The changes aim to address the current situation that grants pensioners absolute priority over benefit payments to active and deferred members. The new rules will ensure a more equal distribution of assets by increasing the future pension entitlements for the latter two cohorts, the department said.The changes will see priority order upon wind-up or in a single insolvency altered so that pensions in payment are no longer guaranteed. Under the new rules, pensions up to a maximum of €12,000 will not be reduced.Where both the scheme and the sponsor company are insolvent, the government will guarantee the value of existing pensions to a level of 50%, with 100% protection for pensions of €12,000 or less.However, all scheme members will be expected to contribute to bring the benefit level of all members up to 50%. If the pension scheme still has insufficient funds to cover this obligation, the state will fund the shortfall from the current 0.6% pensions levy, increasing to 0.75% in 2014.The Irish government said it believed that every 1% redistributed from pensions in payment could result in a 2% or more increase for future pension entitlements for current and former employees in the scheme, depending on the number of pensioners and rate of pension in payment.Burton said: “The state could not be expected to solve employers’ funding problems given the financial implications for taxpayers.“However, the state can intervene to ensure a fairer deal for workers and sufficient protection for pensioners while allowing employers to get to grips with their pension problems.”She also emphasised that the state pension is unaffected by the changes. The number of schemes affected is expected to be fairly limited.Historic double insolvencies will not be covered by the rules, but rather by the European Commission’s Insolvency Directive. However, the government said it may use funds from the pensions levy to explore options to resolve historic double insolvencies which failed to protect 49% of workers’ entitlements, as stipulated by the Directive.Maeve McElwee, head of industrial relations and human resources, IBEC, the group representing Irish business, said: “The proposed change will ensure that the assets of insolvent schemes are distributed more fairly.“The current rules are desperately unfair,” she added. “If a scheme collapses, a person one day short of retirement can have their entire pension wiped out, while a person who has just retired retains 100% of their benefits.”Michael Madden, partner and senior retirement consultant, Mercer in Dublin, agreed that the measures are generally welcome.But he warned: “There is a slight risk, because the changes mean there might be less disincentive for employers to wind up a scheme.“Furthermore, up to now, schemes could not reduce pensions in payment. These measures introduce the possibility of reducing pensions in payment, while a scheme continues after restructuring.” The Irish government has approved measures to ensure greater fairness in payouts to members of defined benefit (DB) affected by insolvency, introducing changes to the priority order after several years’ delay.The changes follow the high-profile Waterford Crystal court case, whose pension scheme was left underfunded following the sponsor’s insolvency. Workers at the company found their accrued pension entitlements reduced by as much as 80%, while pensions for those already retired were unaffected.In April this year, the European Court of Justice found that under the EU Insolvency Directive, the Irish state was obliged to protect at least half of the the pension entitlements of the Waterford workforce. The new measures are designed to meet those obligations.The changes, announced by Joan Burton, minister for social protection, apply to underfunded DB schemes winding up in deficit, or choosing to restructure.
The International Financial Reporting Standards Interpretations Committee (IFRS IC) has knocked back a demand from the European Securities and Markets Authority (ESMA) for it to issue guidance on the asset-ceiling test in International Accounting Standard 19, Employee Benefits (IAS 19).Summing up the committee’s support for the staff analysis of the issue, chairman Wayne Upton said: “The [draft] agenda decision is basically right, but we need to make clear this notion of the ‘underlying principle of the negotiation’ or words to that effect.”The market overseer wrote to the committee demanding “clarification of whether an entity with a contractually agreed future minimum funding requirement should assume this requirement will exist over the life of the pension plan when performing an asset ceiling test”.In an analysis of the issue, IFRS IC staff argued: “On the basis of our assessment of the Interpretations Committee’s agenda criteria, we think the Interpretations Committee should not add this issue to its agenda.” Staff said this was because “paragraphs 17, 21 and BC30 of IFRIC 14 provide sufficient guidance for this issue, as explained in the section for the staff conclusions”.The guidance dealing with the asset-ceiling test under International Financial Reporting Standards (IFRS) is set out in IFRIC 14, “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”.That document, issued in 2008, interprets the requirements of IAS 19.When a defined benefit (DB) plan sponsor applies IAS 19, it must first measure the DB obligation using the projected unit credit method and fair value any plan assets on the other.This calculation will produce either a DB asset or liability at the balance sheet date.Where a plan is in surplus, the sponsor will recognise the lower of any surplus and the IAS 19 asset ceiling – that is, the economic benefits available to the entity from the surplus.Paragraph 64 of IAS 19 limits the net DB asset an entity can recognise in its accounts to the lower of the plan surplus or the asset ceiling.IAS 19 defines the asset ceiling as “the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan”.Among the jurisdictions potentially affected by the discussion are the UK – which ESMA referred to in its submission to the IFRS IC – Ireland and Canada.Commenting on the discussion, Warren Singer, a consultant actuary with Mercer, said: “Most companies in the UK believe, under IFRIC 14, they can recognise a surplus as an asset because they have an unconditional right to a refund at the end of the life of the plan.