UK Law Commission calls for input on pooled fund voting laws

first_imgThe AMNT has long pushed for fund managers to vote shares as directed by pension schemes invested in pooled funds. Earlier this year it alleged that fund managers remained unwilling to accept client-directed voting in pooled arrangements on the basis of voting guidelines it developed in 2015. These so-called ‘Red Lines’ cover a range of environmental, social and corporate governance issues.The Law Commission was asked to conduct the scoping study by the Department for Business, Energy and Industrial Strategy.Stephen Lewis, commissioner for commercial and common law, said: “The system of intermediated securities has brought significant benefits such as making trading more efficient but, at the same time, investors are losing out on some of the benefits of share ownership, with a wider impact on the governance and stewardship of the companies they invest in.“We’re asking investors and businesses in the market to inform our work by letting us know where they think the system is working, and where it needs to be improved.”The intermediated securities model refers to the phenomenon whereby investors increasingly hold shares and bonds “through a system of computerised credit entries administered by financial institutions” – including, but not limited to, pooled funds – instead of through directly-held traditional paper certificates. This results in investors having an economic interest in the securities but not being considered as the securities’ legal owners. AMNT hopes Technology could be used to improve voting processes for pooled investment funds, according to the UK’s Law Commission.The commission – an independent body tasked with reviewing laws in England and Wales – cited split voting as a possible option, in the context of its first step towards delivering a study about the system of “intermediated securities”.In a call for evidence document published last month, the commission noted that, according to the Association of Member Nominated Trustees (AMNT), “the current manual process of voting is said by fund managers to be a barrier to allowing split voting on behalf of ultimate investors in pooled accounts”.“This appears to be a clear example of a situation in which technology could be used to improve efficiency and strengthen the rights of ultimate investors.” The AMNT has campaigned for some time to get asset managers to take pooled fund investors’ views into account when voting company sharesJanice Turner, co-chair of the AMNT, said the association was hopeful the study was “the first step in finding a way to address the current failure of asset managers of pooled funds to accept their clients’ voting policies even on a ‘comply or explain’ basis”. She said the intention to investigate how technology could play a role in overcoming this was encouraging. However, she added that “technological change will need to be accompanied by the will to make that change and that is something that AMNT perceives is currently lacking”.The Law Commission said it had not been asked to produce detailed recommendations for reform and that it would not be proposing or consulting on potential reforms as part of the project.However, its terms of reference require it to consider the costs and benefits of any potential solutions to the issues it has asked questions about.“The purpose of the scoping study is to inform public debate, develop a broad understanding of potential options for reform and develop a consensus about issues to be addressed in the future,” the commission said.Its study comes against the backdrop of the UK’s transposition of the revised EU Shareholder Rights Directive (SRD II). This has so far included changes unveiled in June to investment regulations for UK pension scheme trustees and the UK regulator, the Financial Conduct Authority, adopting new rules for asset managers.According to the Law Commission, the government was bringing forward plans to transpose “Chapter 1a” of SRD II, which considered similar issues as the scoping study, including the identification of shareholders, transmission of information, and facilitation of shareholder rights.The Law Commission’s work would be carried forward separately from the government’s immediate work on the transposition, it said.It also explained that SRD II defined “shareholders” in accordance with the law of the member state in which the company had its registered office, and that in the UK this meant the member on the register of members of a UK company, and not the ultimate investor.“We have been advised that the UK transposition will be carried out on this basis,” it said.last_img read more

​Mandate roundup: AP1 tenders for new global custodian

first_imgSweden’s AP1 has launched a tender process in search of a global custodian, to provide custody for all its pension fund assets – which totalled SEK352bn (€32.9bn) at the end of June.The fund, which is one of the country’s four main buffer funds backing the state pension, said in a notice on the EU’s procurement website TED, that the mandate is for five years, and not subject to renewal.The deadline for receipt of tenders or requests to participate is the end of 28 November.The contact listed for the tender is Stephen Merry, director of the advisory and analytics team at investor services firm Thomas Murray. AP1’s current global custodian is JP Morgan.Italy’s Fon.Te hires Payden & Rygel as bonds managerFon.Te, the pension scheme for Italian trade, tourism and service workers, has appointed Payden & Rygel Investment Management to manage a €230m global government bonds portfolio.“Fon.Te is one of the leading Italian pension funds and we are very pleased to have won this mandate following our participation in the public tender published earlier this year,” said Nicolo Piotti, managing director at Payden & Rygel.The mandate will be run by Payden & Rygel’s specialist global government strategies team, Piotti said.Arco, the Italian pension fund for workers employed in the wood, furniture, forestry, brick and concrete sectors, recently selected Payden & Rygel to manage a €140m balanced equity and fixed income mandate.last_img read more

