Ireland’s largest defined benefit schemes still ‘under pressure’

first_imgFigures came from annual accounts and other publicly available information.The highest deficit – €1.3bn – was recorded by drinks conglomerate Diageo.The Bank of Ireland had a €1.2bn deficit, and Allied Irish Bank (AIB) €789m.In aggregate, the companies analysed paid substantial contributions – €1.8bn, up from €1.2bn in 2011 – to their pension schemes in 2012, although €830m of the total was paid by AIB.However, these companies are coming under pressure from trustees and government to increase contributions further.During 2012, most companies paid contributions in excess of the cost of benefits accrued, in order to reduce deficits.AIB and alcoholic drinks manufacturer C&C Group made contributions of more than eight times the cost of benefit accrual.At 31 December 2012, only one company – Kingspan, a provider of sustainable building products and environmental buildings management – reported funding levels of more than 100% (Kingspan’s was 104%).On average, however, funding levels for schemes fell during calendar year 2012, from 86% to 82%.The total pensions liability as a percentage of market capitalisation increased slightly, from 33% at end-2011 to 36% at end-2012.However, some companies’ liabilities remain higher than their market capitalisation, including packaging company Smurfit Kappa (116%), convenience food manufacturer Greencore (150%) and Bank of Ireland (181%).But trustees are still employing strategies to reduce risk, such as reducing exposure to equities.The average equity allocation for those pension schemes analysed fell from a high of 58% in 2010 to 49% in 2012.But LCPI said this is still significantly higher than pension schemes in other jurisdictions – for example, UK schemes on average hold 36% of their assets in equities.The consultancy said regulatory demands were putting more pressure than ever before on trustees, such as the introduction of risk reserves, and the reintroduction by the Pensions Board of the deadline for submitting funding proposals.Conor Daly, partner at LCPI, said this week’s announcement of the government’s intention to change the order of priority of pension beneficiaries opens up the prospect of pensions in payment being reduced in future restructuring plans.“It is apparent now that being a member of a DB scheme no longer guarantees a pension,” he said.“While providing some equity for members not yet retired, recent ministerial announcements have opened the worrying prospect of pensions in payment coming under pressure under future restructuring.”He added: “We foresee many more closures and restructures of these schemes over the next 12 months.” Ireland’s biggest defined benefit (DB) pension schemes remain under pressure despite some recent falls in deficits, according to a survey from Lane Clark & Peacock Ireland (LCPI).The survey found that falling euro corporate bond yields increased pension liabilities over the year to 31 December 2012 to €5.7bn, although LCPI said a recovery in these yields and positive market returns throughout 2013 reduced these deficits substantially, to around €2.8bn as at 30 September 2013.The survey covers 17 of the largest companies, by market capitalisation, listed on the Irish Stock Exchange and other exchanges, which have DB pension arrangements in Ireland.It also covers 13 semi-state or state-controlled companies with DB pension schemes.last_img read more

Institutions want hedge fund returns to be uncorrelated, not high – survey

first_imgInstitutional investors put money into hedge funds to get returns that are uncorrelated to equity markets and to dampen portfolio volatility, rather than in the hope that the funds will produce big returns per se, according to research from alternative assets data provider Preqin.The firm’s 2014 report into investing in hedge funds, which polled more than 100 institutional investors internationally, found that 59% of hedge fund investors were looking for uncorrelated returns from the funds, compared with just 7% who said they were aiming for high returns.Some 56% responded by saying they were seeking risk-adjusted returns, and 46% said they aimed to reduce portfolio volatility through investment in hedge funds.Amy Bensted, head of hedge funds products at Preqin, said: “Investors are looking for hedge funds to do more than produce high returns.” According the report, 67% of hedge fund investors were looking for returns of between 4% and 6%, while only 6% of investors sought returns of more than 10%.Bensted also said the research showed investors were the most satisfied with returns they had ever been.“The amount of money they invest in hedge funds has increased over recent years and is likely to grow significantly in the years to come,” she said. Eighty-seven percent of investors, according to the survey, said they would maintain or increase their allocations to hedge funds over the next 12 months.Bensted said managers of hedge funds who wanted to raise capital from these investors needed to market the positive impact their vehicle could have on an investor’s portfolio — apart from returns.“Our findings also demonstrate that the frequent, broad comparisons of hedge fund performance to standard market indices, such as the S&P 500, are generally viewed as irrelevant by the institutions making the investments and judging their success, as these indices do not reflect the diversity of the hedge fund industry or its risk/return characteristics,” she said.last_img read more

