Danish pension fund tenders $30m equities mandate using IPE-Quest

first_imgKirstein has tendered a $30m (€22m) global equities mandate, on behalf of a Danish pension fund, using IPE-Quest.According to search QN1358, the target is to outperform the MSCI World, MSCI AC World or similar index – irrespective of the style in the market – through a fundamental stock-selection process.The preferred vehicle structure will be a UCITS fund.All types of investment style – core, growth, value, quality or GARP, for example – will be accepted. Kirstein said the investor would consider only long-only products, while 130/30 products or similar products will not be accepted.All large-cap portfolios – i.e. pure mid or small-cap products – are of no interest to the investor, although portfolios with small allocations to small caps are acceptable.Leveraged products will not be accepted.The investor seeks a manager with a proven track record of at least three years.Kirstein placed the ”anticipated excess performance” at a minimum 2% per annum, with a “suitable” tracking error.It added that mandate size was initially expected to be in the range of $30m, with potential for “significant increases in the coming years”.The closing date for applications is 19 December.In a separate IPE-Quest search, QN1359, Grontmij Capital Consultants is conducting a pre-selection of non-listed European infrastructure investment opportunities, on behalf of a Dutch pension fund.The size of the envisaged investments will be approximately €10m-15m.The preferred strategies are core or value added.Grontmij said: “At this stage, we would like to ask you to provide us with an update on your existing European infrastructure investment opportunities that are accessible for our client. After this stage, the process will be followed by a preliminary assessment that will be based on a survey.”The closing date for this search is 11 December.For more information on both tenders, please click here.last_img read more

Danish central bank blames pension funds for pressure on krone

first_imgThe Danish central bank, Danmarks Nationalbank, says it was Danish pension funds, life insurers and domestic investment funds that put the lion’s share of upward pressure on the krone in January and February rather than foreign speculators.Lars Rohde, director of the Danmarks Nationalbank, said: “A little more than one-third of the inflows can be attributed to foreign net purchases of Danish kroner.”Rohde was speaking at yesterday’s press conference presenting the bank’s quarterly report.He said the currency inflows from foreign parties in January and February were undoubtedly a reaction to the decision by the Swiss central bank to allow the Swiss franc to float against the euro. The European Central Bank’s (ECB) move to begin a wide-scale quantitative easing programme was also a factor behind the krone-buying, he said.Rohde said the Danish central bank did not share the speculators’ view that the Danish currency would follow the Swiss franc’s example and leave its peg, saying the bank would continue its current policy of defending the krone-euro peg.“But two-thirds of the inflows came from Danish investors of different types who bought kroner in the form of futures and hedged in that way different kinds of euro assets,” he said.Data from the central bank indicated that, in January, pension funds and life insurance companies had given rise to the bulk of krone inflows from domestic parties, while in February the domestic portion had come mainly from business and investment fund parties.Rohde said it was this combination of Danish pension funds and insurers and business and investment funds that had forced the central bank to intervene in the currency markets to defend the krone peg in the first two months of the year, to the tune of DKK295bn (€40bn).Meanwhile, individual Danish pension funds have had little to say officially on the subject of whether they have begun hedging their euro assets against kroner.There is arguably subtle pressure on the domestic institutions not to add to the central bank’s woes in having to keep the Danish currency unit tied to the euro.The Danish central bank recently confirmed it introduced a new requirement in February for pension funds to report their currency positions to the central bank on a weekly basis. Karsten Biltoft, director of administration at the central bank, said: “We have asked for the information to get better understanding of market developments.”However, the information is not being made public, he said.A source within the Danish pensions sector commented that the central bankers had been clever in managing the upwards pressure on the Danish currency and particularly so in introducing the new weekly reporting requirement. Most people would think twice before changing their currency positions, knowing this information would have to be disclosed to the central bank, the source said.He said the subject of whether Danish institutional investors were hedging their euro assets against a fall in the common currency against the Danish krone was a sensitive one.last_img read more