​PKA and PenSam buy into UK electric trains PPP in €460m deal

first_imgDanish pension funds PKA and PenSam have invested DKK3.4bn (€460m) in UK rolling stock, buying the 30% stake in the public-private partnership (PPP) train operator Agility Trains East (ATE) from London-based listed developer John Laing.The deal was carried out on behalf of the pension funds by AIP Management – the Copenhagen-based direct infrastructure investment platform they partly own.As a result of the transaction, PKA and PenSam will own ATE alongside Japan’s Hitachi which holds the remaining 70% of the company, parties to the deal announced.Michael Nellemann Pedersen, PKA CIO, said: “We are proud to be able to invest in such a significant infrastructure project that not only makes public transport more efficient, but also helps to replace old and inefficient diesel trains with new, predominantly electric trains on one of the UK’s most important lines.” PKA said it accounted for 75% of the investment, with PenSam putting in the remaining 25%.ATE has a rolling stock fleet of 65 new “state-of-the-art” Hitachi Class 800/801 Intercity Express trains running on the East Coast Main Line in the UK, according to AIP Management.The fleet comprises both electric and bi-modal trains, the alternatives firm said, meaning it could operate on the electrified and non-electrified parts of the London-to-Scotland line.ATE forms the second phase of the Intercity Express Programme (IEP), a £5.7bn UK rolling stock PPP to manufacture and maintain new Intercity Express trains for the Great Western Main Line and East Coast Main Line, in partnership with the UK Department for Transport, to replace the UK’s ageing fleet of Intercity trains, AIP Management said.Claus Jørgensen, PenSam CIO, said he was very pleased with the strong collaboration between PenSam and PKA, which had ensured another solid investment in significant infrastructure.Meanwhile, the seller John Laing, said the price paid for the 30% stake represented a strong uplift on its £333m (€365m) valuation of the holding as at 30 June 2020.“We are delighted to have successfully completed the sale to AIP of this high-quality, availability-based asset at a strong uplift to book value,” said chief executive officer Ben Loomes.At AIP Management, managing partner Kasper Hansen said he was very excited to announce the firm’s first rolling stock transaction, which he said added further diversification to the portfolio.“This investment into ATE fits well with AIP’s investment strategy of generating long-term, stable returns for our investors while supporting the sustainable energy transition,” he said.Back in April, PKA and PenSam made another infrastructure investment together via AIP Management, putting DKK1.7bn into two solar energy plants in California and Texas.Separately, AIP Management was criticised by the Danish FSA earlier this week in the wake of inspections the supervisor had carried out, for certain failings over risks and valuation.Focusing on a particular offshore wind farm investment, the FSA said AIP Management had not sufficiently included all new significant market information into the valuation, resulting in a risk that the figure did not adequately reflect current market prices and risk premia.Noting another shortcoming, the watchdog also ordered AIP Management to identify the relevant risks to which the managed funds were or may be exposed, and to set risk limits for this.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Brookfield home sells for two and a half times the median

first_imgInside the palatial Brookfield residence.“It sold to an offshore buyer with family living locally, for them to use it as a family home,” Mr Jacobs said.The home sold for a staggering $2.8 million, 2.6 times the suburb median.According to CoreLogic data, the suburb median sale price for Brookfield is $1.06 million. The property at 43 Royston St, Brookfield, sold for $2.8 million.A PALATIAL acreage residence at Brookfield has sold to an international buyer for more than two and a half times the suburb median. The view of the 43 Royston St, Brookfield, property.The 43 Royston St six-bedroom property was on 1.16ha of land and had sweeping 270 degree views of Brisbane’s CBD and Mt Coot-tha.Ben Jacobs Real Estate principal Ben Jacobs said six offers were put on the property, with international interest from China and Central Pacific Republic of Kiribati.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agocenter_img The formal areas are fit for royalty.Mr Jacobs said now was the time for those who had been considering putting their high-end properties up for sale to take the plunge, with the result of this sale a great reflection of the market.“There is excellent confidence in the top end at the moment,” he said.“The activity is very good and it is an excellent time to be thinking of moving in the higher end at the moment.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:57Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:57 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter: How to sell in a changing market 00:58last_img read more

