The new bank, to be called Williams & Glyn’s – the branch network’s previous name, dropped in 1985 – will act as a “challenger” bank to the major players, with a focus on ethical standards and servicing the needs of retail and small and medium-sized enterprise customers.As at 30 June, the business had total assets of £19.7bn, customer deposits of £22.2bn and risk-weighted assets of £13.3bn.It made an operating profit of £168m for the first half of 2013.The Church Commissioners’ stake equates roughly to 1% of its £5.5bn portfolio, which is used to finance Church activities and fund pensions for pre-1998 service.This is its first direct co-investment in private equity, which forms 3-5% of the overall portfolio.The first private equity investment was made in 1997.Tom Joy, director of investments for the Church Commissioners, said: “This represents a good investment opportunity, so we are comfortable with the risk/reward trade-off.”He added that the stake was not seen as an impact investment – i.e. one which supports businesses furthering the investor’s mission, while returning the capital invested, often with an added financial return. “First and foremost, it would have failed as an investment idea had it not met our return hurdles,” Joy said. “It is not our intention to sacrifice a certain level of return.”The Church Commissioners have the right to appoint an independent director to the board of Williams & Glyn’s, and the intention is to be proactive investors, particularly since the bank is intended to operate as a “good bank” operating to the highest ethical standards.According to Joy, this includes treating customers fairly and not getting involved in non-core activities such as investment banking or proprietary trading.“We were the instigators of good bank principles, and they formed part of the bid documents,” he said.Joy said the stake was seen as a long-term investment, although this will be reviewed if and when an initial public offering takes place.Even so, the present intention is that the shares will not be sold, although they would then be classified as UK equities.The Commissioners’ investment objectives are a return on investments of inflation (retail prices index) plus 5%.Over the past 10 years, the returns from their private equity holdings have outperformed the returns from the portfolio as a whole, at 14.9% per year compared with 9.1%.However, private equity only returned 2.9% over the year to 31 December 2012, compared with 9.7% for the total portfolio.The investment policy includes ethical guidelines drawn up by the Church’s own Ethical Investment Advisory Group (EIAG).The Church Commissioners engage with all the banks they invest in. In particular, they have had discussions with Barclays Bank on concerns over the LIBOR-rigging scandal, and the mis-selling of payment protection insurance.In June, the EIAG’s 2012-13 annual review said: “We have been encouraged by the determination of the bank’s new leadership to turn a corner and foster a more ethical culture.” The Church Commissioners – the Church of England’s investment arm – have won the bid to buy more than 300 UK bank branches from RBS, in partnership with other investors.The Church Commissioners have a 10% stake in the £600m (€720m) deal and are the largest investors after the consortium leaders, investment company Centerbridge Partners and Corsair Capital, a private equity firm specialising in global financial services.Other investors include RIT Capital Partners and, reportedly, Standard Life.RBS – 80% owned by the UK government – had been forced by the European Commission to sell its 308 branches in England and Wales and six NatWest branches in Scotland as a condition of its bailout by the state.
Month: September 2020
German institutional investors are placing greater importance on separating Master KAG services from asset management, according to a recent Telos study.Telos said 80% of respondents to its survey preferred ‘pure’ Master KAGs as service providers, rather than ones offering asset management services as well.By comparison, 60% of respondents highlighted the importance of this separation in 2012, while only 50% did the same in 2011. Telos did note that the survey did not take into account the fact some investors might not object to using Master KAGs for passive mandates. It also stressed that all service providers strictly separated administrative and management services.“Recent tenders confirm the trend for a clean separation of the two businesses,” Telos said.The survey’s findings echo a recent comment by a board member at the annual press conference of Austrian asset manager Spängler IQAM.Markus Ploner, one of three managing directors at the quant manager, which also has a KAG license, said “the more complex the mandate, the less likely all the services will be provided by one KAG”.He added that risk management might be provided by one KAG and hedging overlays by another. “Investors are selecting their service providers carefully,” he added.In its survey, Telos predicted there would be “two types of provider” in Germany – full-service providers and those focusing on reporting and administration.It also found that institutional investors wanted their Master KAGs to be able to report on and administer all asset classes.Meanwhile, Master KAGs have topped up their staff resources and will continue to do so as reporting requirements grow more complex, Telos said.This is happening despite lower margins from equity and alternative mandates.“The very conservative-orientated investment policy of institutional investors is increasingly difficult to handle for Master KAGs,” Telos said.The researcher said Master KAGs were increasingly providing consultancy services to institutional investors, moving into territory formerly occupied by traditional advisers.