Lithuanian schemes generate positive returns despite ‘erratic’ markets

first_imgDespite what BoL termed this year’s “erratic” markets, however, 11 of the 21 funds – all the conservative ones, two low-risk and three medium-risk structures – managed to produce positive returns.Audrius Šilgalis, chief specialist of BoL’s financial services and market analysis division, noted on the Bank’s website: “Good pension fund performance for the second quarter, even after the Brexit referendum, which shocked financial markets, offset the influence of negative trends that prevailed at the beginning of the year.”Second-pillar assets grew by 9.9% to €2,246m and membership by 4.2% to 1.19m.The asset growth was boosted by this year’s increase in the additional members’ and state budget contribution rates from 1% to 2%.These accounted, respectively, for 22.6% and 24.6% of the €128.3m asset increase since the end of 2015.Returns for the substantially smaller third pillar showed a similar pattern to that of the second, with the average plunging from 6.06% as of the end of June 2015 to minus 1.22% by the end of the following March, then recovering to minus 0.02% three months later.The conservative funds averaged 2.3%, with all three in positive territory.While the four medium-risk funds averaged minus 0.72% and the five high-risk plans minus 0.83%, one fund in each category managed to buck the trend.The number of members increased year on year by 10.3% to 48,951, while assets grew by 23.4% to €66.1m because of higher contributions from participants. The six-month year-to-date nominal returns for the voluntary second-pillar pension system averaged minus 0.10%, according to the Bank of Lithuania (BoL), the country’s pension regulator.This marked a significant deterioration compared with the 4.7% generated 12 months earlier but was an improvement on the first quarter’s return of minus 0.18%.The best results as of the end of June were generated by the six conservative bond funds, at 0.77%, followed by the four low-risk funds with 25-30% equity investment (minus 0.01%), the seven medium-risk funds with equity limits of 50-70% (minus 0.02%), and the four high-risk funds, with up to 100% invested in equities (minus 1.32%).This is a reversal of last year’s trend when high equity levels generated the best results.last_img read more

UK roundup: Hymans Robertson, Mercer, PLSA, Environment Agency

first_imgCooper added: “A strategy guided by deficits and discount rates can hinder a scheme’s ability to accurately measure chances of success. By adopting an integrated strategy, a scheme’s chances of success can be improved by 50% … with no increase in cash contributions from sponsors now or in the future.”In other news, the aggregate funding position of pension schemes attached to the UK’s 350 largest listed companies improved during November, reported Mercer.The combined shortfall fell from £149bn to £127bn during the month, an improvement of nearly 15%. However, this is still above the level seen prior to the EU membership referendum in June.Le Roy van Zyl, senior consultant, said pension funds had on aggregate benefited from market volatility in the wake of the US presidential election.“Trustees and sponsors should be asking themselves whether this is the time to take off some of the risk that has recently been rewarded, and whether they are comfortable they can deal with the range of scenarios that can emerge in the months and years to come,” he said.The Pensions and Lifetime Savings Association (PLSA), meanwhile, delivered yet more bad news for UK DB funds, reporting that the cost of running a scheme had increased by 37% year on year.The increase was primarily due to rising fund management and custody costs, despite growing pressure on fund management fees in recent years.The PLSA’s annual survey found that the 164 DB schemes surveyed racked up costs of £546 per member. Schemes with fewer than 5,000 members saw costs increase by 63% to £787 per member.Elsewhere, the Environment Agency Pension Fund (EAPF) made a £60m allocation to a private debt fund, as part of a strategic shift to diversify its £2.9bn portfolio and reduce equity risk.After a “comprehensive search” assisted by consultants bfinance, EAPF’s CIO Mark Mansley said the pension fund had selected Permira’s Credit Solutions III fund.Mansley said: “We were impressed by their focus on senior loans with moderate leverage, their track record and their organisational commitment to responsible investment.”According to its website, at the end of March, the EAPF had an allocation to two private debt funds worth roughly £58m. Only one-third of UK pension funds are likely to hit their funding targets in the next 20 years if they do not update their approach to assessment of risk, according to Hymans Robertson.One-quarter of defined benefit funds may see no improvement in their deficit positions in that time period, the consultant warned in a new report, ‘Better future for DB’.Schemes are likely to have swallowed up £100bn (€118.8bn) in deficit-reduction contributions from sponsors, said Calum Cooper, head of trustee consulting.Trustees need to expand their assessment of risks to include not only deficits and discount rates but also investment, covenant and contribution risks.last_img read more