Buyers rush to buy riverfront property as prices float to the top

first_imgBrisbane riverfront property is in demand, according to agents.SOME of the state’s most prestigious waterfront estates have flooded the market for the first time in years, luring interest from interstate buyers keen to swap Sydney Harbour for the Brisbane River.Tens of millions of dollars worth of prime real estate is up for grabs as sellers who have held on to their ritzy riverside pads take advantage of an increase in demand and record sale prices.House prices in Brisbane’s flood prone suburbs are outperforming the rest of the city, with the 2011 disaster now a distant memory for many home hunters.Some of the state’s most prestigious waterfront estates have flooded the market.Data from property researcher, CoreLogic, reveals many of the suburbs affected by the Brisbane floods have achieved double digit house price growth in the past five years.New Farm achieved the biggest jump in house price growth in that period — climbing nearly 74 per cent compared to the Brisbane average of 20.9 per cent.House prices in Corinda have increased by nearly 52 per cent in the past five years, followed by Norman Park, with 46% growth, and Hawthorne, which is up 36 per cent.A riverfront mansion at 110 Virginia Ave, Hawthorne, fetched $11.128 million in July in the biggest home sale of 2018 so far in Brisbane.This property at 110 Virginia Ave, Hawthorne, sold for $11.128m in July this year.Adcock Prestige principal Jason Adcock, who is marketing more than 10 riverfront properties in Brisbane at the moment, said demand for riverfront homes was “incredibly high” and they held strong potential for further capital growth.“The prices we’re achieving for these properties at the moment are better now than what they were pre-floods and some of the prices being achieved are breaking records,” Mr Adcock said.“There are only 850 absolute riverfront properties in Brisbane and they’re not making anymore.“In fact, it’s a diminishing supply because they’re getting rid of some and building units and high rises, so I see some incredible capital growth in riverfront property over the next three to five years.”Property on the Brisbane River is in strong demand despite the 2011 floods.Mr Adcock said a quarter of his riverfront sales were to interstate buyers or expats.“They’re coming home to get that beautiful trophy home and put their kids through their remaining years of high school,” he said.“Some of these properties they’re buying sight unseen based purely on the video and engaging buyers agents to do it for them.”Mr Adcock said many riverfront property owners, who had been putting off selling over the past five to seven years, were now looking to list because of recent sales.“They’re confident they can get a great price and sell in a timely manner,” he said.Jane and Brian Riggall are selling their riverfront property at 27 Sutton St, Chelmer, after seven years.The four-bedroom, four-bathroom house is on two lots spanning 1750 sqm of absolute riverfront land.It comes with a championship tennis court, a cabana-style studio overlooking a pool and a 12m pontoon with private jetty.“It’s open, light and breezy with gorgeous views,” Mrs Riggall said.“We have no neighbours — just a serene, low-stress outlook of the Brisbane River.“And, it’s only 20 minutes from the CBD, so what’s not to like?”This property at 27 Sutton St, Chelmer, is for sale.Universal Buyers Agents director Darren Piper said there was a significant shift downwards in prices for homes in flood-prone suburbs in the aftermath of the 2011 floods, but that had turned around.