Friday people roundup

first_imgElo, BNP Paribas, Achmea Bank, MPD, REYL & Cie, F&C Investments, Waverton Investment ManagementElo – Satu Huber is to replace Lasse Heiniö as chief executive of the Finnish mutual pension insurer at the start of June. Huber is currently deputy and will move into the chief executive position as per an agreement made when Elo was formed via the merger of Pension Fennia and Local Tapiola in 2013. Heiniö will continue as an adviser to the board until the end of the year. The Elo board, which will not be chaired by Huber, is made up of Matti Carpén, Hanna Hiidenpalo, Mikko Karpoja, Erja Ketkon, Sarianne Kirvesmäki, Keijo Kouvonen and Hilkka Malinen, who has joined as vice-president of HR.BNP Paribas – Robert van Kerkhoff has been appointed head of BNP Paribas Securities Services in the Netherlands. He has served as the company’s deputy head of operations at Asset & Fund Services in Paris, as well as Madrid-based COO of the Spanish branch of Fortis Bank. Separately, BNP Paribas appointed Ronald Koelewijn as head of sales in the Netherlands, responsible for business development within all client segments. Koelewijn has worked as manager of Global Client Development Netherlands & Scandinavia for banks and brokers. Meanwhile, Erwin Reyes has become secretary general at BNP Paribas Securities Services in the Netherlands. He will lead the internal organisation as well as projects.Achmea Bank – Petri Hofsté has been appointed chair of the supervisory board (RvC) of Achmea Bank. She has been a member of the executive board at Royal Bank of Scotland and the €424bn asset manager and pensions provider APG, as well as director at ABN Amro Bank. Before then, she served as supervisory director at regulator De Nederlandsche Bank. At Achmea Bank, Hofsté succeeds Erik van de Merwe, who stepped down after completing his maximum tenure of 12 years. Van de Merwe remains chairman of the RvC at Achmea. MPD – Felix Sprooten has been appointed head of board matters at Media Pensioen Diensten, the pensions provider of the €5.3bn industry-wide scheme PNO Media in the Netherlands. Since 2011, he has served as senior board secretary and deputy director of the pension bureau of PNO Media. Before then, he was board secretary of the pension fund of industrial conglomerate Stork, which merged with the €43bn metal scheme PME. Sprooten has also been a board member at PME, representing the employer.REYL & Cie – Cédric Özazman has been appointed head of investments and portfolio management. Özazman has been a senior member of the bank’s Investments team for more than five years. The bank has separated the position of chief strategist, which will continue to be performed by François Savary, from that of head of portfolio management for private clients. Savary also manages the bank’s Asset Services business line, intended for the institutional market and launched by REYL & Cie at the start of 2015.F&C Investments – The company has made three appointments to its European Distribution team: Robert Elfström, Frank Steffen and Carolin Töpfer. Elfström joins in the newly created role of director for the Nordic Region, where he will be managing new and existing wholesale and institutional client relationships. He previously worked at Franklin Templeton Investments, where he was a sales director for the Nordic region. Steffen joins as a senior sales director in the Wholesale Distribution team, based in Munich. He was previously at BlackRock Investment Management in Germany, where he was a sales director for wholesale and strategic clients. Töpfer joins as sales support, based in Munich.Waverton Investment Management ­– Andrew Fleming has been appointed chief executive. He will start in his new position on 1 July, pending regulatory approval. He replaces Hugh Grootenhuis, who is stepping down as chief executive, a position he has held since June 2009. Fleming was most recently chief executive at Cumulus Group. From 2005 to 2013, he was chief executive and CIO at Aegon Asset Management (rebranded as Kames Capital in 2012). He began his career at Gartmore Investment Management.DIAM – DIAM International, the UK arm of Asian asset manager DIAM Group, has appointed Hidetoshi Yanagihara and Eiichi Watatani as chief executive and CIO respectively. Yanagihara has been group leader of the Corporate Planning Group of DIAM in Tokyo since 2011. Before then, he was deputy general manager of the Mizuho Corporate Bank New York Americas Treasury Department. Watatani has been with the DIAM Group for 13 years and joins DIAM International as CIO from his previous role as executive vice-president of DIAM USA.last_img read more