Danish roundup: Pension providers see uptick in contributions

first_imgDanish pension fund PFA, the country’s largest commercial pensions provider, saw contributions increase by 13% in the first three months of this year.CEO Allan Pollack said the business strategy he spearheaded was on track: “After the fantastic annual results in 2016, I am satisfied that, in accordance with our Stategy2020, we are continuing to grow in 2017.”Strategy2020 has been developed under Pollack’s leadership since he took the top position at PFA two years ago.Total contributions rose to DKK8.6bn (€1.16bn) in the first quarter of 2017, up from DKK7.6bn in the same period last year. Total return on investments was DKK7.2bn in the quarter. The return for customers with traditional average-rate pension products was 0.7%, and between 1.7% and 5.2% for those with market-rate products, including the return on the mutual savings element CustomerCapital.Pollack said that, on top of the investment and business growth seen in the first quarter, the company was streamlining operations and reducing the cost per person insured by 2%.Group CFO Anders Damgaard said the financial markets had taken off from the beginning of the year.“Nevertheless, it is important to keep in mind that pension savings should be seen in a long-term perspective, where long-term returns are crucial,” he said.PFA’s total customer funds rose to DKK449bn at the end of March from DKK394bn at the same point last year.Danica sees strong inflows across NordicsMeanwhile, Danica Pension – Denmark’s second biggest commercial pension provider – reported growth in contributions of 38% in the first quarter, to DKK11.4bn.Per Klitgård, chief executive of Danica Pension, said: “The increase in the first three months of the year is down to solid results in investment and growth in contributions in the three countries where we are represented.”In Denmark, contributions rose by 27%, while in Norway the increase was 30%. In Sweden, contributions increased by 70%, the Danske Bank subsidiary reported.Klitgård said customers had benefitted from the investment strategy Danica Pension had used over the past two years.“Getting the best possible repayment for risk has been – and will continue to be – the key words when we invest,” he said.The return on market-rate pensions was 3.6% in the first quarter, up from a 1.3% loss for the same period the year before. For traditional average-rate pensions, however, the quarter produced no return (0%), after 3.8% in the first quarter of 2016.Danica Pension’s total pensions assets increased to DKK409bn at the end of March from DKK390bn at the same point last year.last_img read more

AP7 return leads Sweden’s premium pension providers in 2016

first_imgHistorically, it said, AP7’s Såfa had been “a very good option”, with the balanced fund having returned an annual 9.6% on average since inception in 2000, while the corresponding return for pension savers with their own portfolio had been 6.5% over the same period.Some 48% of premium pension savers had their money in AP7’s Såfa at the end of 2016, and this capital amounted to 30% of the entire fund capital contained in the PPM, according to the report.Sustainable investments featured more heavily in the PPM as a whole last year than the year before, the agency reported, with a rising proportion of capital in unit-linked funds meeting the SWESIF (Swedish Forum for Sustainable Investments) criteria.The proportion of capital grew to 65% in 2016 from 57% in 2015, according to the report.Bengt Norrby, statistical director of the Swedish Pensions Agency, said: “This increase is mainly due to the fact that a number of funds with a lot of capital now meet SWESIF’s requirements for sustainable investments.”At the end of last year, 7.2m individuals participated in the PPM, including 5.8m pension savers and 1.4m pensioners, the agency said.Total assets under management in the system rose to SEK983.5bn (€101.7bn) at the end of last December, of which SEK960bn was in unit-linked insurance and SEK23.5bn in traditional insurance. Sweden’s default provider in the premium pension system (PPM) AP7 has beaten the average return of non-state premium pension providers in 2016 with a 13.9% on its Såfa balanced fund, against a 9.5% return on average from the other providers.In its report on the PPM for 2016, the Swedish Pensions Agency (Pensionsmyndigheten) described 2016 as a good year for the system in its entirety, although it said performance at a handful of non-state funds had been “doubtful”.The PPM is the funded part of the Swedish state pension that allows pension savers to make their own investment choices, investing their contributions either in products from a wide marketplace of private sector investment fund providers, or with state pension fund AP7 in its default Såfa option.For pension savers who opted for some kind of management service from their marketplace provider, the return in 2016 was 6.5%, the agency said.last_img read more

Twin towers set for orchestral site

first_imgEncore contains 60 two and three bedroom apartments with completion set for spring 2019.PAYING homage to its historic beginnings as the site of the Queensland Symphony Orchestra, Stockwell’s latest development will produce two buildings dubbed Encore and Virtuoso.Stockwell managing director Mark Stockwell said the company looked to a musical reference to name the project because of the site’s original purpose. “A virtuoso is a highly skilled master or expert and that idea of skill and precision is what we have applied to the design of the building and apartments within,” Mr Stockwell said.“Hence the name was fitting. Encore, coming after Virtuoso, plays off an audience calling for more and as such we are delivering up a repeat performance of quality, large apartments sought by the market.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, 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 Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25 Virtuoso offers three, four and five bedroom residences.“The four and five bedroom apartments in Virtuoso were among the first to sell.”Mr Stockwell said the development had attracted a range of different buyers, from professionals, retirees and downsizers to families.“All who want to spend less time and money maintaining a large home and more time doing what they enjoy,” he said.When both are completed, more than 800 people are expected to move in. FOLLOW THE COURIER-MAIL REAL ESTATE ON FACEBOOK center_img Stockwell was keen to keep the musical reference in the name.Construction has moved on Virtuoso with building complete to level seven with its roof framing underway with completion expected soon. Encore is following fast behind with inground works commenced.“When we first acquired the land for Riverpoint, our residential community adjoining Virtuoso and Encore, it was clear that this was an unrepeatable part of West End,” Mr Stockwell said.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoConstruction has moved apace onVirtuoso with building complete to level seven with its roof framing underway.“In conceptualising the buildings of Virtuoso and Encoreand learning from our neighbouring project Riverpoint, we knew that there was demand for larger apartments that were different to the stock typically being offered in the market.“In Virtuoso we offer only three, four and five-bedroom residences and in Encore only two and three-bedroom apartments, with an emphasis on three bedrooms.last_img read more