“You would think that the perception among buyers would be to continue to see these areas as risky or negative, but anecdotally we’ve seen the complete opposite,” Mr Piper said.“Some of these areas, particularly around the western suburbs, are skyrocketing, seeing some of the best price growth in years.“Before the floods these areas were seeing record high prices, now is a great time to buy while prices are still on the rise.”Mr Piper said those areas would continue to be sought-after because of the benefits of riverside living.But he did warn buyers to weigh up the risks and do their homework to find out how insurance costs, potential maintenance costs and ongoing concerns could affect their investment long term.Some of Brisbane’s flood-prone suburbs have outperformed the rest of the city.10 OF THE BEST WATERFRONT HOUSES ON THE MARKET1. 27 Sutton St, Chelmer4 bedrooms, 4 bathrooms, 2 carsPrice guide: AuctionThis property at 27 Sutton St, Chelmer, is on the market.The view from the deck on the home at 27 Sutton St, Chelmer.2. 63 Longman Tce, Chelmer5 bedrooms, 3 bathrooms, 3 carsPrice guide: For saleThis property at 63 Longman Tce, Chelmer, is for sale.The view from the home at 63 Longman Tce, Chelmer.3. 165 Laurel Ave, Chelmer5 bedroom, 6 bathrooms, 4 carsPrice guide: For saleThis home at 165 Laurel Ave, Chelmer, is for sale.4. 11 Timaru Cl, Westlake4 bedrooms, 4 bathrooms, 3 carsPrice guide: Contact agentThis home at 11 Timaru Close, Westlake, is for sale.An aerial view of the property at 11 Timaru Close, Westlake.5.9 Joseph St, Sherwood4 bedrooms, 3 bathrooms, 2 carsPrice guide: AuctionThis home at 9 Joseph St, Sherwood, is for sale.This property at 9 Joseph St, Sherwood, is for sale.6. 11 Morley St, Chelmer4 bedrooms, 4 bathrooms, 2 carsPrice guide: AuctionThis property at 11 Morley St, Chelmer, is for sale.The view from the property at 11 Morley St, Chelmer.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago7. 31 Ivy St, Indooroopilly4 bedrooms, 3 bathrooms, 2 carsPrice guide: AuctionThis property at 31 Ivy St, Indooroopilly, is for sale.The lavish pool at the home at 31 Ivy St, Indooroopilly.8.51 Orleigh St, West End4 bedrooms, 3 bathrooms, 4 carsPrice guide: AuctionThis house at 51 Orleigh St, West End, is for sale.The view of the river from the home at 51 Orleigh St, West End.9. 22 Wynnum Rd, Norman Park3 bedrooms, 2 bathroomsPrice guide: AuctionThis property at 22 Wynnum Rd, Norman Park, is for sale.The view from inside the home at 22 Wynnum Rd, Norman Park.10. 29 Neulans Rd, Indooroopilly5 bedrooms, 3 bathrooms, 4 carsPrice guide: AuctionThe private pontoon at the property at 29 Neulans Rd, Indooroopilly.This property at 29 Neulans Rd, Indooroopilly, is for sale.(Source: realestate.com.au)10 OF THE BIGGEST WATERFRONT RESIDENTIAL SALES OF 2018 IN QLD1. 23 Webb Rd, Sunshine Beach $18m2. 46 Seaview Tce, Sunshine Beach $15.2m3. 9 Hedges Ave, Mermaid Beach $12m4. 110 Virginia Ave, Hawthorne $11.128m5. 33 Moray St, New Farm $11.3m6. 33 Maxwell St, New Farm $8.5m7. 17 Ningana St, Fig Tree Pocket $5.1m8. 127 Laurel Ave, Chelmer $5m9. 46 Knightsbridge Pde East, Paradise Point $5.4m10. 36 Seaview Tce, Sunshine Beach $5.2m(Source: realestate.com.au and CoreLogic)HOUSE PRICES IN 10 OF BRISBANE’S FLOOD PRONE SUBURBSSuburb Median house price %age growth in 5 years1. New Farm $1.695m 73.8%2. Corinda $795,000 51.7%3. Norman Park $975,000 46.1%4. Bulimba $1.29m 39.7%5. Fig Tree Pocket $1.2m 38.7%6. Hawthorne $1.18m 36.4%7. Yeronga $822,000 30.5%8. Indooroopilly $870,000 28.9%9. Auchenflower $1.07m 28.6%10. Fairfield $700,000 28.5%(Source: CoreLogic)last_img read more