The Pensions Regulator (TPR) has levied fines totalling more than £22,000 (€26,000) on two individuals and a law firm for refusing to supply information.In the first case, it fined the head of a small disabled charity £6,500 for refusing to provide copies of his bank statements.Patrick McLarry, the chief executive of Hampshire-based Yateley Industries for the Disabled, “failed to provide the required documents to TPR despite being pursued for them for over 18 months”, the regulator said in a statement.McLarry is a former trustee of the charity’s pension fund. McLarry claimed that sending the documents to TPR would have been a breach of French privacy laws as they related to a French bank account. TPR eventually had to take McLarry to court to obtain the documents.“The harm caused by Mr McLarry’s actions was unknown but the consequent elongation of TPR’s investigation has caused delay and an increase in costs,” the regulator said.Nicola Parish, TPR’s executive director for frontline regulation, said: “This is another example of how we will use our powers to take action against individuals who hamper our investigations into the management of pension schemes. Refusing to comply with a legal request from The Pensions Regulator will not be tolerated.”In a separate case, a solicitor and the firm at which he is a partner were collectively fined £16,000.Anthony Wilson, managing partner at London law firm Ashley Wilson Solicitors, failed to provide documents to TPR – despite the regulator chasing them for nine months.The regulator requested the documents in relation to a pension scam investigation, it said, but it made clear that neither Wilson nor his firm had done anything wrong.Nevertheless, Wilson’s failure to supply the documents despite repeated requests resulted in the fines being levied. The judge who made the rulings said there were insufficient checks and balances at the law firm.The case involved the first criminal convictions secured by TPR.Master trusts on the riseThe use of defined contribution (DC) master trusts by the UK’s leading companies has almost doubled in two years, according to Willis Towers Watson’s LifeSight master trust.Of companies listed in the FTSE 350 index, 15% used master trusts as their primary DC provision, LifeSight said. This compared to 8% in 2015. Almost all of these companies (98%) offer DC pensions to new hires, rather than defined benefit.Master trusts are a form of DC scheme designed to provide for multiple employers. The most notable in the UK is the National Employment Savings Trust, set up by the government in 2010 to aid its auto-enrolment policy.Jo Kite, managing director at LifeSight, said: “While contract-based [DC] arrangements usage has marginally shrunk, master trust usage has doubled, showing a clear direction of travel. As many companies are still only part way through this process, we expect the trend to continue.”Northern Ireland closes funding gapNorthern Ireland’s £5.8bn local government pension scheme (NILGOPF) saw its deficit almost halve in the three years to the end of March 2016, according to its latest actuarial valuation.The valuation report, published earlier this week, showed the scheme had a shortfall of £262.6m in March 2016. Three years earlier this figure was £467m.NILGOPF’s funding ratio at the most recent valuation was 96%, up from 91% in 2013. This was in part due to an annual investment return of 7.1% in the three-year period measured.BMW workers confirm strikeWorkers’ union Unite has confirmed employees of BMW in four UK factories will strike eight times during April and May in protest at the closure of the company’s defined benefit pension scheme.Unite claimed the closure would cost some workers as much as £160,000 in retirement income, and described the move as “pension robbery”.Unite general secretary Len McCluskey said: “BMW’s refusal to talk about affordable options to keep the pension scheme open means a sizeable chunk of its UK workforce will be taking strike action for the first time in the coming weeks. Bosses in the UK and BMW’s headquarters in Munich cannot feign surprise that it’s come to this point. Unite has repeatedly warned of the anger their insistence to railroad through the pension scheme’s closure would generate and the resulting industrial action.”