Netherlands roundup: Douwe Egberts, Ortec transfer schemes to APFs

first_imgAmsterdam, NetherlandsNN and Delta Lloyd to merge low-cost DC vehiclesDutch asset manager and insurer Nationale Nederlanden (NN) has announced that its low-cost DC vehicle (PPI) would merge with BeFrank, the PPI of Delta Lloyd. NN bought an 80% stake in Delta Lloyd earlier this year.In a presentation of the integration plan, David Knibbe, NN’s director for the Netherlands, said that the merged product would continue under the BeFrank brand, because of its innovative participant portals and the fact that BeFrank had attracted different clients than NN and Delta Lloyd.The merger would lead to a €2.3bn vehicle with 154,000 participants in total, which would make it the largest in its market.Pensioen Pro, IPE’s Dutch sister publication, estimated the market at €5bn in total, with 425,000 participants.Currently, NN and Delta Lloyd together receive 38% of the total of €6bn of premiums for insured DB and DC pensions.Knibbe pointed out that the integration of collective pensions would be completed by 2020.He said that the company would focus on the growth of “capital light” DC pensions at the expense of capital intensive DB contracts.Currently, NN and Delta Lloyd have combined DB liabilities of €70bn, for which they must keep €3.5bn in reserve under Solvency II rules. If all currently known planned transfers to Stap were to go ahead, the general pension fund would have €4.7bn of assets under management next year.Elvin van den Hoek, director at Douwe Egberts’ pension scheme, explained that it had opted for the APF as this would provide better benefits from the pension fund’s relatively high funding ratio.The Douwe Egberts pension fund has a coverage ratio of 121%, whereas PGB’s funding stood at 104.7% at October-end.Ortec scheme to join general pension fund Volo Meanwhile, pension fund consultant Ortec Finance is also transferring its pension scheme to an APF. From 1 January 2018 its average salary plan and additional pension accrual on top of this will be implemented by Volo Pensioen, the general pension fund set up by PGGM.The APF will take over all existing liabilities as well as the €64m of assets of Stichting ORTEC Pensioenfonds, which has 1,400 participants in total.Ortec is Volo’s second client, following the transfer of the closed €265m Pensioenfonds Jan Huysman .Volo has set up a new collective compartment for Ortec with an average risk profile for investments, which is also open to new entrants.In addition, it has opened a compartment dedicated to Ortec’s defined contribution plan for additional pensions accrual, which is known as “excedent” arrangements.The APF is already running a compartment focusing on defensive investments for the Jan Huysman scheme.Gerrit Timmer, chairman of the Ortec Pensioenfonds, said it was important that the current pension arrangements could be continued at Volo.“Placing it with Volo relieves us from the worries and workload of running the scheme ourselves, without appreciable concessions to the desired pension plan and investment beliefs,” he said.Volo said it would, in consultation with Ortec, start actively searching for pension funds interested in joining its two new compartments. The €1.8bn pension fund of coffee maker Douwe Egberts is to transfer its legacy pension assets to Stap, the general pension fund (APF) set up by insurer Aegon and its subsidiary TKP Investments.The pension fund is to liquidate, having previously transferred future accrual to the €24bn multi-sector scheme PGB.At Stap, the assets of Douwe Egberts’ 10,000 deferred participants and pensioners will be managed in a single-client compartment.The Douwe Egberts scheme is Stap’s largest client. It has already welcomed the €1.5bn pension fund of Holland Casino, which transferred earlier this year despite a disagreement with unions and employer representatives .last_img read more

Linking state pension age to life expectancy is ‘unrealistic’