Cooper Cronk tests the market

first_imgLoads of room for children.Cronk hasn’t had it all his way in Melbourne, having to adjust his rental expectations for his townhouse, with CoreLogic listings showing the initial rent of $850 a week was dropped to $825 a week by the time he left for his new life — and soon to be wife — in Sydney.Now over a year later, the former St Laurence’s star pupil is testing the waters again, trying his luck by listing the property at $850 a week rent.In the end he may have to rely on star power to get the big bucks he feels the property deserves — though it is just a seven minute bicycle ride to AAMI Park and apparently has “stunning city views”. Maroon’s legend Cooper Cronk is testing the rental market again. Cronk bought this the same year he won his first Daly M Medal.Perhaps that’s why he sold up in Brisbane first, flicking a four-bedroom house he’d bought for $477,000 over a decade ago.in Calamvale just a month before he announced he was joining the Sydney Roosters.Both he and wife Tara Rushton chose to hang on to their bachelor and bachelorette pads when they joined forces — later buying a $3.5m home in trendy Sydney suburb Mosman. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Yes that is a glass wall in the pool at Cronk and Rushton’s Mosman home. FOLLOW SOPHIE FOSTER ON TWITTER The Melbourne bachelor pad.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago Cooper Cronk at Sydney Roosters sponsorship announcement at Sydney Cricket Ground. Picture: Dylan RobinsonHe may be retired from Maroons and Kangaroos representation but Queenslander Cooper Cronk still knows a good thing when he sees it — and he’s about to put it to the test.It may be hard to understand why he chose to hang on to his bachelor pad when he made the decision to give up Melbourne for “family, getting married and a future”. (Or indeed why he chose to cut all ties with Brisbane and Queensland).The two-time Daly M Medal winner has chosen not to sell the Richmond townhouse he’s now owned for about 13 years, having paid $570,000 for it in 2006. Sydney Roosters halfback Cooper Cronk and his sports presenter wife Tara Rushton at the launch of new luxury birthing suites at North Shore Private Hospital. Picture: Sam Ruttyn.He’d been with the Storm just two years when he secured the property — getting the keys the same year he’d had such a blinder of a season that he walked away with a Daly M Medal.He may well be playing a longer game, given Melbourne’s unit market — much like Brisbane and Sydney — was recovering from saturation because of oversupply.As well the median unit price in Richmond has not moved as much as elsewhere, just 2.4 per cent according to CoreLogic, with the median asking rent at $480 a week and homes taking about 60 days to sell (median).last_img read more

Believe in your brand: AREC 2019 speaker and Ray White agent Malek Younan

first_imgAREC 2019He worked from 7am to 9pm every day, but learned a vital lesson.Mr Younan said it was simple — stay in touch with vendors, maintain relationships with buyers and sellers and remember that every buyer will become a seller, advise and coach buyers how to bid at auction, return calls, do what you say you will do and work hard.“This is a people business, not a real estate business,” he said. Market locks in historic rate cut First homebuyer interest spikes as interest rate cut looms Life lesson after bomb blast AREC 2019- Agent speakers — Malek Younan (Ray White). Pic: Supplied/McGrath.But he went against this advice to change his name, and it paid off. “I thought no, no one knows Malek. It may just stick in their head,” he said.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago MORE AREC 2019 NEWS: Todd Duncan’s tips to survive a tough property market Baby boomer ‘house party’ goes off in luxury Hamptons twin set Ditch the oxygen thieves So he structured his diary to ensure that he could get his name out in to the market. He did the dirty work, the jobs that the more seasoned agents were happy to hand over.Mr Younan is now a director of an award-winning top 15 office team in Victoria.“I just thought the more experience I got, they better I would get,” he said.“I learned how to talk people and I matured quickly.” Malek Younan, owner of Ray White Gladstone Park. He was recently named no. 1 real estate agent in Australia. Picture: Rob Leeson.MALEK Younan can still remember the day when his first boss told him to change his name to Mark.At 20 years old, he had deferred university and had started his journey in the property industry. MORE REAL ESTATE NEWS: ‘Spelling Manor’ discount aims to leave buyers Charmedlast_img read more

How to sell your home for more in Brisbane

first_imgPicture: THINKSTOCKIT’S one of the most basic rules of any type of selling, the more people who know about your product the better your chances of achieving a premium price.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoHaving a perfect home to list is all well and good, but your chances of selling for the highest possible price can be significantly reduced if nobody knows about it.New research reveals the key to selling your home for more is to reach the highest number of potential buyers and an effective way to achieve this is by using print and online marketing.Research from Ipsos MediaCT revealed that 42 per cent more visitors attend open homes and 28 per cent more visitors will visit the online if they have seen a property advertised in print.Using CoreLogic data, the research revealed that in Brisbane the average price of a house sold using both print and online advertising is $904,668 compared to $834,809 for a house sold using only online in the top 25% price bracket.Make sure you talk to your real estate agent about including your local newspaper in your property marketing campaign.last_img read more