“We are keeping an eye on this on an ongoing basis, and are working purposefully to position our portfolio to be robust in the face of fluctuations,” he said.His comments followed PFA’s first-quarter results, which showed the fund benefited particularly from its higher-risk assets, including equities.PFA’s equities portfolio made good returns relative to the market in the three-month period, Damgaard said. Overall, the fund produced a 7.2% return for customers between January and March.“We are also pleased that our low-risk fund gave a positive return in spite of the fact that many parts of the bond market had resulted in negative returns because of rising yields,” Damgaard said.However, this did not mean risks had disappeared, he warned, adding that PFA was not about to put all customer money into equities. PFA Pension, Denmark’s largest commercial pension fund, said it was keeping a sharp eye on patches of overpricing in the equity and bond markets as significant political risks remain.Anders Damgaard, CFO of the DKK607bn (€81.6bn) fund, said: “Despite the strong development on the equity markets and in the global economy in the last few months, in our opinion there are still significant political risks in the form of, among other things, the French presidential election, and both bond and equity markets are looking expensive in places.”The first round of the French presidential election is taking place on 23 April, with the second, decisive round happening on 7 May.It was crucial for the pension fund to take good care of its customers’ money and not take unnecessary, large risks, Damgaard said.
In an email announcing the online platform’s launch, Delevoye said he hoped the site would “allow us to have an open debate to explore together all possible solutions”.#*#*Show Fullscreen*#*# The French government has launched a programme for citizens to share their views on ambitious reform plans for the country’s pension system.The cornerstone of the programme is an online participation platform where citizens can submit their views on a variety of questions.There are 11 questions or themes that individuals can comment on, ranging from what rights should be granted to spouses in the event of a death, to how confidence in France’s retirement system can be strengthened.Citizens can vote on proposals and arguments put forward by the high commissioner for pension reform, Jean Paul Delevoye, and other contributors. They can also propose new lines of action or submit new sources of information. What the platform looks like“A subject of such magnitude and that concerns us all requires everyone’s involvement, and I thank you in advance for your involvement,” he continued.Delevoye said he would report to policymakers about “our discussions” and that, when he came to make his recommendations at the end of the year, he would highlight the ideas that got the most traction on the platform and monitor their implementation throughout the reform process.The reform that was being approached was not a simple budgetary or technical reform but a true societal project, Delevoye continued.“It leads us to think about our system of social protection and the model of solidarity that we want between workers and pensioners,” he said. “Welcome to this platform, this space is yours. Participate, contribute, vote and let us together build a pensions system that is more simple, more fair, for all.” Jean Paul Delevoye was appointed the high commissioner for pension reform in SeptemberThe public consultation is open until 25 October.In late 2018 or early 2019 Delevoye is due to propose the guidelines, or main direction, of the reform. This will kick off a new phase of consultation with the social partners, while “digital tools” will also be made available for the public to explain how the new system would work.The draft law will be presented to parliament next year. President Emmanuel Macron has said that the law would only be applied from 2025, and that some pension schemes would need more than 10 years to implement the transition to a new system. The aim of the reform – arguably Macron’s most ambitious yet – is to create a universal pension system to replace the current 42 different compulsory regimes. At least 20 of these are so-called “special regimes”, covering specific professions or categories of workers and each with their own set of rules for determining contributions and pension rights.See the May issue of IPE’s magazine for more about pensions in France
The US state of California has passed a landmark bill requiring two of the country’s biggest pension funds to consider “climate-related financial risk” when making investment decisions.Senate Bill 964 was passed last week. It requires the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to identify climate risk in their portfolios and report on that risk to the public and to the legislature every three years. The first report is due before 2020.The two funds – which oversee $590bn (€508bn) between them – must also report their progress towards meeting the goals of the 2015 Paris agreement on climate change, as well as California climate policy goals.They should also include a summary of engagement activities undertaken by the pension funds in connection with climate-related financial risks. The bill was the first of its kind passed in the US, according to campaign group and co-sponsor of the bill Fossil Free California, and provided a statutory definition of climate-related financial risk.Under the state’s new definition, climate-related risks include material financial risk posed to the fund by the effects of the changing climate. These included intense storms, rising sea levels, higher global temperatures, and economic damages from carbon emissions.The bill also covered other financial and transition risks emanating from public policies to address climate change, shifting consumer attitudes, and the changing economics of traditional carbon-intense industries.The bill must get the approval of California governor Jerry Brown before it can become law.Fossil Free California, which campaigns to end financial support for fossil fuels, co-sponsored the bill with environmental advocacy organisation Environment California.“The risk the changing climate poses to the solvency of large institutional investors, including pension funds and insurance companies, is both inevitable and unpredictable,” said Janet Cox, director at Fossil Free California. “Fund beneficiaries need and deserve the peace of mind that comes from knowing their future security is protected from that risk.”CalPERS and CalSTRS are actively involved in a number of climate change initiatives, including Ceres and the Investor Network on Climate Risk.Most recently, both funds were part of a coalition of investors voting for improved governance at Rio Tinto’s annual general meeting, relating to the company’s membership of lobbying organisations in relation to climate change – although this resolution was defeated.However, both CalPERS and CalSTRS slipped down the Asset Owners Disclosure Project’s 2017 ranking of investors’ climate risk management. CalPERS was ranked 28th out of more than 300 pension funds, 19 places lower than a year before.Investors in Europe and the UK are also facing legislation over climate change and sustainability investment issues. This article was updated on 6 September to remove a reference to the California pension funds reporting on their portfolio carbon footprints, as this was not a feature of Senate Bill 964.