Entertain with the bright city lights as a backdrop

first_imgEven the bedrooms at 48/30 O’Connell Street, Kangaroo Point, have beautiful views.Sit in the outdoor spa and watch the city light up as the sun sets or entertain with the Brisbane city as a backdrop. The 424sq m property has high ceilings, open-plan living, a dedicated bar and an entertainer’s kitchen. The master suite has an ensuite with spa bath, a walk-in wardrobe and a private balcony. The three remaining bedrooms have balcony access. The property is on the market through Simon Caulfield and Courtney Maguire of Place Kangaroo Point. In Morningside, the three-bedroom townhouse at 1/73 Pashen St offers city views from the private main bedroom. The view from the deck at 1/73 Pashen Street, Morningside.Set in a complex of three, the property has a lounge room opening to the front courtyard and an open-plan kitchen and dining space flowing out to the rear courtyard through sliding door. The lights of the CBD can be seen from the back entertainment area. Upstairs, there is a family bathroom and three bedrooms, including the master suite with walk-in wardrobe, ensuite, private balcony and beautiful views.The balcony is big enough for an outdoor couch to relax on while soaking in the vista. The home is being sold by Tony O’Doherty and John Keating of Belle Property Bulimba. The view from the entertaining area at 35 Laidlaw Parade, East Brisbane.The property comes with a private 10m deep pontoon, wine cellar, cinema and guest quarters. The property will go to auction on Saturday, July 27, at 11am and is being marketed by George Trovas of Ray White Bulimba. Step into the two-storey penthouse at 48/30 O’Connell St, Kangaroo Point, to enjoy stunning 270-degree river and city views. More from newsNoosa’s best beachfront penthouse is about to hit the market12 hours agoNoosa unit prices hit new record high as region booms: REIQ12 hours agocenter_img The stunning view from 48/30 O’Connell Street, Kangaroo Point.The bright city lights and stunning views from these Brisbane homes are sure to attract buyers like moths to a flame. In East Brisbane you can sit on your back deck at 35 Laidlaw Parade and watch the boats float by with the River City in the background. The five-bedroom home is spread across four levels with views from the master suite, living spaces, swimming pool and office. last_img read more

New home that rose from ‘meth house’ ashes to go to auction

first_imgPlace Coorparoo agent Ben Salm, who is leading the sales campaign, said they had had over 45 groups through the property since it launched four weeks ago. “We have had interest from local buyers, interstate buyers, and I am registering a buyer (for the auction) from China,” he said. “There has also been quite a lot of interest from the French (community).“I have been selling here for years and never seen so many French people through an open inspection.” The couple and their children have lived in the house for over a year, but are now selling to embark on their next project.“My brother-in-law has also moved overseas after finding love so he is starting his next chapter,” Mrs Gamez said. 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? 01:45A NEW house that rose from the ashes of an alleged ‘meth house’ is just one of 12 properties that will go under the hammer tomorrow night.The original house at 7 Tegula St in Mansfield was destroyed by fire in 2015, with the Courier Mail reporting at the time that two occupants of the house escaped unharmed. The original house at Mansfield before it was destroyed by fire. CoreLogicRemains of the charred shell were levelled, and the vacant 645sq m block, which is located within the sought-after Mansfield State High School catchment, was sold for $490,000 in 2016. What remained of the original house after the fire. Supplied.The owners – husband and wife Jonathan and Elizabeta Gamez, and brother-in-law Christian Gamez – have since built a modern, five bedroom “family entertainer” on the block. What the current owners bought for $490,000 back in 2016Mrs Gamez said neighbours had told them that the original house – a housing commission property – was destroyed after a fire broke out under the house, supposedly due to a tenant “cooking drugs”.“We knew Mansfield was an up-and-coming area and within one of the state’s top high school catchments so we bought the land and built this architecturally-designed house,” she said. The new build was the trio’s first major project, with the husband and wife duo having previously completed a number of renovations. The house at 7 Tegula St in Mansfield now Mr Salm will also auction off another property – 17-21 Ajinby Close at Thornlands – at the event.Called Hawstead, that historic Queenslander sits on a whopping 6994 sqm block and was built by Colonel Edward Drury back in 1876.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoMr Salm said that house, which has been extensively restored and renovated, is also being sold after the vendor found new love.“It is love all around,” he laughed. The house at 17-21 Ajinby Close, Thornlands, after it was renovated.And it is hoped that new love will be found for all of the properties on the auction roster, with the last Place auction event in September setting a new record.At that event, a riverfront mansion at Bulimba cemented a residential auction record when it sold under the hammer for $8.4 million, equalling the highest ever auction sale in the city, a record set a decade ago.While it is unlikely any of the new properties will set a record, some are expected to attract top dollar.Among them is 10 Aaron Avenue at Hawthorne, a stunning riverfront property on the same street as some of the city’s most exclusive properties. Currently owned by the founder of Goodlife Health Clubs, it has four bedrooms and sits on a 606 sqm block. 10 Aaron Avenue, HawthorneA classic Queenslander on a 1012 sqm block at Bulimba, a single-level house just 600m from Hendra’s Racecourse Village, and five apartments, will also go to auction at the event, which is being held at Coco Republic and starts at 6pm.last_img read more