first_imgThe Netherlands Bureau for Economic Policy Analysis (CPB) has warned the Dutch government against raising the country’s state pension age in line with life expectancy.In an interview in Dutch financial newspaper FD, Laura van Geest, director of the CPB, said that, based on current legislation, this would mean that if people were to live till 110, they would have to keep on working past their 90th birthday.Van Geest said such an increase was “unrealistic”.In a new report on working longer, the government’s accountants have warned that low-paid workers and the fast-growing group of self-employed workers (known as zzp’ers in the Netherlands) could face serious problems as a consequence of the higher state pension (AOW) age. Laura van Geest, CPBShe proposed a more gradual increase of the AOW age – for example an annual rise of three months – to enable the current generation of older workers to prepare for working longer.According to Van Geest, such a slowdown of the rising retirement age would cost the government €1.1bn in 2021, but would be almost budget-neutral in the longer term.An alternative would be a temporary but significant budget for additional education and re-education to help older workers retire in good health, she said.In this case, younger employees should be offered a periodic “MOT” through their employer and pension fund, to gain insight into the costs and benefits of early retirement, as well as their investments in a healthy and learning life.Recently, the country’s largest union, FNV demanded a freeze of the AOW age as a condition for its support of a new pensions contract.The second-largest union, CNV, has said that the retirement age was rising too fast.The CPB also said that many self-employed hardly saved for their pension and that most of them were not insured against becoming unable to work, in contrast to full-time employees. This meant zzp’ers lacked a social safety net if they couldn’t work any longer before retirement age.“Although the government has made different choices for zzp’ers, research has shown that people don’t think properly about their future and don’t expect to get ill,” said Van Geest. “If they do get ill, it is too late to arrange something.”The CPB director suggested that the government should assess whether self-employed workers could be persuaded or forced to insure themselves.Van Geest also recommended that politicians take low-paid and low-educated workers into account, who lack large pensions savings for early retirement.She argued that a more flexible AOW age would not be a solution either, as benefits would be too low if they opted to retire early.She added that dedicated pension arrangements for people in hard manual labour would not work “as defining such a group would be very difficult and would remove the incentive to improve labour conditions”.Van Geest suggested that addressing smoking, drinking, unhealthy food and lack of exercise would help in the longer term, adding that the life expectancy of lower-educated workers was at least four years less than that of higher-educated employees. The government has already decided to increase the retirement age to 67 in 2020. One year later, the AOW age will increase again by another three months.Van Geest noted that the government had opted for this solution as a way of keeping the state pension affordable, with state finances under pressure since the financial crisis.last_img read more

US pension fund sues Willis Towers Watson over merger

first_imgA US pension fund is suing Willis Towers Watson (WTW) and Towers Watson’s former chairman and CEO John Haley for alleged fraud in connection with the $18bn (€16.6bn) merger deal between the Willis Group and Towers Watson in early 2016.The $1.3bn Massachusetts-based Cambridge Retirement System filed a class action in the US District Court for the Eastern District of Virginia in late November, claiming the merger contravenes the Securities Exchange Act of 1934. The action was brought on behalf of all Towers Watson (TW) shareholders eligible to vote on the merger.Haley is now chief executive of WTW. The defendants also include TW, Willis Group, Willis’ former CEO Dominic Casserley, ValueAct Capital Management – Willis’s biggest shareholder at the time of the merger – and ValueAct’s CEO Jeffrey Ubben.On 30 June 2015, the TW consultancy – based in Arlington, Virginia – and brokers Willis, whose headquarters were in London, announced an agreement to merge. The Richmond courthouse for US district court eastern district of VirginiaUnder the merger terms, TW shareholders would receive 2.649 shares of Willis stock and a $4.87 per share cash dividend, in exchange for each TW share. The agreement gave TW shareholders a 49.9% stake in the combined entity, with Willis shareholders owning a majority 50.1%.The merger needed approval by a majority of TW shareholders and, according to the filed complaint, it became “immediately apparent” that many shareholders were dissatisfied with the consideration they would receive in the deal. Recognising the waning shareholder support for the merger, the TW directors authorised their chairman and CEO John Haley to renegotiate the deal terms, including both the exchange ratio and the cash dividend.According to the court papers: “Haley, however, had an economic incentive for the deal to be consummated and when he recognised that TW shareholders would likely reject the deal, Haley conspired with Willis executives and a major Willis shareholder, ValueAct, to secretly help them execute this transaction.”The papers continue: “In particular, Haley decided to sell out TW shareholders in exchange for an undisclosed promise of a three-year, US$165m pay package when Haley became CEO of the merged company. In return, Haley did not negotiate to maximise the value of TW shares in the merger and instead worked to persuade TW’s board and shareholders that a meagre US$5 increase in the special dividend was the most he could extract from Willis.”The complaint maintains this led to “false and misleading representations” being made to investors in the TW and Willis joint proxy materials. It claims the proxy materials also omitted the fact that Haley had negotiated his compensation as the future CEO of the combined entity, and that several statements made by Haley in support of the merger were secretly “ghostwritten” by ValueAct.It concludes: “As a result of these material misrepresentations and omissions, TW shareholders were misled into accepting consideration from the merger that was well below fair value for their TW shares.”The merger between the Willis Group and Towers Watson closed in January 2016.WTW has declined to comment.last_img read more