Dutch multi-sector scheme PGB has extended its dynamic investment policy with the introduction of dynamic equity risk management.In its annual report for 2018, the €26bn pension fund said the new tool was aimed at limiting downside risk during falling equity markets through selling or buying index put options.However, it said that, in order to save costs, it would only buy these options if there was a higher risk of equity prices falling, no extreme market drops had occurred recently, and if costs were acceptable.The pension fund reported an overall loss on investments of 2.3% for 2018, chiefly due to declining equity markets in the last quarter. This marked the first time it had incurred an annual investment loss since 2008. “This development highlights how volatile the market climate is and how changeable the pension prospects are,” said Ruud Degenhardt, the scheme’s chairman.PGB’s funding stood at 108% at April-end, well above the minimum required level of 104.3%.Alternatives were the scheme’s best performing asset classes, with property and private equity generating 12.9% and 17.3%, respectively. Infrastructure gained 4.8%.However, these positive results were more than offset by an overall loss of 9.6% on the scheme’s equity allocation.PGB attributed this result largely to underperforming active managers in emerging markets, as well as value-driven and momentum-driven factor funds.It added that the 7.5% loss on alternative fixed income – comprising emerging market debt – was chiefly the result of badly performing active positions, and that it had subsequently sacked the manager.The multi-sector scheme said its combined holdings of German and Dutch government bonds, interest swaps and interest futures had gained 10.4%.Bonds had performed much better than euro-denominated swap rates following Brexit developments and tensions between the EU and Italy about the latter’s budget, PGB said.The scheme’s portfolio of euro-denominated credit lost 0.2% as a consequence of rising premiums for credit risk. The pension fund’s mortgages holdings delivered 2.1% due to falling interest rates for long-duration loans.The pension fund said it had benefited from the lack of a full hedge of the dollar “as the US currency had appreciated relative to the euro”. Its cover of the dollar exposure stands at 50%.PGB also said it was prepared for a no-deal Brexit, and that its existing investments in UK-domiciled investment funds would not be affected.Supervisory board chair exitsThe annual report also revealed that Nico Meeuwisse, chairman of PGB’s supervisory board (RvT) had prematurely resigned at the start of this year, following a dispute with the pension fund’s board about a reassessment of strategy and governance.A spokesperson for PGB attributed the issue to a lack of clarity about the demarcation of responsibilities between the scheme’s board and its governing bodies, adding that new arrangements had been made since.Currently, PGB’s supervisory board comprises Alfred Slager and Orpa Bisschop.The pension fund reported administration costs of €176 per participant, and that it had incurred asset management and transaction costs of 0.32% and 0.1%, respectively, last year.PGB has 244,000 workers and 78,000 pensioners, affiliated with 2,555 employers.
