Mt Coot-tha.Ms Sutton said the home would be suited to families due to it’s location and is turnkey. Styled and functional gourmet kitchen.The home will go to auction on August 4, at 1pm.last_img read more

All doors lead to the outdoors in this resort-style home

first_imgThe main living area is connected to the bedrooms via the verandaIt is a clever design feature that also gives the main bathroom direct access to the outdoor entertaining area. There is an openness to 8 Ninth Ave, Sandgate which allows you to play with how you lay out the main rooms. <<>> SEE WHAT ELSE IS FOR SALE IN SANDGATE THIS WEEK It’s the house that wraps around the pool area.“They’re in Bali now on a holiday,” Ms Brown said.“Mum and dad built the house and it’s the same design as my uncle and aunt’s house in Bali but smaller.” A hedge of bamboo provides the backdrop for authentic resort-style living.IT’S THE resort-style feel of this Sandgate home that Kayla Brown will miss most when her parents sell. The main bathroom is accessed from the second and third bedroom and the veranda.The house has two bedrooms with walk-in-wardrobes and ensuites while the two secondary bedrooms both have direct access to the main bathroom. “We don’t need airconditioning because it has the breezes and the ceiling fans,” she said.“Everything is open.”Paula and Rick Mulley bought the property seven years ago and removed the existing house to build their little piece of Bali.center_img More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoThe floorplan of 8 Ninth Avenue, Sandgate.The house is built around the pool in a u-shape with all rooms having direct access to the outdoor area and pool. The main bedroom with walk-in-wardrobe and ensuite.To get to the main living area of the house from the bedrooms, you need to use the covered outdoor entertaining area. Opening the bi-fold doors allows the living areas to be part of the outdoors.For Ms Brown, this means setting up the TV in the lounge in such a way that you can watch it while you float in the pool.“I’ve moved in and out of the house a bit, and when I’m here I feel like I’m on holidays, like it’s a resort. I get to choose my room,’’ she said. The pool is the centre ‘room’ for this house with all rooms having direct access. LET’S HELP KAYLA BROWN FIND 25 ACRES FOR HER HORSES. From the front this house is grounded in simplicity with clean lines.While her parents sell the house to travel, Ms Brown is moving to Griffin but her dream is to live on acreage with her three horses, Rex, Lexi and Reeds.“If I could move this house to 25 acres of land, I would. I love the style of it.”last_img read more

No expense spared in Wishart family home

first_imgThe family room and covered alfresco area.“My children’s favourite things about our house are their oversized bedrooms, larger living and entertaining areas and our pool,” Mrs Di Bella said. MORE REAL ESTATE STORIES >>>FOLLOW DEBRA BELA ON TWITTER<<< Brisbane house price hits new high The kitchen with breakfast bar and casual meals area.An international marketing campaign that targeted Chinese newspapers as well as overseas portals, drew four Chinese and two Australian bidders and a crowd of 60 to the 756sq m property south-east of Brisbane.Bidding started at $850,000 and the auction had two breaks for negotiations before selling to friends of the vendors, who had previously rented next door.“They loved the area and wanted to get back into the neighbourhood,” LJ Hooker Sunnybank Hills agent Kosma Comino said. The Di Bella family had lived in the double brick, six-bedroom house for 15 years.“We wanted to build a well-structured, easy to maintain, practical, stylish family home where we could raise our two young girls,” Mr Di Bella said. This house at 15 Kentwell Place, Wishart sold at auction for $1.22m on Saturday.A 16-month labour of love to build 15 Kentwell Place at Wishart has paid off with the expansive family home selling at auction on Saturday for $1.22 million.Angela and Sabastian Di Bella were working full time while building their two level home with Mrs Di Bella’s father, Charlie, supervising the entire build. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020 Free pontoons on offer The pool has a wading area for younger children.“I love my granite bench top, the wrought iron staircase, and my Juliet balcony.”Mr Comino said it was the first auction in a while where all six registered bidders were actively bidding during the auction.“There’s talk that the market is quite tough, but this was a good result, and we had a lot of interest in the property.”last_img read more