PGGM’s assets increased to almost €170bn over the first six months of 2014, as a result of an average return of 8%, the addition of €500m pension fund Smurfit Kappa Netherlands and net contributions of €1.7bn.Meanwhile, APG’s assets rose by €19bn to €343bn over 2013, almost entirely due to “solid” returns on investments, according to spokesman Harmen Geers.ABP reported a net return of 6.2% over 2013. As of the end of 2013, it was Europe’s fourth-largest asset manager, with PGGM taking ninth place.Over the first five months of 2014, APG’s assets increased by €26bn to €369bn, thanks to average returns of 7.5% for its clients, as well as interest hedges.Robeco attributed the €16bn increase in its AUM to a strong investment result, supported by the continuing recovery of financial markets.It also cited considerable investor interest in its equity and hedge funds capabilities, adding that inflows in the US came mainly from retail clients.According to the Rotterdam-based asset manager, 47% of its assets are from institutional investors.It added that this share had hardly changed last year.The former Rabobank subsidiary was taken over by Japanese financial services group Orix Corporation, which said it was committed to supporting Robeco’s current strategies and processes.It left Robeco’s managing board, including its chief executive Roderick Munsters, in place, and said it would keep its Rotterdam-based head office.Meanwhile, Robeco has indicated that it plans to set up a London sales office within four years.MN, provider for the large metal schemes PMT and PME, saw assets increase by €1.9bn to more than €92bn.It cited a return of approximately 1% at both schemes, as well as net contributions of €900m from PMT.PME’s assets also saw a boost from the addition of pension funds Poseidon (€119m) and Voestalpine (€89m).Assets under management at ING Investment Management dropped by €8.5bn to €174bn.The asset manager did not respond to IPE’s repeated requests for additional information.After a recent IPO, the asset manager is now – together with ING’s former insurance subsidiary Nationale Nederlanden – part of NN Group.ING IM is to continue its activities under the name NN Investment Partners.The European Commission recently ordered ING to offload its insurance and asset management subsidiaries, as the company received financial support from the Dutch government during the financial crisis.Aegon attributed the drop in its AUM to a decrease in revenue-generating investments during the second quarter of 2013. It said the decrease was mainly driven by “negative market effects”, resulting from higher interest rates. SNS Asset Management44,20044,000 Company2014 Total2013 Total ING Investment Management International174,124182,826 It attributed the increase mainly to the addition of two new clients – the €8.5bn scheme for general practitioners (SPH) and the €5bn pension fund for painters and decorators (Schilders).The remaining growth was due to returns on investments, as well as a net inflow of contributions of at least €2.5bn from the predominantly young participants of the healthcare scheme, according to spokesman Maurice Wilbrink. APG, asset manager for the €309bn Dutch civil service scheme ABP, has again topped the ranking of asset managers in the Netherlands, according to IPE’s 2014 Top 400 Asset Managers survey. Aegon Asset Management and Robeco group came second and third, respectively – with assets under management (AUM) of €239bn and €205bn, respectively – while ING Investment Management International came in fourth place.With assets of almost €155bn at year-end, PGGM, the asset manager for the €140bn healthcare scheme PFZW, came fifth.PGGM also saw the steepest rise – of nearly €22bn – in AUM. Aegon Asset Management239,739244,842 Robeco Group205,230189,310 Kempen Capital Management31,43028,460 SPF Beheer16,30015,750 APG343,000324,000 Syntrus Achmea Asset Management69,73066,220 31/12/13 (€m)31/12/12 (€m) PGGM154,898133,081 TKP Investments17,26116,584 MN92,23890,464 Theodoor Gilissen Bankiers10,00010,000 Altera Vastgoed1,8391,708 BNG Vermongensbeheer5,1006,400 Delta Lloyd Asset Management48,80051,400 Bouwinest Real Estate Management6,0605,800
The PPF said the main cause of the deficit reduction was an 8 basis point rise in the yield of 15-year UK Gilts, which overshadowed a fall in assets caused by declining equity markets.In other news, Ofcom, the regulator for the UK’s communications and media industry, has completed its fifth buy-in transaction with Legal & General (L&G), the latest covering around £50m of liabilities for 350 members. The scheme’s total insured liabilities, all with L&G, have now reached £250m.Rodney Jagelman, chair of the trustee board, said L&G provided attractive terms and that the latest arrangement took the scheme a significant step closer to full buyout.Ofcom finance director Alastair Smith added: “This is a very significant step. Members benefit from having their benefits secured on top of the security that