Legal & General Investment Management has launched a range of “secure income asset solutions” aimed at UK defined benefit (DB) pension schemes with a long-term time horizon.All the funds within the range have an open-ended pooled structure subject to a lock-in period of three years once capital has been drawn in. LGIM said this enabled clients to invest in secure income assets without facing any additional governance burden, which was particularly relevant for smaller pension schemes.A Legal & General Secure Income Assets Fund is intended to serve as a single point of access to a diversified portfolio of private market securities, and is designed for UK DB schemes looking for stable, long-term cashflows by targeting a return of Gilts +2.5% per annum over a rolling three-year period.The asset manager has also launched single strategies as separate unit-linked life funds for senior real estate debt, investment grade infrastructure debt, investment grade private corporate debt, and sub-investment grade infrastructure debt and sub-investment grade private corporate debt. A spokesperson for LGIM told IPE it considers the asset classes covered by the new range to be best suited to investors with an investment horizon of at least seven years.Mark Johnson, head of UK institutional clients at LGIM, said: “The launch of the Secure Income Assets Fund meets the growing demand from our UK DB scheme clients for innovative solutions that deliver reliable income.”Stuart Hitchcock, head of portfolio management, private credit, at LGIM Real Assets, added: “For investors with a long term view, secure income assets are a core part of a cashflow-driven investment strategy, delivering a breadth and depth of universe not available in the public market.“By negotiating better structural protections than public market equivalents, we aim to provide improved downside protection, reduced valuation volatility and lower correlation with traditional traded assets.”The asset manager’s strategies are also aimed at appealing to asset owners who are increasingly looking to make a positive social impact.Franklin Templeton completes Legg Mason acquisitionFranklin Resources, the company behind Franklin Templeton, on Friday completed the previously announced acquisition of Legg Mason.The acquisition takes Franklin Templeton assets under management to $1.4trn (€1.2trn) as of 30 June on a pro forma basis.“A tremendous amount has happened since we made our announcement in mid-February, but the strategic rationale for this powerful combination has only strengthened,” said Jenny Johnson, president and CEO of Franklin Templeton.“This acquisition unlocks substantial value and growth opportunities driven by greater scale, diversity and balance across investment strategies, distribution channels and geographies.”Franklin Templeton emphasised that the acquisition brought “notable added leadership and strength” in core fixed income, equities and alternatives, as well as expanding the firm’s multi-asset solutions capabilities.No changes were planned for the specialist investment managers’ differentiated investment strategies, it said.Franklin Templeton paid $50 per share of common stock for Legg Mason and assumed around $2bn of the latter’s outstanding debt.Last week Franklin Templeton also announced that Julian Ide, the CEO of Legg Mason subsidiary Martin Currie Investment Management, as its new head of distribution for Europe, the Middle East and Africa. Ide is to retain his role at Martin Currie.AXA IM backs hybrid AGMsAXA Investment Managers has expressed qualified support for greater use of hybrid annual general meetings (AGMs) by companies.Writing in a proxy voting season review, Irfan Patel and Antoine Najm, corporate governance analysts at the asset manager, said hybrid AGMs, where a physical meeting is held but there is also a full online presence, could boost shareholder participation and allow international investors an effective means of participating in company meetings.Lockdowns imposed in response to the pandemic crisis meant companies were not able to hold in-person AGMs in the usual way, although alternative arrangements were not always to investors’ liking.In their proxy season overview, Patel and Najm said AXA IM encouraged companies to return to physical, in-person meetings once the COVID-19 situation normalised.However, they also said “the rapid shift to virtual AGMs could signal that corporate thinking and technology are now at a point where they can deliver so-called ‘hybrid AGMs’.“We expect this will become increasingly commonplace in future years,” they said.Looking for IPE’s latest magazine? Read the digital edition here.