“If they agree that with their auditors, the question about future service contributions is irrelevant.“If they don’t, the second route they can take in order to recognise an asset is to say they expect to derive an economic benefit as a reduction in future service contributions.“However, IFRIC 14 says that, when an MFR means you won’t derive the full economic benefit from IAS 19 future service cost, you have to deduct the MFR future service contributions.”He continued: “So then the next question is whether you should you be consistent in the time period you use for the calculation of the IAS 19 future service cost and the MFR future service contributions when applying IFRIC 14.“There are mixed views. It is a rare issue in the UK because most people use the unconditional right to a refund argument. But where it has come up, it can be argued either way.”Speaking during the 24 March discussion, IFRS IC member Tony Debell, a PwC audit partner, argued: “You can’t assume the minimum funding requirement disappears simply because the period of the agreement disappears.“We are saying you should continue to apply the principle that underpins the minimum funding requirement to make assumptions that are consistent between the way you measure the DBO and the way you measure the minimum funding requirement.”Meanwhile, Simon Robinson, a consultant actuary at Aon Hewitt, told IPE he was surprised the question had not been raised earlier.“It is certainly something we in the UK have been talking about,” he said.“When you look at recognising an additional liability under IFRIC 14, or for that matter contributions in respect of future service, the definition of ‘minimum funding requirement’ in the literature is unclear.“In the UK, we have taken it to mean the schedule of contributions agreed between the trustees and the sponsor to make good any deficit.”Typically, a sponsor will agree a schedule of contributions over a 10-year period or so. In practice, however, the schedule is likely to be reviewed every three years or so.In addition, a sponsoring company might be prompted to prepare a new funding valuation and agree a new funding schedule with its trustees because it has benefited from positive investment returns.“The challenge companies face in the UK,” Robinson said, “is the choice between, say, a three-year horizon and the longer timeline for the schedule of contributions.“You could argue that both of those are ‘substantially enacted’. On the one hand, you know with some certainty you are going to carry out a new valuation after three years.“On the other hand, you have a document in your hand at the balance sheet date that tells you that you have agreed a schedule of deficit contributions for the next 10 years.”
The European Parliament has approved the negotiating mandate for European Commission plans to increase the regulation of benchmarks in the wake of the LIBOR and EURIBOR scandals.The Parliament cleared the way for trialogue negotiations between itself, the Commission and the European Council on the format and implementation of the regulations.In September 2013, after discoveries of manipulation in the LIBOR and EURIBOR benchmark rates by market makers, the Commission consulted on how it should approach regulating the markets before deciding on regulation.Its current proposals aim to address conflicts on interest within rate setters, increased governance, transparency and oversight alongside a code of conduct and additional due diligence. Negotiations between the three pillars of the European Union will start next month, the Commission said.“The proposed EU rules aim to improve the functioning and governance of benchmarks that are produced and used in the EU in financial instruments such as bonds, shares, futures or swaps,” it added.Jonathan Hill, EU commissioner for financial stability, services and capital markets union, said it was the consumers who foot the bill of manipulated and unreliable benchmarks.“Our proposal will put in place rules for safer benchmarks across the EU,” he said. “I am confident we can now move swiftly to find an agreement on a final text.”The Index Industry Association (IIA), the lobby group for index providers, said the vote demonstrated an important milestone for effective regulation for benchmarks.“[The IIA] welcomes the overwhelming vote of support for the regulation,” it said.“In particular, IIA supports the proportionate and pragmatic approach taken by the European Parliament, which will help to restore confidence in the markets where problems have emerged.”The work, conducted by the Parliament’s ECON committee, was criticised over one aspect of the bill gone forward.“[We remain] concerned by the Parliament’s proposal to the introduction of price regulation through legislation,” it said. “[We hope] policymakers will be able to make significant progress towards a final agreement through fruitful trialogue negotiations in the months ahead.”In a survey done last year, academic think-tank EDHEC Risk-Institute showed investors were not satisfied with the increased governance requirements on index and benchmark providers and said transparency was key to manage conflicts of interest.The Commission consultation began in 2012 before its decision to press ahead with regulation a year later.The former commissioner for internal markets, Michel Barnier, said the unacceptable behaviour by banks undermined confidence in markets but that increasing sanctions would not be enough to ensure compliance.In February, the EU Council threw its support behind the proposed new rules, allowing the Commission to see the agenda through parliamentary approval.The Commission said a final draft of regulatory measures would be seen and implemented as soon as possible.