continues to be provided by the plan – and Ofcom is no longer exposed to the uncertainty of asset returns, interest, inflation and longevity risk.”Elsewhere, consultancy Aon Hewitt has launched delegated solutions for defined contribution (DC) schemes, in a partnership with BlackRock’s investment solution. The company will now offer employers and DC schemes a range of in-house target-date funds.Schemes would choose the strategy and flight plan, leaving Aon to implementation. BlackRock will provide the investment structure behind Aon’s offering.Andy Cox, chief executive at Aon Hewitt in Europe, said: “Creating better DC has been a key aim for us for some time. That means delivering a more effective investment approach, capable of greater speed of action. The deficit among the 6,150 UK defined benefit (DB) pension schemes has decreased over the month of September by £3.5bn (€4.4bn) according to figures from the Pension Protection Fund (PPF). The deficit calculation is done on an s179 basis – which assess the funding ability of DB schemes to provide PPF-level benefits – showed the aggregate level to be £166.5bn at the end of September. This left 4,600 schemes in deficit and 1,550 in surplus.However, the position from September 2013 has almost doubled, when the deficit was £85bn.
“Groupthink” is prevalent on the trustee boards of UK defined benefit pension schemes, which throws into relief the limitations of the traditional scheme governance and investment consulting model, a study sponsored by fiduciary manager SEI has found.The findings also support the line of inquiry pursued by the UK Financial Conduct Authority (FCA) in its recently announced review of asset management, according to SEI.Patrick Disney, managing director of SEI’s institutional group for the EMEA region said: “The Terms of Reference for the forthcoming Financial Conduct Authority review of asset management have highlighted the potential issues with the traditional investment consulting model and identified that it may be difficult for pension schemes to adequately monitor the services their consultants provide.“Our research clearly underlines this point, revealing that more than half of trustees – 59% – do not frequently consider alternatives to the advice proposed by their investment consultant.” The overlap between SEI’s study and the FCA review is coincidental, however, stressed Caroline Deutsch, UK corporate marketing director at SEI.She noted that SEI’s research was commissioned and carried out in the autumn last year.“The premise for our study was that we didn’t think the academic theory of groupthink had ever been applied to pension scheme trustee boards before,” Deutsch told IPE. “We thought it would be interesting to see if groupthink exists and, if so, what the implications would be for how the governance model works and decisions are made.”The term groupthink was coined by research psychologist Irving Janis in the 1970s, and, according to the SEI report, describes the faulty decisions made by groups when “pressures lead to a deterioration of mental efficiency, reality testing and moral judgement”.The research was conducted by IFF Research under the supervision of Iain Clacher, associate professor in accounting and finance and co-director of the Centre for Advanced Studies in Finance (CASIF).IFF interviewed 100 trustees of UK defined benefit schemes, 46% of which were classed as small (£15m-99m in assets under management), 33% as medium (£100m-499m) and 21% large (£500m+).Disney said that while the existence of groupthink on trustee boards was not necessarily surprising, not least given trustees’ typical lack of investment expertise, the research threw up some stark statistics about how it manifests itself on trustee boards.“What was interesting was being able to put a number on it, and to see that this is pretty significant,” he told IPE.He highlighted a few statistics as particularly noteworthy:Only one of the 100 trustees surveyed said they “reach their own decisions”Nearly 60% do not frequently consider alternatives to an investment consultant’s recommendationsNearly 80% of boards do not appoint a devil’s advocate to argue the alternative perspective to the boardThe survey also reveals the consequences of groupthink, according to SEI, namely an “over-reliance on unaccountable investment consultants” and potentially a higher burden on scheme sponsors in the form of additional contributions.SEI said trustees were not to blame for the existence of groupthink but that the problem was with the traditional investment consulting model – a “broken” model.SEI described this as a model where advisers work in separate silos and are not directly accountable for the advice they provide, with pension schemes charged on the basis of hours worked rather than results.“It seems clear that a more accountable advisory model is needed, where fees are based on results and the trustee board is able to clearly track the funding level against the scheme’s goals,” said Disney.