Abandoned Brisbane estate restored to former glory

first_imgWith almost 1000sq m of living space, the Singaporean Federation-style house features soaring ceilings, two fireplaces, panelled walls and polished timber floors. It has multiple living areas and entertaining spaces including a fully-equipped theatre, a bar room and a home office with kitchenette on the lower level with a separate entry. Mr Gordon said his family had hosted many memorable events at Winbrook, including the inaugural Winbrook Invitational Tennis Tournament and his son’s 21st birthday that included 120 guests. Elegantly restored to its magnificent former glory by Mr Gordon’s interior designer partner Lisa Page, the five-bedroom five-bathroom house dates back to the early 1900s and sits on a sprawling 3383sq m block in Kalinga. 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? 01:45During a summer inspection of the historical inner-city “Winbrook’ estate, the owners found it abandoned, as though a family had just suddenly gotten up and left leaving all their belongings behind.“We bought the house in January 2018 and it had been vacant for about five years before that and actually wasn’t even on the market at the time,” mining industry veteran Brad Gordon said.“When we saw the property, it was in such a state of disrepair, but we saw that it had potential and knew the history of the place.” MORE NEWS: Mayor sells waterfront property Entry to the historical property is through electronic gates and through a long landscaped circular driveway that once belonged to the adjoining heritage-listed Kedron Lodge, built in the late 1860s.“Although vacant for at least five years, it had been occupied for brief periods of time throughout. When we first walked through it, it appeared as if the family had just got up and left,” Mr Gordon said.“There were colouring-in books on tables and crayons strewn across them. Clothes and toys were simply left where they had been dropped.”Mr Gordon said none of the essential services worked so there was no running water, power or any telecommunication connections. Most of the heavy lifting in regards to the renovation was completed in 2018, but the last room, the master ensuite, was finished a few months ago.“Lisa is an accomplished interior designer and this incredible restoration is thanks to her efforts. Sure, I was behind the end of a shovel at times but it’s her vision and talents that have transformed this magnificent property,” he said. Meet Brisbane’s house detectivescenter_img Brisbane’s best suburbs to invest in Arguably the most opulent room in the house, the master bedroom, boasts a parents’ retreat, walk-in wardrobe, an ensuite with a freestanding tub and bi-folding glass doors that open to a balcony that wraps around north-facing parts of the house.A decadent entertainer’s kitchen overlooking a living/dining area has a butler’s pantry, barista café station, a fridge drawer, two dishwaters, dual ovens, European appliances and sparkling water on tap. More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago He said they were kept entertained by the property’s swimming pool, spa, two lounging cabanas and a floodlit championships size tennis court with elevated spectator’s rotunda.Additional executive features include a wine cellar, gym, 12 CCTV cameras, a four-car garage, a home automation and video intercoms system and an under-house water tank with pump and garden irrigation system. “I’ve lived in acreage before and we were living in an apartment in London before moving back to Australia in 2017, an experience that we won’t repeat,” Mr Gordon said.“But life at Winbrook has been fabulous, we don’t have any neighbours, it has an acreage feel and we’re just 5km from the city and back on to Kedron Brook. It genuinely it feels like you’re living in the county.” Winbrook is being marketed by Ray White New Farm agent Christine Rudolph and will go under the hammer at 2pm tomorrow (Saturday, November 30).last_img read more