The chief executive of the UK’s Pension Protection Fund (PPF) has warned the industry not to expect a levy holiday despite the possibility of a surplus developing within the lifeboat scheme.Alan Rubenstein told delegates at the National Association of Pension Funds (NAPF) annual conference in Manchester that it was “far too soon to start declaring victory” despite the odds being in favour of the 106% funded PPF meeting its funding – and self-sufficiency – target.He said that while its modelling on occasion predicted it could be 140% or 150% funded in the mid-2020s, this did not necessarily translate to its reaching the 110% target in 2030.“You have to accept from this that we are not yet in that happy position where we’ve got to think about a surplus,” Rubenstein said. “We will, in any event, manage that surplus as we go. But, realistically, let’s be clear about it – the levy is here to stay. If anybody thinks there is a levy holiday coming, I’m sorry – not now.”Talking about the financial situation facing the UK defined benefit universe, he noted its health was slowly improving, which could – if sustained – eventually “feed through” to the levy payments.However, again addressing the potential of a surplus, Rubenstein said: “It is far too soon to start declaring victory and starting to dole out the surplus.”Rubenstein also outlined how the fund would be altering its investment strategy in future, decreasing its reliance on hedging – despite the approach in 2011-12 helping it return 25%.He explained that, at present, the PPF’s inflation and interest rate risks were hedged, while it also invested in growth assets – an approach he viewed as “quite sophisticated” by UK standards.“But we want to go a step beyond that,” he added, noting that the investment team hoped to shift to a model whereby the characteristics of assets would act as the hedge.“So, our explicit inflation and interest rate hedges would shrink, and we will use the characteristics of our assets – such as infrastructure, for example – to help us build that hedge,” he said.The PPF, one of the founding investors of the Pensions Infrastructure Platform, only had £33m (€39.5m) invested in infrastructure at the end of its 2011-12 financial year.The figure is expected to rise once the joint venture with the NAPF launches later this year, due to its £100m founding commitment.
In its latest update, presented to Parliament on Friday, the government said it expected the transition process to take up to 25 years and cost as much as €40bn in tax revenues.Klijnsma said an additional survey would establish whether the transition term could be shortened to 10 years.The government emphasised, however, that transition periods would vary for each individual pension fund.It said it would further explore two pension contracts with collective buffers – the ‘target contract’ based on risk-free interest rates, and individual pensions accrual with the accrual of financial buffers made dependent on investment returns. The Dutch government has announced that the current uniform cross-generational pension accrual system must be replaced with ‘degressive’ accrual – where younger employees accrue proportionately more pension rights than older workers – by 2020.In a long-awaited update on the government’s plans for a new, sustainable pensions system, Jetta Klijnsma, state secretary for social affairs, said participants would be compensated if they missed out on rights accrual during the transition.The Cabinet previously indicated that it wanted an alternative that would be fair for all generations and maintain support for younger workers in a collective pensions system.Under the current average premium – a fixed percentage of salary – younger workers pay proportionally more, as their contribution is to generate a bigger return over time.
“Although Royal Mail’s own consultation exercise revealed massive opposition to its closure plan, the company has decided to ignore the views of its workforce and proceed with closure without consent,” said Ray Ellis, acting deputy general secretary for postal workers at the CWU.He added: “CWU has made clear that any attempt by the company to impose change without agreement will be met with the strongest possible opposition including a ballot for industrial action. We will not stand by and watch the company abandon the pension promises it made at the time of privatisation which threatens our members with massive cuts to their future pension benefits and insecurity and poverty in retirement.”Brian Scott, officer for the Royal Mail at Unite the Union, said the closure was “a cause for serious concern for a hardworking and dedicated workforce”.He added that “the important part will be the replacement scheme which we are in ongoing discussions about… We will study the implications of today’s announcement very carefully and consider all the options going forward. If we don’t achieve a satisfactory outcome, we can’t rule out an industrial action ballot on this issue.”Royal Mail said it appreciated “how important pension benefits are to our colleagues” but maintained the scheme was not affordable in its current form.“We continue to work closely with our unions on a sustainable and affordable solution for the provision of future pension benefits,” the company said. “We will write to plan members once further decisions have been made.”The CWU has proposed a risk-sharing replacement scheme with a guaranteed payout and indexation linked to investment performance. The union has said the investment portfolio would be “aggressive” and equity-based, in contrast to the majority of UK DB schemes, which tend to be predominantly invested in fixed income. Royal Mail is to close its defined benefit (DB) pension scheme to future accrual on 31 March 2018.The £7.6bn (€8.9bn) Royal Mail Pension Plan is in surplus, but this was expected to run out next year, according to an update issued this morning by Royal Mail.Employer contributions are set to hit £1bn a year, compared to the current level of £400m, “if no changes are made”, the company said.However, workers’ unions have disputed the need to close and have threatened strike action, which would hit the UK’s postal service. In a statement issued this morning, the Communication Workers Union (CWU) said members of the scheme stood to lose more than £4,000 a year if they were switched to a defined contribution scheme.