Construction king creates ultimate Gold Coast smart home

first_imgThe house is fully automated with C-Bus lighting, media, security, multi-zoned audio and features preset profiles with most of it controlled through an iPad. The state-of-the-art technology has been deployed throughout the high-end home, with 11 televisions that include pre-wired Foxtel part of the package as well as eight HD security cameras and an intercom. The six-bedroom house at 144 Tallebudgera Drive has a Hamptons style. The renovation was completed with a no-expense-spared approach.Apart from the hi-tech inclusions, at every turn there are stylish features that are also very functional. From the six bedrooms which all offer water views, to the custom-made interiors and waterfront cabana — the house exudes style and luxury. The outdoor entertainment zone is a highlight of the property with an elevated cabana atop a boat shed, as well as a sitting area and heated pool and spa.Inside, the glamorous kitchen with a luxuriously large Carrara marble island bench, shaker cabinetry and wine fridges is just one of the standout areas. Construction king Theodore Vairaktaris completed the makeover. Mr Vairaktaris turned his one-man painting business into an $83 million company.The top-notch renovation was done at the hands of construction king Theodore Vairaktaris, who turned his one-man painting business Usher Group into an $83 million company. The property’s transformation coincided with the launch of boutique developer Taris Property Group, which will allow Mr Vairaktaris to build and renovate high-end homes. He spent months on-site overseeing the planning, co-ordinating, designing, budgeting and managing the build of the Palm Beach home to ensure it was both beautiful and functional. “Having spent almost two decades heavily invested in the construction and trades industry, I have gained an intimate knowledge of what is functional and experiential for buyers,” Mr Vairaktaris said. “In a world of infinite possibilities, property owners and investors want unique, habitable and thoughtful environments. My eye for detail and creative flair will set our projects (apart) from others.More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“It is one thing to build a house but another to create a dream.” The home is both beautiful and functional. It has a scheduled auction date of October 26.Mr Vairaktaris worked alongside interior designers at The Textile & Design Studio and stylists from The Bungalow Hometo execute the quintessential Hamptons style. One of Australia’s two certified Feng Shui masters was also on board with the project to ensure the property had good energy, according to the developer. “Our renovation of 144 Tallebudgera Drive was never going to be just another Gold Coast property,” he said.“It was always going to be a statement and we have achieved that by approaching it as a fresh canvas where art meets design.”The property is set to go under the hammer on October 26 through Michael Kollosche and Rob Lamb of Kollosche. A high-end renovation has transformed this Palm Beach property into the ultimate smart home.A FLAWLESS design, no-expense-spared approach and the latest in home automation were the fundamentals of this Palm Beach property’s makeover. The once dated waterfront house at 144 Tallebudgera Drive is now a luxurious Hamptons-style smart home. MORE NEWS: Title for priciest mega-mansion heats upMORE NEWS: Rent fitness queen Ashy Bines’ home last_img read more

Three vacant Gold Coast blocks going to auction as a package deal

first_imgThe vacant Sovereign Island blocks at 70, 72 and 74 Knightsbridge Pde East are being sold as a package deal.THREE neighbouring waterfront blocks that last sold a decade ago for more than $1 million a pop have hit the market as a triple treat.The vacant Sovereign Islands lots at 70, 72 and 74 Knightsbridge Pde East have a combined footprint of 2252sq m with 82m of water frontage and 180 degree views of the Broadwater.They are being sold as a package deal by Ali Mian of Ray White Sovereign Islands.Mr Mian said the owner was an overseas investor who was mostly based in the US so wanted to offload the properties. MORE NEWS: Avo dream to own a farm? MORE NEWS: Where it costs $3000 a week to rent They last sold separately more than a decade ago for more than $1 million each.“He’s a businessman and his plan was originally to build a beautiful family home,” he said.“Obviously there’s a bit of remorse (about selling), they’ve held those blocks for a long time.”He said it was a “very, very rare opportunity” to secure such a large parcel of land on the island.“It’s one of the last opportunities,” he said.“This is the only one remaining – I can’t think of any other triple blocks you can buy at the moment, especially on the Broadwater.”“It’s a prominent position (and) it’s at the end of a cul-de-sac so it doesn’t have traffic.”More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45 Mr Mian said the blocks had attracted a lot of attention after about a week on the market with several prospective buyers showing serious interest.“There’s one group looking from China, I’ve had one inquiry from Sydney and one local,” he said.Property records show all three blocks last sold in 2009, fetching a combined $4.32 million.The block at No. 70 fetched $1.3 million, No. 72 changed hands for $1.445 million and No 74 sold for $1.575 million.They will go to auction on February 15.last_img read more