​Folksam quizzes Ericsson over bribe-linked staff

first_img“We have previously thought that Ericsson has been undertaking ambitious anti-corruption work, but it is obviously not enough,” the pensions and insurance firm said.Folksam said it contacted the telecoms company in December to set up a meeting at the beginning of this year to discuss what had happened and what action to take.“There have been reports that employees with links to the bribes remain within the organisation. We want to know more about this,” it said. Other questions Folksam said it wanted to put to Ericsson were what the independent reports conducted over the years at the company had revealed, and whether this could be reported at the next annual general meeting.Ericsson announced in early December that it entered into a three-year Deferred Prosecution Agreement with the US Department of Justice, one condition of which is a fine payment of more than $520m.The scandal-hit firm said charges related to accounting violations of the Foreign Corrupt Practices Act in five countries, and that its Egyptian subsidiary had pleaded guilty to bribery charges in Djibouti.Börje Ekholm, Ericsson’s chief executive officer, said in the statement that reaching a resolution with the US authorities would allow the company “to close this legacy chapter”, move forward and build a stronger company.Folksam said the Swedish Prosecution Authority had started its own investigation into the bribery allegations.On the question of whether it could continue as an Ericsson shareholder, Folksam said its strategy was to be an owner that made demands of its holdings.“As it now appears at Ericsson, anti-corruption work seems to be high on the agenda and we believe that we can benefit by asking questions and making demands for transparency,” the pensions and insurance group said. Swedish pensions and insurance group Folksam says it is demanding answers from Swedish telecoms company Ericsson over the US corruption case it resolved with US authorities in December, in which staff were found to have engaged in bribery.Folksam, which has SEK3.84bn (€365m) of Ericsson shares amounting to 1.25% of the company’s share capital, said in a statement that so far, it had been difficult to understand what had happened at the company and it needed more information from Ericsson.“But obviously it is a structural problem when a company and its management are not clear internally and externally about what matters,” it said.Folksam said Ericsson was one of the companies that it and its municipal pensions subsidiary KPA Pension were focusing on as owners, adding that it never accepted businesses that put short-term potential profits ahead of ethics and legislation.last_img read more

Celebrity chef loves Samford Valley

first_imgChef Alistair McLeod with Phoenix the chook and pumpkins at Loop Growers. IMAGE: Tara CroserCelebrity chef Alistair McLeod is a presenter with Channel 7’s Queensland Weekender and Network 10’s former Ready Steady Cook. We came in with grand ideas on how to make the house our home.We had the renovations mapped out over a bottle of pinot within a month. After the next bottle we decided to park all our aspirations for a year. We now know where the sun comes up on every day of the year, which way the wind blows and which neighbours we can hear tending to her horses, you know who you are. Or what was the biggest lesson you learned? What do you love about your home? Preserved mid-century home hits the market 5. If money was no option, what would be your fantasy home and where? Celebrity chef Alistair McLeod during a cooking demonstration about how to reduce food waste as part of National Recycling Week. IMAGE: Tara Croser. Terrace homes among trees We live and base our business in the Samford Valley. I love the space, the air, the sky, the darkness, the community, the lack of traffic lights and the separation from suburbia. Our living area is a vaulted space that seamlessly blurs the line between kitchen and lounge. We renovated the kitchen almost immediately after we moved in. (Glass bricks anyone?) We now have a beautiful, flowing workspace that extends to an area where six stools surround the bench and is a great place to eat, work and play games. We have a ride on mower, a push mower, a whipper snipper, a hedger and a weed dragon.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoI love the garden, but I would change the rate at which the grass grows. Where do you live and why? His experience in the kitchen is extensive; he’s worked at Michelin listed restaurants across the world, such as Roscoff in Belfast, United Kingdom and Da Giovanni in Torino, Italy. His tenures in Brisbane have included roles as executive chef at the iconic Bretts Wharf as well as the much acclaimed Tank Restaurant and Bar.More recently, he has launched Al’FreshCo — his own business that provides catering, markets and his own product line. While the much loved chef was born in Belfast and classically trained in Europe, he has chosen Brisbane as his home. RELATED: MORE: One of my fantasy homes would have nothing more than a kitchenette.There would be no need living in the San Remo overlooking Central Park.Now to get a booking at Blanca. My other fantasy home would be a modest property on that wonderful piece of the French Rivieria between Nice and Monte Carlo. It would have a beautiful kitchen for me to prepare simple Provencale meals. Now to get a booking at Le Louis XV. What would you change about your home? >>FOLLOW EMILY BLACK ON FACEBOOK<< Tam Wrigley loves life on the Sunshine Coastlast_img read more