A German pension scheme has issued three tenders, each worth €100m, through IPE Quest.According to search QN-2594, the institution is seeking to hire a fund manager to run an all-cap global emerging markets equity mandate. The benchmark and investment universe to be followed is the MSCI Emerging Markets.There is also an all-cap pan-European mandate (search QN-2595) that will follow the Stoxx Europe 600 as investment universe and benchmark.Another tender (search QN-2596) for all-cap US equity will use the Russell 3000 as investment universe and the S&P500 as benchmark. The pension fund is seeking to adopt a defensive equity approach, so all three mandates are to be managed through active low beta and high quality strategies, the notices said.Applicants should have a minimum track record of three years, and, when applying, they should state performance net of fees to 31 January. These requirements relate to all three mandates.The deadline for all three tenders is 2 March 5pm UK time. All three strategies are expected to be funded around summer 2020.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email email@example.com.
The UK government has introduced legislation that stands to provide legal certainty to companies about annual general meetings (AGMs) and shareholder communication in light of social distancing needs linked to the coronavirus, it has been said.Introduced in parliament yesterday, the bill consists of insolvency and corporate governance measures to address challenges faced by companies resulting from the impact of the coronavirus.One of the measures, which is temporary, is to allow businesses to hold closed AGMs and conduct business and communicate with members electronically; filing deadlines have also been extended. The bill provides for the temporary measures to be retrospective.Andrew Ninian, director of stewardship and corporate governance at the Investment Association, said: “AGMs provide a vital forum for shareholders to hold companies to account and for companies to get the required approvals from their shareholders. “This bill will provide legal certainty to companies that have held or are due to hold their AGMs allowing them to respect the social distancing measures currently in place.“We would continue to encourage all companies to consider how they can engage with their retail and institutional shareholders in lieu of the physical AGM,” he added.Simon Rawson, director of corporate engagement at responsible investment campaign group ShareAction, said the bill was helpful in that it clarified that companies could lawfully hold virtual AGMs even if their articles of association didn’t permit them, but “unhelpful in that it doesn’t discourage ‘closed door’ AGMs”.According to Gareth Sykes, lawyer at Herbert Smith Freehills, the legislation would allow companies to hold fully virtual AGMs via an app but also puts “on a firmer footing” the approach that most companies have been taking in the past couple of months of discharging the AGM business with the minimum number of shareholders required to make up the quorum.This can be only two or three directors, with the bill making clear that they could discharge the AGM business over the telephone or via Skype rather than having to meet at a physical venue.Sykes said the legislation made it very clear that shareholders do not have a right to attend the AGM in person and are only entitled to participate in voting.The article was updated to add comments from Gareth SykesMSCI makes more ESG metrics publicMSCI has made public more environmental, social and governance (ESG) information, having today announced it has done so for ESG fund ratings for 36,000 mutual funds and ETFs, and ESG metrics for all of MSCI Limited’s EU-regulated equity and blended indices covered by the EU Benchmark Regulation.The ratings and metrics are available as part of two new search tools available to anyone on the MSCI website.The index-level search tool was launched to comply with a new EU regulatory requirement for benchmark administrators, also providing information about whether the EU-regulated equity and blended indices include ESG metrics. It said it would disclose ESG metrics for its fixed income indices in the coming weeks.The index-level metrics being provided are based on recommendations in the final report of the technical expert group advising the European Commission on sustainable finance, as the relevant final regulations have not been implemented.In November MSCI released ESG ratings of over 2,800 issuers.Remy Briand, head of ESG at MSCI, said: “We are proud to provide investors and industry stakeholders with publicly available ESG metrics for tens of thousands of funds, companies and indexes, helping to drive awareness, educate the market