Keir Constructions have completed work on the Whitehaven unit complex on Wattle Street, Yorkeys Knob. The low set block of two bedroom units will be marketed and sold by Belle Property. Picture: BRENDAN RADKEBUYERS have been warned to get informed and prepare accordingly because the affordability of Cairns property may not last much longer.The Real Estate Institute of Queensland’s statewide Market Monitor (QMM) report released this week showed Cairns delivered a steady growth of 2.5 per cent over the past 12 months. This makes it the second top regional performer over the past five years.Annual median house prices came in at $410,000 in March 2018, but units fell 1.7 per cent, from $236,000 in March 2017 to $232,000 in March 2018.On a positive note, the unit median price still performed positively over the past five years as unit prices increased 12.3 per cent, from $206,625 in March 2013.“Medium to high density dwellings comprise about 31 per cent of residential dwellings in the region, which has made the Cairns unit market a very affordable living option for owner-occupiers or an attractive investment for landlords,” the report read.“The busiest sale price is for unit sales below $250,000, which represent about 55 per cent of the unit sales.“Local property managers have noted a lack of rental stock below $270 a week and longer vacancies for higher-end rental properties.“The weekly median rents for three-bedroom houses also held steady at $380 for the past quarter. Rents for two-bedroom units increased by $10 a week for the past quarter, to $310 in March 2018.More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago“Three-bedroom townhouses got much dearer than three-bedroom houses this quarter, as the weekly rent increased by $43 to $393.“The Cairns unit market is the most attractive market of all areas featured in the QMM as investor yields are about 6.9 per cent, sitting in the top end of the range. House yields increased slightly to 4.9 per cent over the March quarter.”An easing of 0.2 per cent in Cairns’ very tight rental vacancy rate is not a concern, according to REIQ Far North zone chairman Tom Quaid.“The rental market remains tight and we have yet to see any significant influx of supply to change the status quo,” Mr Quaid said.“I’m sure many of us would have liked to have seen greater growth but in fairness (the 2.5 per cent growth rate represents) a continuation of the steady improvement we have seen across the market as a whole for some time now. “We are, however, continuing to see patches of stronger growth come through and look forward to seeing what affect the next state budget has on confidence moving forward.“We’re still looking ahead with a lot of positivity, there are cranes in the sky, projects underway and upcoming and on the ground we are feeling like there is a lot of head room in the current market to move. “In the meantime agents still need to work with their vendors to make sure properties are well presented, well marketed and priced appropriately. For buyers, the current affordability might not last so make sure you are doing your homework.”
Style at every turn. From the air it’s a sight to behold.“It’s been photographed by thousands of tourists from passing cruise boats,” Mr Manton said.“It is the most impressive home you will see as you enter the main canal of Paradise Waters.” Perched in a point position on a 1389sq m block – one of the largest in Paradise Waters – it also offers 55.8m of water frontage.On top of the large block size, it also boasts sweeping views of The Southport School through to the city skyline.“The position was so perfect that in 2008 the old home was demolished and our dream home was built,” Mr Manton said. “We knew exactly what we wanted: something classic but contemporary and a home which really maximised the point position and north facing aspect.“Having a good sense of flow throughout and an easy integration with the outdoors was important too.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:18Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:18 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenDream homes that’ve sold during COVID-1901:19FROM the street this Paradise Waters mansion is a spectacular sight, but from the water it’s a sight to behold.The striking four-level residence is truly breathtaking from every angle, with a sleek contemporary design paired with gentle curves and classic interiors. Inside is just as luxurious. There is plenty of natural light.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoThe end result is a luxurious house with six ensuited bedrooms, a cinema, rooftop entertaining terrace, seven-car basement, lift and formal and informal living and dining zones.Built by Thomas Hughes Constructions and designed by Jared Poole it’s also renowned as one of the Gold Coast’s most admired homes. 30 Seafarer Court, Paradise Waters. Bring the outdoors in. 30 Seafarer Court, Paradise Waters. 30 Seafarer Court, Paradise Waters is on the market through an expressions of interest campaign. Make a splash in the pool. Long-time Paradise Waters resident Will Manton always knew 30 Seafarer Court was a prime property opportunity.“I used to sail past it,” he said.“And I know a good piece of real estate when I see it.”The former coffee grower, who spent 20 years in the remote highlands of Papua New Guinea, bought the property in 1984 with his wife, Noni. He said it checked all the requirements that made it an ideal property purchase. Entertain in style.The couple said the property had been a wonderful place to live.“It’s a quiet, beautiful street with a wide canal and with proximity to beaches, shopping centres, medical facilities and the Broadwater for avid water lovers,” he said.“Sadly time catches up with all of us and now it is time to downsize.”Michael Kollosche of Kollosche and Russell Rollington of First National Surfers Paradise are marketing the property through an expressions of interest campaign closing July 12, 2020.