The International Financial Reporting Standards Interpretations Committee (IFRS IC) has rejected a proposal that could have limited the number of defined benefit (DB) schemes affected by a planned change to International Accounting Standard 19, Employee Benefits (IAS 19). The change to IAS 19, exposed for public comment back in June 2015, requires plan sponsors to use updated assumptions to measure current service cost and net interest cost after a plan settlement or curtailment.Staff had proposed restricting the scope of the amendment to capture just those plan events that affect “a significant proportion of employees covered by the plan.” Responding to the staff proposal, committee member Tony Debell said: “This is adding a layer of complexity that would let people deal [through] a materiality judgement.” Staff must now rethink the drafting to capture the committee’s preference for leaving the assessment of whether to measure an assessment of materiality.The reliance on materiality and the staff’s proposed quantitative assessment were intended to restrict the numbers of times sponsors would be required to remeasure.Staff wrote: “Because the [IASB] did not intend that an entity would apply the proposed amendments to [non-material] plan events … we recommend amending the scope of the proposals to exclude minor plan events.”The project to amend IAS 19 addresses how a sponsor accounts for a plan amendment, curtailment or settlement that occurs during a reporting period.The proposed amendments require sponsors to use updated assumptions going forward – even within the current accounting period.This would mean an entity would have to calculate the net interest cost for the remainder of the current year on the basis of a remeasured net DB liability or asset.Respondents to the June 2015 exposure draft raised a number of concerns about the proposals.In particular, they were worried about the cost of applying the new requirements and the opportunity to game the standard to produce a particular accounting outcome.It is possible the new requirements will force sponsors to make and account for re-measurements more frequently.Respondents also voiced concerns about how the concept of materiality would apply, and the lack of comparability among companies.Also during the meeting, the IFRS IC approved a further amendment to IAS 19 to clarify that an entity must recognise that a gain or loss on past service cost on settlement is a separate step from assessing the asset ceiling.The committee opted against addressing the concern among some constituents that there is an inconsistency between IAS 19 and the requirements for interim reporting in IAS 34.The inconsistency arises out of the requirement in IAS 34 to take account of “significant market fluctuations”.Subject to the IASB’s signing off on the amendments, DB sponsors will have to apply them to annual reporting periods beginning on or after 1 January 2019, with earlier application permitted.