and raise ESG disclosure standards.”Folksam pumps SEK2.5bn into municipal green bondsSweden’s Folksam invested SEK2.5bn (€237m) in a SEK5bn green bond issue from Swedish local government debt agency Kommuninvest, it has announced.The SEK442bn pensions and insurance group said that after buying the bond, which has three years to maturity, it now has a total of around SEK30bn of its assets invested in green bonds.Michael Kjeller, Folksam Group deputy chief executive officer and head of asset management and sustainability, said: “This investment contributes to pension money providing double benefits to savers, by allowing the local transition to continue while pension money grows.”The firm said Kommuninvest issued green bonds to finance schemes by Swedish municipalities that contributed to climate mitigation, adding that the tally of such green projects had increased significantly to number 329 at the end of last year.Folksam said it was dividing the investment across its subsidiaries, with municipal pensions subsidiary KPA Pension taking SEK1.2bn of the issue, the group’s life insurance arm investing SEK1.1bn and general insurance division Folksam Sak investing SEK200m.According to Kommuninvest, the green bond issue 1.6 times oversubscribed, with 15 investors participating.LAPFF lays down COVID-19 corporate governance expectationsThe UK’s Local Authority Pension Fund Forum (LAPFF) has said it will “demand the highest standards of corporate governance from company boards as they tackle the fallout from COVID-19”.Councillor Doug McMurdo, chair of the LAPFF, said: “Responsible investors always need to be sensitive to the varied and variable operating markets that companies inhabit.“However, this does not mean giving companies a free pass in hard times, which would be self-defeating. It is time now to double down to protect sustainable business practices and long-term shareholder returns in the downturn and lay the foundations for their growth in the recovery.”LAPFF is an association of 82 UK public sector pension funds and six asset pooling vehicles iwth combined assets of around £300bn.S&P Global launches ESG scoresS&P Global has followed up its acquisition of the SAM ESG ratings and benchmarking business units from RobecoSAM in January with the launch of proprietary ESG scores for more than 7,300 companies, representing 95% of market capitalisation.The scores are based on the SAM Corporate Sustainability Assessment (CSA), a widely recognised annual evaluation of companies’ sustainability practices that came with the acquisition of SAM earlier this year.The scores will be made available to investors through S&P Global’s flagship data feed management solution.Martina Cheung, president of S&P Global Market Intelligence, said: “We are seeing more and more decision-makers across all segments leverage the benefits of Xpressfeed to accelerate data integration and analysis for their business strategy.“The S&P Global ESG Scores are backed by 20 years of SAM’s comprehensive assessments enabling market participants to optimize their portfolios and allocate capital towards positive ESG performance.”“Simply asking companies questions without providing feedback and encouraging improvements would not be classified as an engagement”UBS Asset ManagementUBS engagement trackingUBS Asset Management has published a new metric to keep track of progress made during meetings with companies that meet its definition of engagement.Last year the asset manager introduced an “enhanced” internal tracking system to assess progress against defined engagement objectives, and in its recent stewardship report it disclosed the metric resulting from that for the first time.It said that since introducing the system, 23% of engagements it has undertaken “showed progress against identified areas for improvements to manage risks and take advantage of new opportunities”.“As this is a new metric and for some of our engagements formalised engagement objectives have only recently been introduced, we expect future reporting to record increased numbers in terms of engagement progress,” it said.The asset manager held more than 1,400 meetings with prospective or investee companies last year, but only counts a quarter (358) of them as amounting to engagements.“Corporate engagement implies a two-way dialogue between investors and companies,” it said. “Simply asking companies questions without providing feedback and encouraging improvements would not be classified as an engagement.”UBS asset revealed that from this AGM season, its proxy voting policy allows it to vote against the board of directors of a company due to poor dialogue and progress on climate change risks and opportunities.To read the digital edition of IPE’s latest magazine click here.