The £3.2bn (€4.1bn) North-East Scotland Pension Fund (NESPF) has awarded a £100m multi asset credit mandate to Russell Investments.The investment was completed through a pooled fund.Graham Buntain, investment manager at NESPF, said adding the fund to its portfolio had enabled the local government pension scheme to diversify its fixed income allocations into higher yielding parts of the market and to reduce its exposure to equities.“We recognise the limitations of a single manager accessing the full spectrum of the opportunity set, and feel the multi-manager approach provides a better platform for success,” he added. “The [multi asset credit fund] has allowed us access to an all-encompassing strategy at a competitive price, and with a low governance burden.” Russell’s multi asset credit fund invests in a range of credit strategies by utilising multiple specialist managers. It offers exposure “across the full spectrum of personal, corporate and sovereign balance sheets”.Russell already provided NESPF with implementation, transition management, liquidity management overlay, and foreign exchange trading services. NESPF is the pension fund for the city of Aberdeen, Aberdeenshire, and Moray.German private debt searchA pension fund based in Germany is seeking ideas for a private debt allocation via IPE Quest Discovery.According to search DS-2339 on the pre-RFP service, the pension fund wants to invest in global developed markets. It is after active management and the style should be diversified. It has specified a segregated mandate.LD hunting for fund manager, depository Danish pension fund Lønmodtagernes Dyrtidsfond (LD) is looking for providers for fund management and depositary services via an EU-tender.The tender is being done on behalf of Kapitalforeningen LD (KLD), which is an alternative investment fund that holds all of LD’s listed assets.KLD is searching for a fund management firm, which will be responsible for several administrative tasks, including NAV calculations, accounting, compliance and reporting.The depository will be responsible for oversight of the operation of the fund, cash monitoring, safekeeping of assets and other tasks.KLD’s current fund manager is Nykredit Portefølje Administration, and its depositary is Nykredit Bank with BNY Mellon as global custodian.The deadline for bids is 4 September 2017. Dutch find replacement providersIn the Netherlands, the €781m pension fund for hairdressers (Kappers) and the €2.3bn sector scheme for the meat-processing industry (VLEP) have found a new pensions provider.In its annual report, Kappers said that it had decided to transfer its administration to Rijswijk-based AGH.Elsewhere, John Klijn, VLEP workers’ chairman, made clear that his scheme would join AZL in Heerlen, part of NN Group. VLEP has 77,000 participants and pensioners.Kappers and VLEP were among fifteen mandatory sector pension funds that had to leave pensions administrator Syntrus Achmea Pensioenbeheer, after it announced last year it would cease servicing them because their pension plans were “too complicated”.Because of their specific pension arrangements, the two pension funds did not qualify either for a collective transfer to IT firm Centric, which Syntrus Achmea had offered to most of the mandatory sector schemes involved.Kappers, which has 65,000 participants and pensioners, said that consultancy Mastermind, a transition specialist, had assisted its search for a new provider.Before the transition – scheduled as of 1 January – the pension fund is to check the quality of its data at Syntrus Achmea. It would also test AGH’s system to ensure a smooth transition process.In the meantime, Kappers has found Actor as its new advisor on board support, which had also been provided by Syntrus Achmea. It said two of Syntrus Achmea’s staff have joined the Woerden-based consultancy to guarantee continuity for the scheme.The pension fund for hairdressers is still looking for new advisors on legal and actuarial matters.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 protected]
The EU financial markets watchdog is taking steps to ensure rule-abiding EU firms can continue to clear derivatives through London if no deal is agreed on the UK’s exit from the bloc.The European Securities and Markets Authority (ESMA) today said it was working with the European Commission to plan for the recognition of UK clearing houses in case of a “no-deal scenario”.It had already started engaging with UK central counterparties (CCPs) to carry out the preparatory work, it said.Last week the European Commission said it would adopt a “temporary and conditional equivalence decision” to prevent disruption to central clearing and address financial stability risks arising from a no-deal situation. These decisions would be complemented by the recognition of UK-based “infrastructures”, which the Commission encouraged to pre-apply for ESMA for recognition.UK CCPs would need to comply with EMIR and any conditions set out in the equivalence decisions to be recognised by the EU watchdog.The European Central Bank has estimated that 90% of euro-denominated interest rate swaps used by euro-area parties are cleared by UK-based CCPs. The Bank of England has put at around £67trn (€76trn) the notional amount of outstanding over-the-counter derivatives that could be affected if the UK leaves the EU without a deal.AFME, the lobbying group representing investment banks in Europe, welcomed the Commission’s and ESMA’s statements, but said more clarity and certainty needed to be provided “as a matter of urgency”.EU and UK negotiators have reached draft agreements on the UK’s withdrawal from and subsequent relations with the EU, but there are still several hurdles to be cleared to conclude a final deal. EU leaders are due to meet on Sunday to sign off on a draft agreement.Equivalence if a deal is reachedThe UK’s asset management trade body, meanwhile, has said the draft political declaration on post-Brexit UK-EU relations, published yesterday, provided “additional certainty”.“We are reassured by the aspiration for decisions on equivalence to be taken before the end of June 2020 and in a co-operative manner, which will help UK savers and investors to continue to find opportunities across the EU after Brexit,” said Chris Cummings, chief executive of the Investment Association. “The focus must now be on ensuring this access is fair, transparent, and reliable.”The end goal, added Cummings, was a final agreement that allowed the asset management industry “to work seamlessly across borders”.The draft political declaration is a high-level document. On financial services, it states that cooperation on regulatory and supervisory matters should be “based on the principles of regulatory autonomy, transparency and stability”.“It should include transparency and appropriate consultation in the process of adoption, suspension and withdrawal of equivalence decisions, information exchange and consultation on regulatory initiatives and other issues of mutual interest, at both political and technical levels,” it adds.
CIO Bruce Miller said: “We feel that it’s in the interests of our members to be transparent in the methods we use to foster responsible investment as an organisation”.“We’re very clear that our primary responsibility is to be able to pay the future pensions of our members, but it’s important to all stakeholders that we invest in a manner that the average member sees as fair and reasonable.“While some of our members will have very strong views on particular companies or sectors, this document articulates how we aim to invest in a responsible manner on behalf of all members whilst not overly emphasising the specific ethical viewpoints of individual members, trustees and portfolio managers.” Scotland’s Lothian Pension Fund has adopted a new policy document in a bid to be more transparent about how it pursues responsible investment, an approach that now includes a commitment to no longer supply new debt or equity capital to companies not deemed to be aligned with the goals of the 2015 Paris climate change agreement.Publication of the document – ‘Statement of Responsible Investment Principles’ – comes against a backdrop of what Councillor Alasdair Rankin said was “enormous growth in the acceptance of the importance of informed stewardship and responsible investment of assets at Lothian Pension Fund”.Rankin is chair of the pensions committee at City of Edinburgh Council, the administering authority for Lothian Pension Fund, second largest in Scotland’s local government pension scheme (LGPS).The new document goes beyond the pension fund’s statutory statement of investment principles, which only includes high-level information about its approach to responsible investment. Source: Lothian Pension Fund is the local authority scheme for Edinburgh and the Lothian regionIn the responsible investment policy statement, the pension fund said it “should not be considered as either an ‘ethical’ or ‘unethical’ investor, but as a responsible steward of capital”.“The mantra we’ll follow from now on is very clearly ‘Engage our equities, deny our debt’”David Hickey, European equity manager at Lothian Pension FundEuropean equity manager David Hickey has been leading on the pension fund’s overall approach to responsible investment, and played a key role in the adoption of the statement of responsible investment principles.He said the pension fund was making some specific climate change-related commitments.In addition to ceasing any primary investment in non-Paris-aligned companies, the pension fund would be measuring the carbon intensity of 100% of its assets by the end-2022 reporting cycle.The responsible investment policy document states it will use estimates if necessary to do this, and will seek support from external managers and GPs.2025 crunch timeAccording to Hickey, the pension fund will also be continuing engaging with non-Paris-aligned companies until 2025, “with any companies making little progress towards the goals likely being divested at this point”.In its policy document, Lothian states that “academic research supports the belief that successful engagement adds value to the investment process, and that divestment has no effect on company finances in the long term and can produce perverse incentives in the short term”.However, “where material risks remain following engagement activity, we retain the ability to divest”.Hickey said: “The mantra we’ll follow from now on is very clearly ‘Engage our equities, deny our debt’.