Pensioenfonds Wonen – The €3.7bn pension fund for the furnishing sector in the Netherlands has appointed Guus Wouters as its new independent chairman. Wouters has been director of PMT, the €68bn scheme for metalworking and mechanical engineering, for the past seven years. He retired last October. At Wonen, Wouters is to succeed Pieter Verhoog.Aon Hewitt – Pascal Hogenboom has announced that he will step down as chief executive of Aon Hewitt Netherlands as of 1 April. Hogenboom, who said he will leave of his own initiative, has been CEO of Aon Hewitt since 2013. Marc van Nuland, country manager for the Netherlands, said that the company had successfully repositioned itself under Hogenboom. Last year, the consultancy said it wanted to refocus on fiduciary management and investment advice as part of a strategic re-orientation.Union Investment – Frank Engels is to take over as head of portfolio management at the German asset manager from 1 January. He will succeed Björn Jesch, who is leaving Union Investment at the end of the year at his own request. Engels joined Union Investment Privatfonds as managing director in January 2012 and was appointed to the unit’s board of managing directors in August 2014. He has been responsible for the multi-asset business within portfolio management since the beginning of this year. Before joining Union Investment, Engels worked for organisations including the IMF and Barclays Capital. Stap – Huub Popping is to succeed Erno Kleijnenberg as chairman of Stap, the general pension fund (APF) set up by insurer Aegon and its subsidiary TKP Investments. Kleijnenberg stepped down in October. Popping has been a trustee at Stap since July 2016. In 2006, he became chairman of the €8.2bn pension fund PostNL as well as company scheme TNT, which liquidated in 2015. In 2014, when the PostNL scheme was divided, Popping continued as chairman of the €700m pension fund of TNT Express.Franklin Templeton – The US asset management giant has appointed CalPERS’ chief operating investment officer Wylie Tollette as head of client investment solutions, a newly created role within its Multi-Asset Solutions business. He rejoins the firm in January, having left in 2014. At this time he was head of Franklin Templeton’s performance analytics and investment risk group. Tollette is currently responsible for investment performance and policy, risk analytics, manager engagement and operations, among other areas, at CalPERS, the $345bn US public pension fund.Lombard Odier Investment Managers – Velida Jahic, a former Swedish pension fund CIO, has been appointed head of Nordics. She joins from Nomura Asset Management in London where she was business development director for the Nordics. Before joining Nomura in 2011, she spent three years as a senior investment manager for alternative investments at Nordea Bank in Denmark. She was formerly chief investment officer of Gävleborg pension fund, a Swedish local authority fund.BNP Paribas Asset Management – Elodie Lelief has joined the manager’s ETF and indexed fund solutions sales team within its new multi-asset, quantitative and solutions investment group and will focus on French-speaking clients (France, Monaco, Belgium, Luxembourg and Switzerland). Assets under management in ETFs at BNP Paribas have risen by 76% in just over a year following the introduction of a new strategy. Lelief began her career at BNP Paribas CIB in 2006 as a financial analyst for key corporate accounts. NN Group – Nationale-Nederlanden has appointed Robin Buijs as director of new pensions business. He will join on 1 January and succeeds Diederik Schouten, who is to continue his career outside NN. Schouten – a former director of Business Life Delta Lloyd – took up his position last April after the merger between the two companies. Currently, Buijs is head of integration at NN Group. Between 2012 and 2016 he was NN’s chief executive for Spain. Tjeerd Bosklopper is to succeed Buijs.Law Debenture Pension Trustees – The trustee company has made two new hires for its secretarial and trustee governance team. Saadiyya Ahmed joined this week and Kathy Turpin last month. Turpin joined LawDeb from National Grid where she was a defined contribution (DC) scheme pension adviser. Ahmed was previously at Lloyds Banking Group, where she spent the last four years in the pensions executive unit working on governance and scheme secretarial duties for numerous pension schemes.Metro Pensioenfonds – Ronald Doornbos, consultant at pensions adviser Focus Orange, has been appointed as trustee at the €536m Metro Pensioenfonds. Currently, he is a member of the investment committee of the pension fund for wholesale firm Makro.Barnett Waddingham – The UK consultant and actuarial firm has hired Andy Parker as a national DC consultant, following a 10-year career at Mercer where he was principal in the company’s DC and Financial Wellness business. Mark Futcher, head of DC consultancy at Barnett Waddingham, said the hire was the first of two senior appointments, the second of which would be announced in the coming weeks.Carbon Tracker – CEO of Hermes Investment Management Saker Nusseibeh has been appointed non-executive chair of Carbon Tracker, the think tank behind the promotion of the term ‘stranded assets’. Nusseibeh succeeds Jeremy Leggett, who has held the position since 2011 and is stepping down to focus on his solar portfolio. Three new non-executive directors also join the board: Meg Brown, director and head of sales outside of North America at Impax Asset Management; Paul Bodnar, managing