File photo.CONVEYANCING costs are about to become more expensive for those who decide to purchase a new home.Under new federal laws, buyers of new properties would now have to ensure that the GST owed (on the property purchased) by the developer of the project, was paid to the Australian Taxation Office.The Queensland Law Society has already alerted its members about the changes, which came into effect on July 1, and warns it means higher conveyancing costs for buyers.Real Estate Institute of Queensland CEO Antonia Mercorella was also concerned about the changes.She said once again the ATO was farming out or outsourcing its responsibilities for tax collection.“It’s the everyday person in the street who bears the brunt of this legislation, which is largely a measure targeting developers,’’ she said.“It adds a level of red tape to the property transaction and the buyers will be faced with additional conveyancing procedures, which, of course, means additional costs.’’Queensland Law Society Property Law committee Chair, Matt Raven, said the situation came about because the ATO was concerned it had been missing out on GST revenue it was owed by developers.“Some developers in the past have completed developments, settled the sales of all their apartments, disposed of all the money or paid it back to the bank and what have you, and then wound the company up without doing their final GST returns,’’ he said.“That is called phoenixing, the company disappears in a puff of smoke with all these debts owing.’’“So the gist of the new law is that now effectively the GST or an estimate of the GST has got to be collected and accounted to the ATO on settlement on each sale. So the way they have done that is they have put the obligation on the buyer to withhold a proportion of the purchase price.“So the buyer has to basically not pay that proportion to the seller at settlement and have to account to the ATO for it.’’Queensland Law Society president Ken Taylor is concerned it has added another step to conveyancing and said buyers would be the ones who had to pay for this extra work.Mr Taylor said the move was effectively making solicitors tax collectors.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Residential contracts will now have an additional step added to them in relation to the GST and Mr Taylor said solicitors acting for buyers would have to assess whether a client must withhold GST and make a payment to the ATO.The process also involved completing two online forms which had to be lodged with the ATO.These extra steps would add to the time it took to do property conveyancing and therefore there would be additional costs, Mr Taylor said.While the organisation made submissions on the legislation and raised concerns about it Mr Taylor said it had still proceeded.“It is disappointing that we have seen multiple additional administrative duties added to our profession over recent years by both the State and Federal Governments,’’ he said.The new legislation does not apply to existing properties.Ms Mercorella said the REIQ had received significant feedback from members that the changes had not been clearly explained by the ATO.“We have produced extensive materials on the issue to educate our membership, including video content, in-room sessions and written material. There has been minimal education rolled out by the ATO, and yet again industry gets left to do the educating. It’s not a real estate agent’s role to give tax advice and yet consumers often expect the agents to be experts on all matters relating to property sale,’’ she said.Ms Mercorella said this was another impost put on the industry.“This GST-withholding legislation follows similar legislative changes in the foreign-buyer space where the ATO has made the assumption that buyers of property valued at $750,000 or more are foreign and required to pay capital gains tax, unless they could produce a clearance certificate to attest otherwise,’’ she said.“With that particular legislation, the threshold started at $2 million and then made a significant leap to the $750,000 threshold which means it has gone from affecting a small group to almost affecting the majority of property transactions. Where will it end?’’
The floorplan of 26 Shakespeare St. The master bedroom at 26 Shakespeare St, Bulimba.The home hasn’t required much maintenance over the years, with tasks contained to replacing the flooring and painting. One of the bathrooms, has a soaker tub.Tending to the outdoors is also something that requires minimal time and effort.“(The home) is built on the boundary, which you can’t do anymore, but they’ve used every piece of land,” Mr Green said.“Other than some gardens, there’s only one piece of lawn to look after.”The three-level home has a mixture of polished timber floorboards, tiles and carpet throughout, and has all the extras from a butler’s pantry to intercom entry and an inground pool with a water feature. The home is open-plan and uses voids to create space.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 2020He said guests were always shocked at how spacious the house was.“It doesn’t look as big from the outside, but everyone is surprised by the amount of space inside.” Outdoors is a low maintenance yard and pool.Mr Green said the home would suit a family or a professional, but could also be suited to a single.“It suits a family with the different living areas, but I also heard comments that it looks like the ultimate bachelor pad.” The kitchen is sleek and modern.Mr Green said the home had wow factor from the moment the front door was opened.“It presents really well (and) when you walk into the front area there is a massive void, which is one of the things I liked about it,” Mr Green said.“I was attracted to the openness, the oversized lounge rooms, that there was a lot of glass and light, and that it was north facing.” The home at 26 Shakespeare St, Bulimba, has hit the market.BOTH low maintenance and luxury, this Bulimba home has everything for the busy family or professionalAfter a decade of living at 26 Shakespeare St, Daniel Green is relocating, and, giving someone else the opportunity to snatch up the property which is in the sought after Bulimba dress circle.