“Lothian Pension Fund will no longer supply new funding to non-Paris aligned companies either through new bond issuance or through new equity issuance.”Fixed income analyst Miko Zhou added: “Traditionally carbon footprints measures have only been applied to equity holdings, but the reality is that new capital fundraising happens in the debt markets far more than the equity markets. It’s this bond issuance that’s often used to finance new capital projects.”The pension fund will be using data from the Transition Pathway Initiative (TPI) to come to a decision about companies’ alignment with the Paris accord.CEO Doug Heron said he hoped the new statement of responsible investment principles “could be the start of a an open conversation around collaboration that will lead to other funds implementing similar statements and we’re happy for this document to become a basis for wider adoption of such standards throughout the LGPS space”.Looking for IPE’s latest magazine? Read the digital edition here.
The shift towards these unguaranteed products would take pressure off pension companies, allowing for further “investment freedom” and, in turn, potentially generating stronger returns, it said.But the FSA acknowledged that market-rate products carried more risk, which almost always fell to the customer, meaning that savers could see reductions in their pensions if investments produced weak or negative returns.“The boards of the [pension] companies should also take a clear position on the size of fluctuations in the pension payments that they will tolerate on behalf of the customers, and ensure good governance and risk management that supports the choices they make,” said Brogaard.The regulator said back in January that providers of market-rate pension products in Denmark had not been providing customers with enough information about the risks involved, in both the accumulation and payout phases of the products.It was publishing a report containing three years of investigative work, revealing information from pension companies on the “privatisation” of risk in the unguaranteed market-rate products.Looking for IPE’s latest magazine? Read the digital edition here. Denmark’s financial watchdog has published a new report on market-rate pensions, and revealed four areas it will focus on particularly in its future supervision of the products, in which individuals are directly exposed to market risk.The Danish FSA (Finanstilsynet) said product characteristics, governance, risk management and communication to customers would be the new priorities, saying it had mapped a sector involving 14 providers and DKK1.1trn (€148bn) of savings.Carsten Brogaard, the FSA’s deputy chief executive officer, said: “In market-rate products, there is in principle greater unpredictability about the payments, and therefore the companies must focus on the products being suitable for the given customer groups.”In the new report entitled “Market-rate products – tendencies in the Danish pensions market”, the authority said that today around two-thirds of pension contributions in Denmark go to unguaranteed, market-rate products.
26 Chelsea Drv, Condon sold for a record breaking $1,015,000 earlier this year.REGIONAL property markets are continuing to outperform capital cities, with new figures revealing a lift in million dollar property deals in the past year.New analysis by CoreLogic has revealed the number of sales at or in excess of $1 million was starting to trend down nationally.In the year to June, 16 per cent of all houses and 8.8 per cent of units sold for at least $1m compared with 16.1 per cent and 9.1 per cent the previous year.But in the combined regional markets 4.7 per cent of all houses had sold for at least $1 million compared with 4.3 per cent the previous year.At the same time, 4 per cent of all units sold in the past year were for at least $1 million, which was a record-high share and up from 3.7 per cent the previous year.CoreLogic analyst Cameron Kusher said while he had not broken the figures down to individual regional markets, it was obvious that some had been performing strongly. 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 2020“And the demand there seems to be at the higher end of the market,’’ he said.“I think a feature of the past 12 months has been that the regional areas have been outperforming the capital cities and they are not quite declining yet.“So I think it is not really too much of a surprise, that you are seeing the share of million dollar property sales in those regional markets higher than they were a year ago.’’Mr Kusher said even though property markets in regional Australia were outperforming capital cities, it was slowing.“So I wouldn’t be surprised if we actually see a lower share (of million dollar sales) in 12-months’ time in those regional areas.’’Mr Kusher said the million dollar regional market had been driven in part by buyers from Sydney and Melbourne who had made lifestyle purchases in the regions.“But the effect of the slowdown in Sydney and Melbourne housing markets, I would expect, would have an impact on the regional areas as we go forward as well.’’