director of the Rocky Mountain Institute and a key architect of the Obama administration’s international climate policies; and Emma Hunt, an independent director and adviser who was most recently co-head of Hermes EOS.Imperial College Centre for Climate Finance and Investment – Jason Mitchell, sustainability strategist at Man Group and portfolio manager at GLG Partners, is joining the centre’s advisory board. He said he was excited to help “bridge the divide between science/engineering and finance in order to solve one of the world’s biggest issues”. The centre’s goal is to help investors and policymakers “overcome the current lack of clarity about risk and return in emerging clean technology sectors”. Kempen Capital Management – Charlotte Tyrwhitt Drake is to join Kempen’s fiduciary management arm as business development director for the UK. She was previously an associate director at Cambridge Associates.T Rowe Price – Nick Samouilhan has joined the asset manager’s multi-asset division as a solutions strategist for Europe, Middle East, and Africa (EMEA). He joins from Aviva Investors where he was a senior fund manager in its multi-asset team.BlackRock – Geert-Jan Troost has been appointed as relationship manager for institutional investors at BlackRock. Troost joins from Willis Towers Watson, where he was head of structured solutions for nine years. Prior to this, he worked in London for Citigroup and JPMorgan, focusing on structured fixed income markets.TKP Investments – The €28bn Aegon subsidiary TKPI has appointed Rik Verhoeven in the new position of head of international new business as of 1 December. He is responsible for the firm’s international fiduciary services within the European institutional market, and will also focus on the international positioning and marketing of other asset management solutions. Verhoeven joined from Delta Lloyd Asset Management, where he was head of international sales and marketing for German-speaking countries as well as head of Delta Lloyd AM’s sales team for the Netherlands.Netspar – Marike Knoef, member of the executive board of pensions think-tank Netspar, has been named as professor of empirical micro economics at Leiden University. At Netspar, Knoef researches pensions accrual, pension needs and the shaping of freedom of choice. She is already head tutor at Leiden University. compenswiss, LGPS Central, Wonen, Aon Hewitt, Union Investment, Stap, Franklin Templeton, Lombard Odier, BNP Paribas AM, NN Group, Law Debenture Pension Trustees, Metro Pensioenfonds, Barnett Waddingham, Carbon Tracker, Hermes, Man Group, Imperial College Centre for Climate Finance and Investment, Kempen, T Rowe Price, BlackRock, TKP Investments, Netsparcompenswiss – The CHF37bn (€32bn) manager of Switzerland’s first-pillar buffer fund is looking for a chief risk officer as a result of an internal reorganisation. The current chief risk officer at the Geneva-based fund, Marc Pfenniger, is to take over the operations department as chief operations and finance officer, leaving his role to fill. The deadline for applications is 5 January. LGPS Central – The asset manager set up to run roughly £40bn (€45bn) of consolidated assets of nine local authority pension funds is searching for a head of investment operations. The window for applications closed yesterday and interviews commence next week, according to a job notice. It describes the role as having ”significant influence in shaping the nature of the operational infrastructure of LGPS Central and will be able to make a substantial contribution to ensuring that the financial objectives of the company are met”.The head of investment operations will report to the chief operating and financial officer, John Burns, one of a few key senior appointments LGPS Central has made in recent months. Others include the appointment of Andrew Warwick-Thompson as CEO and Jason Fletcher as CIO. Joanne Segars, former chair of the UK pension fund association, was appointed non-executive chair of the asset pool in May.
In contrast to other countries the gender gap in pension income in the Netherlands has not shrunk during the past 30 years, according to the OECD.In its annual report Pension Markets in Focus, the organisation said the pension income received by women had consistently been 40% less that received by men. The gap was the same in Austria.Last year, the European Commission’s Pension Adequacy Report suggested that the difference was 45%, the largest bar Cyprus.However, the OECD noted that the outcome of surveys could vary due to the use of different sources of income data. The think tank found that the gender gap in Denmark had declined by 11 percentage points to around 10% since 1990, and that in the UK it had dropped by six percentage points. The pension income gap in Germany had decreased by eight percentage points to around 35%, whereas the difference in Italy had remained at around 30%, according to the OECD report.The OECD linked the large gender pension gap in the Netherlands to workplace pensions accounting for a large share of total pension income, with women entering the labour market late relative to other countries and there also being a pay gap.However, the organisation said it expected the difference in pension income to gradually decline over the coming decades due to a rising number of women receiving an occupational pension, a decreasing pay gap as well as men increasingly switching to part time jobs.It said the difference in accrued pension assets of the under-64 year-olds had already dropped to 25%.