The kitchen at 79 Eleventh Ave, Kedron, is a showstopper. Inside is open-plan living.“The pool and outdoor living space is spectacular,” Ms Evans said.“There are so few of these properties in this district so (buyers) might be waiting another couple of years before they find another property of this calibre.” The home has parquet floors and french doors.“The interest so far has been a record for me in 16 years of real estate,” Mr Lazzarini said.“So far we’ve had over 210 inspections during a three week marketing campaign.”Mr Lazzarini said its high end inclusions and the fact it was “not a cookie cutter home” was what attracted such interest. REAL ESTATE: 79 Eleventh Ave, KedronMILLIONS of dollars worth of properties are expected to change hands in the lead up to what is tipped to be a stellar weekend of auctions.More than $20 million of properties is expected be sold tonight alone, at Place Bulimba’s All Star Auction, as 21 properties go under the hammer.Meanwhile, about 80 Ray White agents are gearing up for a mammoth Sunday, with 500 people expected to bid on about $33 million of property at a bumper auction event, held at Mercedes Benz Sunshine Coast from 9am. The property at 11 Henry St, Kalinga, as two houses on the one title.Offered for the first time in 20 years, it has two houses on the one title, and has a 25m frontage directly adjoining Kalinga Park.“It truly feels more like living on a massive country estate with more than 70 acres (28.3ha) of parkland, gumtrees and wildlife right on the doorstep,” Ray White New Farm agent Christine Rudolph said. The property at 11 Henry St, Kalinga, is set to go under the hammer.Ms Rudolph said the property had been popular, with close to 100 groups through at inspections over three weeks. The outdoor living space at 815 New Cleveland Rd, Gumdale.RE/MAX Results Deborah Evans said the indoor-outdoor flow of the property catered for a Queensland lifestyle, with an open-plan kitchen, living and dining area, inclusive of a wet bar, which opens out to a patio with a sauna, and the pool and spa beyond. It comes with a vintage train carriage which could be transformed into more living space.Tucked away in the lesser-known but easily accessible suburb of Gumdale, a modern lowset residence at 815 New Cleveland Rd will go under the hammer at 1pm. Inside 79 Eleventh Ave, Kedron.On Saturday, a bungalow at 79 Eleventh Ave, Kedron will go to auction at 10am.The single-story property has a tasteful amalgamation of French, Italian and Hampton’s style, with polished parquetry floors and white plantation shutters.Ray White Lutwyche agent David Lazzarini said the home garnered a record number of inspections during his career. There is a media room and library. The Queenslander 29 Ashton St, Wynnum, will go to auction at noon.At noon, the Queenslander at 29 Ashton St, Wynnum, which even has a vintage train carriage from 1912 in its backyard, will go to auction. If potential buyers are outbid at Eleventh Ave, just five minutes drive away will be the auction at 11 Henry St, Kalinga, which is set to kick off at 11am.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago The lowset home at 815 New Cleveland Rd, Gumdale, will go to auction at 1pm.The home is set on a flat 1.01ha block, which has low maintenance, landscaped gardens.With five bedrooms, a media room, library, granny flat and lockup parking for nine cars, not a thing was left out in the design of this home.