Unusual water feature takes centre stage in Gold Coast mega-mansion

first_imgThe Sanctuary Cove residence at 5691 Anchorage Tce has an unusual feature at its heart.IMAGINE walking into a waterfront mega-mansion and seeing a shower in the middle of the foyer.Once the initial shock wears off, it quickly becomes clear the unusual attraction inside the Sanctuary Cove residence is actually a water feature but that won’t stop you from doing a double take.The waterfall-like feature is surrounded by a miniature garden, which offers a splash of colour against the house’s white interior.A dome skylight above it offers a natural spotlight to make sure it is the centre of attention at all times.The eye-catching design is a standout feature of the Anchorage Tce house, which has hit the market with a $5.95 million price tag. MORE NEWS: The rudest place names on earth The house was a labour of love for the Japan-based owner, who owned the property next door a few years ago, but Mr Phillis said the time was right for him to say goodbye to the holiday home.“He’s building a beach house in Japan now,” he said.The four-bedroom house is on a sprawling 1200sq m block with 22m of water frontage that can accommodate a 68ft boat.An infinity edge pool with spa, waterfront entertainment terrace, tiered home theatre and billiards room are among its luxury inclusions. A shower-like water feature is certainly not what you’d expect to see after walking inside the mansion. It was designed to make the most of the views.Self-titled agency head Alex Phillis, who is marketing the property with Zack Tanti, said the owner incorporated the feature into the house’s design when building it.“It was included in the design to have that wow factor when you come in,” he said.“He wanted a standout feature as you come in but not something that blocked the views.”Mr Phillis said house hunters would either love or hate the feature, which included artificial plants to ensure it looked the part year round.“You can have LED lights that run and you can change the colour of them,” he said.More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago The perfect spot to relax. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, 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 much do I need to retire?00:58center_img MORE NEWS: Where you should have bought 10 years agolast_img read more

Gold Coast acreage estate has a string of unique features

first_img A “Ferrari red” wine tasting room and cellar is a highlight. The cinema can seat up to 16 people.“The whole house is controlled on an iPad and they have keyless entry too. It’s done by fingerprint.”Among other features are an infinity-edge pool, a steam room, gym, an electronically retractable ceiling in the main bedroom and seven bathrooms, each with different coloured mosaic tiles.Mr Pierre said the property also had a “wow button” to turn on the coloured lights surrounding the residences. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51 The Tallai house at 156 Tallai Rd is one of a kind.IT is home to some unique features and has formed the backdrop of television shows and movies, so it is safe to say this Tallai house is one of a kind.A “Ferrari red’’ wine tasting room with 1500-bottle cellar, 16-seat cinema, Greek Roman-inspired murals and a bar with a dance floor and karaoke stage are among the sprawling residence’s highlights.The 8888sq m property at 156 Tallai Rd is due is on the market under an expressions of interest campaign.Selling agent Pascal Pierre, who owns three LJ Hooker offices in the city’s north, said it had become so popular the homeowner hosted weddings and film crews over the years.“Chris Lilley, he filmed there at the house and there have been various other movies and TV shows (filmed) there,” he said. MORE NEWS: Where it will cost you $6000 a week in rent Its main bedroom has an electronically retractable ceiling. There are murals throughout the house. All the bathrooms have different coloured tiles.“I think the best part of this house is that it’s totally unique and you’re on private acreage.”Property records show the owner bought the six-bedroom house in 2011 for $5.8 million.Mr Pierre said the owner had updated the property since then, including the technology inside and had built a second residence that was ideal for guests.“It consists of three bedrooms, it’s own deck and arguably better views than the main house because it’s higher,” he said.Entertaining would be a breeze for the new owners, with plenty of features to impress guests.“It’s got a 1500-bottle cellar and tasting room and it’s Ferrari red,” Mr Pierre said.“You’ve got the entertainment wing, which has the full 16-seat cinema with state-of-the-art equipment.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“It also has a fully soundproofed room for music so you can go and play drums from all hours of the morning if you like and no one else will hear. MORE NEWS: Why there are fewer properties on the marketlast_img read more