Tony Persson, head of fixed income and strategy at AlectaCredit: Evelina CarbornThe key here – as with many of its yield-boosting methods – has been Alecta’s capacity to assume illiquity risk, Persson said.“People stay within our pension fund for a long time, so we can have a lot of illiquid assets and that has been one way to increase returns,” he said.It has also been possible to ratchet up bond returns, Persson said, by working with partners to develop new types of financial products, such as the world’s first African social government bond.“In essence this is still the same strategy of finding illiquidity premiums at a low-risk level, because we get the insurance wraparound, in this case from the World Bank and big re-insurance companies in Europe,” he said.Other strategies for adding points to yields have been to avoid the most expensive government bonds as far as possible, investing instead in issuance from supra nationals; government-guaranteed credits; funding of government-enterprises as well as lending to regions and municipalities both in Sweden and internationally.Among early efforts to boost fixed-income returns in the wake of the 2007/8 financial crisis, Persson said Alecta’s decision in 2012 to buy Spanish and Irish government bonds when they were yielding close to 10% – after a pledge by the then European Central Bank chief Mario Draghi in the face of severe market pressure on the two countries’ debt that the bank would safeguard the euro – became its most profitable.With eight and nine-year Swedish bond yields currently negative, Persson acknowledges that many market participants now appear to believe rates could remain at very low levels for a decade. However, he said he leans towards the view that a temporary excess of demand is the main factor behind these rates.“Government debt has been shrinking for many years in a well-managed country, and the central bank now owns half the stock of government bonds as part of its QE [quantitative easing] strategy,” he said.This is on top of the fact that some investors are forced into government bonds due to regulation, said Persson. “That’s a theme that will stay, because bank regulation is changing continuously – they are being hit with tons of regulation,” Persson said.In its efforts to utilise such opportunities, Alecta will probably move closer and closer to the borrower, he said.“We are now bypassing the banks through various platforms, and we have been building our own in the direct lending markets,” he said, adding that with a fixed-income portfolio of around €50bn to manage, he and his team needed to find big opportunities.“In order to gain economies of scale we need fairly large ticket sizes – we need a platform where we can allocate a couple of billion, the level it had been the role of the banks to provide,” he said.Alecta’s fixed-income team is now in the process of developing both a Swedish residential lending platform, and separately, a platform through which it can invest in infrastructure debt in Europe.“In the first of these areas we are building an internal platform which we will drive ourselves and regarding infrastructure debt, we are cooperating with another major investor, pooling our resources,” Persson said, adding that his firm had not yet gone public with the details of these.The Swedish pension fund has also replaced its traditional senior unsecured bank bonds with secured funding structures with the same banks but at better spreads and far lower risks. In the latest phase of its hunt for higher fixed-income yields, Sweden’s largest pension fund Alecta is building up two platforms through which it can invest directly in Swedish residential lending – as well as infrastructure debt on a European level.The work is the latest in a range of strategies the SEK975bn (€92bn) pension fund has turned to in the last decade to maximise returns as fixed-income yields collapsed and even turned negative, according to the investor’s bonds chief.Tony Persson, Alecta’s head of fixed income and strategy, told IPE in an interview: “We will continue to look at areas where the banks are withdrawing, and we can see they have been building up real estate lending but now seem to have rather full exposures to that.”When banks left a certain segment, he said, there were normally some good deals to be had but institutional investors such as Alecta.