Ray White Group joint chairman Paul White and his partner Lynne Porcsin at the Ray White Stock Horse Sale in Dalby And Ruby, their red cattle dog.Property records show the couple bought the statement 1930s-style home for $3.025 million in 2014.It sits on an elevated, 926 sqm block and is packed full of traditional features and modern inclusions. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:27Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:27 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenWhy Spring 2019 is a good time to sell01:27One of Australia’s leading real estate heavyweights will put his own family home on the market today, and admits selling up does not get any easier with experience.Ray White Group joint chairman Paul White, a third generation leader of the property industry powerhouse, and his partner, Lynne Porcsin, are listing their 1930s style home Arlington at 129 Adelaide Street East at Clayfield. MORE NEWS: Why buyer demand is creating a sellers market Brisbane rents rising faster than other mainland capitals Its proximity to the city, good schools, amenities and public transport is expected to be popular with buyers, in particular local families looking to upgrade and interstate buyers transferring to Brisbane in the new year who are keen to secure a home in a sought-after school catchment.Mr White, who also has the title of Ray White Rural chairman, said it was still “a bit confronting” selling his own home, despite his many years in the industry.“I have sold a few of my own homes and it doesn’t get any easier,” he said. “But it does give you some perspective, some understanding of what vendors go through.” There is also a formal lounge with a gas marble fireplace, a designer kitchen with quality appliances and a butlers pantry, a formal dining room, a family room, library, a glass-framed pool and landscaped gardens, electric iron gates, a triple garage and a security system. More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoMr White said his favourite spaces were by the pool and on the front veranda, which has a northern aspect and breezes.When asked why they had chosen to list the property now, Mr White said he felt the time was right to attract buyers looking to secure a house for the new year.“The market is very good right now,” he said. “All of our agents are reporting quick clearance rates, but finding properties to sell is hard.“There are more buyers than sellers at the moment, and that is right across Brisbane.” The Ray White Group was established in Crows Nest in rural Queensland in 1902, and now has over 1000 franchises across 11 countries, many of those right here in Brisbane.The couple, who are downsizing, have entrusted Ray White Ascot principal Dwight Ferguson to sell their Clayfield residence.Mr White said the residence had been “beautifully done” when they bought it, but they have since added a few of their own touches. Low rates, strong rental yields boosting investor confidence in Qld They named it Arlington after a Darling Downs sheep station where Mr White worked as a young jackaroo.Features include timber flooring, leadlight windows, ornate ceilings and chandeliers. The single level house sits on a secure 926 sqm block and has four bedrooms including a master bedroom with northern outlooks, a walk-in robe, a stylish ensuite and its own private retreat. Mr White said Arlington would, like so many of the properties marketed by their Ray White offices, go to auction, with the property scheduled to go under the hammer on November 23. He said he, on advice from his agent, would embark on a “full auction campaign”, which will see the listing go live online today, and then feature in the Courier Mail Realestate guide from Saturday. It will also be pushed out across social media, rural and regional newspapers, property listing portals including realestate.com.au and other mediums. “It is no different to what we teach the next generation. Our philosophy has always been that you have to market a property as widely as possible,” he said. “Exposing it to as many potential buyers as possible is the key to getting the best price.“And auctions are the way to go, I believe. It gives everyone the opportunity to come in on an even and transparent playing field and at the end of the day, the highest bid wins.”
The Tamborine Mountain residence looks like a chalet.It is the kind of house that is more likely to be found in a children’s story book than the Gold Coast Hinterland.The Tamborine Mountain residence resembles a chalet, which are more common in the Alpine region of Europe or fairytales.Surrounded by gardens with panoramic views, it certainly has an enchanting appeal.Its owners are hoping it also appeals to serious house hunters, with the 0.85ha property on Macdonnell Rd due to go under the hammer on February 9. MORE NEWS: Penthouse hits market for the first time since it was built MORE NEWS: Unusual water feature will make you think twice before approaching The property also has fenced paddocks, a freshwater uncapped bore and 63,000L rainwater storage.Mr Van said the owners had decided to sell the property because it was too large for them to maintain as they were getting older.Property records show the residence has been on and off the market several times since 2005 but the most recent campaign kicked off in October.Mr Van said most of the prospective buyers who had showed interest in the house were considering it as a business venture.“It does have all the licences still for a restaurant or a bed and breakfast,” he said.The property will go under the hammer at Harcourts Scenic’s in-room auction event at The Island in Surfers Paradise. It was once a restaurant but now the owners’ family live in it. It was built more than two decades ago.Harcourts Scenic agent Tom Van, who is marketing the property with Eli Van, said the owners bought the land more than two decades ago and built the five-bedroom house.“Their ideas was to have a restaurant and live out of it,” he said.“They lived downstairs.”One of the owners was a chef so they ran the restaurant up until about a decade ago.The second floor was used for the restaurant where there is a kitchen, dining, lounge and family rooms as well as a wraparound veranda.There are four bedrooms upstairs while the ground floor offers a self-contained one-bedroom unit.Mr Van said there was a lot to love about the property but its style and views were highlights. “You don’t really come across a chalet much in Australia,” he said.“You can also see down to Sanctuary Cove and Brisbane.”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 It has a cosy interior. 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