22-24 Wagawn St, Tugun.A NEW career opportunity in Los Angeles has forced the sale of a 1950s beach house on the Gold Coast. The house at 22-24 Wagawn St is on an 810sq m double block and was bought by Gerrit van Dijk and his wife Fiona Landreth in 2014. 22-24 Wagawn St, Tugun. 22-24 Wagawn St, Tugun. 22-24 Wagawn St, Tugun. 22-24 Wagawn St, Tugun.Mr van Dijk and Ms Landreth had planned to develop their property but a new career opportunity in Los Angeles means the home is now going to auction October 27 at 10am.“The elevated position of the block itself is really lovely, catching sea breezes and ocean glimpses, yet you’re not copping the full force of the wind like you would if you were beachfront,” Mr van Dijk said.“Our house is comfy, relaxed and without pretence, like a beach holiday home from yesteryear.“Important though is the 810sq m double block which gives a lot of potential plus the 15m height limit to create something beautiful, profitable or both at a future date.” RELATED: Margot Robbie’s mum selling Gold Coast home Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, 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 location is everything in real estate01:59Ray White Mermaid Beach sales agent Troy Dowker, who is marketing the property said the large block offered scope to capitalise with an array of redevelopment options to explore, subject to council approval.“Beachside Tugun is tightly held and has had little sales activity in the second quarter and first two months of the third quarter,” Mr Dowker said.“Buyers are now discovering the special part of this coast and are attracted to Tugun for its laid-back vibe and charm.” With plans to transform the property into a comfortable family home, the couple replaced the kitchen, polished the floorboards, redid the ceiling, updated the bathroom, replaced old water pipes and electric wiring, and closed in the storage cavity under the house.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“Work commitments have kept us away and overseas for most of the time we have owned it,” Mr van Dijk said.“Whenever we returned from overseas, we realised how fantastic the beaches and Hinterland of the Gold Coast really were.“Northern New South Wales and Byron Bay at 45 minutes away, is just a leisurely drive.” Wagawn St is widely regarded as the premier beachside address in Tugun, just metres from the ocean, beachfront parkland, Tugun Village, Currumbin Wildlife Sanctuary and the weekly Village Markets. Bright outlook for state’s builders
SUBSCRIBE TO THE BULLETIN AND GET A FITBIT More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoOne of the yacht’s for sale is this 2014 San Lorenzo 29m superyacht, named Italian Belle. “The international phone bill will be significant this month as we have had a huge amount of overseas bidding inquiry from locations such as Florida, Hong Kong and Monaco,” Ray White Marine sales director Brock Rodwell said.“Murcielago is a well known classic style Sunseeker that will never date, she has cruised the Mediterranean and the Bahamas before calling Australia home. “The near new San Lorenzo is a floating penthouse which includes your own private Italian retractable owners terrace. “The combined original value of both vessels is well above $20 million.”The auction comes as both new orders and brokerage boats are in high demand for summer.The Ray White Marine auction is at the Gold Coast Turf Club from 11am tomorrow. 2014 San Lorenzo 96’ superyacht named Italian Belle. Ray White Marine are auctioning this superyacht in October, 2018.TWO luxury superyachts going under the hammer on the Gold Coast tomorrow are attracting interest from around the world.They are part of a six-vessel line-up at Ray White Marine’s auction event.The main drawcards include the Gold Coast-based 30-metre Sunseeker Predator named Murcielago and a 2014 San Lorenzo 29-metre superyacht, moored in Venice, Italy, named Italian Belle.