71 Daydream Circuit, Burdell.During the marketing of the home there were about 35 separate groups through to inspect it over five and a half months.Mr Micola said while there had been a lot of people through the home, its unique style meant they had to wait for exactly the right buyer to come along.“There was only ever going to be one buyer for this property,’’ he said.The former owners designed and built the home about four years ago.The first wing of the four-bedroom property, housed the main bedroom, an ensuite, walk-in robe, open plan kitchen, dining and lounge area. 71 Daydream Circuit, Burdell.“Basically the vendors did a fantastic job on the outdoor entertaining area,’’ he said.“ They (the buyers) really loved the polished concrete and the grey block feature walls in the home. It was a different design, it was designed with two wings with everything opening towards the entertainment area out the back.’’The buyers were from the Townsville area and were moving off an acreage property.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 2020Mr Micola said they wanted a house that was different from anything else on offer and they also wanted something where they could put a shed in and have backyard vehicle access. 71 Daydream Circuit, Burdell.The second wing had a double lock-up garage, laundry, two bedrooms, bathroom and toilet, and a room which could be a fourth bedroom, or was large enough for use as a rumpus room.There were multiple glass sliding doors to the outdoor area where there was a timber deck.The home had an Arteor Home Automation System – all the fans and lights are controlled from one control panel with the opportunity to add in air conditioning and music. 71 Daydream Circuit, Burdell.A BURDELL home has sold for $560,000, achieving the highest house sale price in the suburb this year.The home at 71 Daydream Circuit was marketed by Gavin Micola of Northern Realty Pty Ltd – West End.Mr Micola said the median house price for the suburb was $410,000, but this house was “above average’’ and therefore had achieved the outstanding result.
Timbers were repurposed from around town to build 90b Lascelles St, Brighton.IT was supposed to be Brighton’s straw-bale house, but when the drought hit 10 years ago, straw and water were in short supply.Kath Hooper, a horticulturalist and Brian Hooper, a local builder, continued with the house, building it over a year and using ordinary building materials on the exposed Cyprus framing.The word “ordinary” has not been used since.<<
MORE NEWS: Floating penthouses attract international interest 16 Constance Esplanade, Runaway Bay. 22-24 Wagawn St, Tugun. 7 Chairlift Ave East, Mermaid Beach. Leon Williamson and her late husband John paid $14,500 in 1968 for the five-bedroom Mermaid Beach property at 7 Chairlift Ave East.The residence has three bedrooms on the second floor as well as a kitchen, bathroom and living areas.A self-contained living area and two more bedrooms are on the ground floor.“It will be a sad day for Leon when the house is sold as she enjoyed Nobbys so much,” her daughter Robin O’Neill said.The property will be offered to the market at 11.30am through Ron London of London Estate Agents. 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 ago22-24 Wagawn St, Tugun. 7 Chairlift Ave East, Mermaid Beach. 22-24 Wagawn St, Tugun. Further south and another 1950s beach house is going under the hammer.No other property on the market compares to 22-24 Wagawn St, Tugun, according to Ray White Mermaid Beach sales agent Troy Dowker.The house, on a 810sq m double block, is metres from the ocean, beachfront parkland, Tugun Village, Currumbin Wildlife Sanctuary and the weekly Village Markets.Mr Dowker said the large block, which is going to auction at 10am, 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.” MORE NEWS: Gold Coast Monopoly launches Also on the Gold Coast is the 2.30pm auction of a modern family home on a private cul-de-sac with some impressive water views.The large 990sq m block with sprawling four-bedroom home at 16 Constance Esplanade, Runaway Bay is on the market for the first time since it was renovated by the vendors who are now relocating interstate.“The views are stunning and it’s an active view as you can watch the boats go past,” Ray White Sovereign Island’s Desiree Shaw said.“There are multiple living areas, a separate executive office, library, cocktail bar and pool cabana used as a teenager’s retreat.”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 estate01:59 16 Constance Esplanade, Runaway Bay. 7 Chairlift Ave East, Mermaid Beach is going under the hammer on Saturday at 11.30am.A BEACH house that gives house hunters a glimpse into life on the Gold Coast in the 1950s is expected to attract a huge crowd when it goes under the hammer on Saturday.It is the first time the property has hit the market in 50 years and is expected to attract plenty of interest when it goes under the hammer this month.