​Possibility of Greek exit already factored into portfolio – APG

first_imgAPG, the €400bn asset manager for the Dutch civil service pension fund ABP, has said it has already adjusted its investment portfolio for the consequences of a possible exit of Greece from the euro-zone.Harmen Geers, spokesman for APG, said the asset manager had already underweighted its Italian government bond holdings relative to the benchmark, and that its sovereign debt portfolio for the country was now worth €12bn. He said APG had shifted its strategic government bond allocation in favour of UK and US government paper.But Geers also took pains to emphasise that APG was a long-term investor. “We are not going to change our investments on a daily basis following elections somewhere,” he said. He also declined to speculate on the danger of contagion spreading to Italy or Spain, underlining that the two countries’ fundamentals were “different”. “Currently, Italy is implementing reforms, while Spain has a more stable political climate,” Geers said.APG’s spokesman pointed to the uncertainty still surrounding the new Greek government’s plans, as well as the impact of the ECB’s recently announced bond purchasing programme.At the moment, APG has just €144m and €19m, respectively, in equity and bond holdings in Greece, according to Geers, who stressed that the investments would not be rendered immediately worthless in the event of a “Grexit”.“The new value of our Greek assets would largely depend on the exchange rate of a new currency,” he said.Geers said APG had a system ready to deal with any new currency, as a legacy of its preparations for a possible Greek exit from the euro in 2011.“Such a mechanism was very relevant at the time, when our holdings in Greek assets were much bigger than today,” he said.Currently, APG has €7bn and €800m worth of Spanish and Irish government bonds, respectively, in its portfolio.It has divested all its Portuguese government bonds.last_img read more

Wednesday people

first_imgImpax Asset Management Group – Sally Bridgeland and Lindsey Brace Martinez have been appointed as non-executive directors. Mark White, who has served on the board since 2008, is stepping down to fulfil “other commitments”. Bridgeland is a non-executive director at Royal London and trustee of the Lloyds Bank No 1 and No 2 Pension Schemes, as well as at NEST Corporation. Brace Martinez most recently served as managing director of global client service and relations at Cambridge Associates.Schroders – Chris Hsia has been appointed product manager for MAPS. He joins from Morgan Stanley, where he was most recently CIO for Bank Morgan Stanley AG. Separately, Mei Huang has been appointed as a quantitative analyst. She joins from the global equities research division of HSBC Asset Management.Neptune Investment Management – Valentine Bugeja has been appointed head of Switzerland. He joins from M&G Investments, where he was sales manager. Bugeja will have overall responsibility for growing Neptune’s business in Switzerland and will be based in Geneva. Valtion Eläkerahasto (VER), OP Financial, British Airways, Pensions Infrastructure Platform, Impax Asset Management Group, Schroders, Morgan Stanley, HSBC Asset Management, Neptune Investment Management, M&G InvestmentsValtion Eläkerahasto (VER) – The Finnish state pension fund has appointed Mikko Räsänen as head of fixed income, with the expectation that he will broaden the team’s spectrum of skills. Räsänen takes over from Jukka Järvinen, head of fixed income at the €18.7bn pension fund for 15 years before leaving the job in March. Räsänen, previously a vice-president at the OP Financial Group in Finland, will start his job at VER today.British Airways – The airline has refused to renew the contract of Paul Spencer, chairman at both of its pension funds, due to a disagreement over investment policy, according to a source close to the trustee board. Spencer had been chair of the £11.7bn (€16.6bn) New Airways Pension Scheme and the £7.3bn Airways Pension Scheme since 2010. The industry veteran also chairs the £40bn BT Pension Scheme and the Rolls-Royce Pension Scheme.UK Pensions Infrastructure Platform – The PIP has made two senior hires – Ed Wilson as investment director and Paula Burgess as COO – as it looks to speed up the process of becoming an approved investor. Wilson joins from Lloyds Banking Group, where he was in the commercial banking arm. Burgess was head of assurance at CCLA, the Church of England’s investment and property management company.last_img read more

EAPF calls for responsible investment guidelines for LGPS

first_imgThe suggestion was in recognition, the fund said, of the potential emergence of a global stewardship code in the near future but also an acknowledgement of how Japan’s code had evolved best practice established in the UK’s own document.Guidance on RI matters would be drafted by a working group of LGPS practitioners, subject to consultation on the final wording, to ensure it represented best practice, the fund said.Politically motivated divestmentThe EAPF also asked the government to clarify recent pronouncements that local authority funds should not pursue politically motivated divestments, arguing that any investment strategy – which stretches across several election cycles due to its long-term nature – should simply be risk-based.It suggested the government issue clear guidance on how it expects funds to act, working closely with the LGPS Scheme Advisory Board to detail which legal conventions the UK had signed and should be respected.“However,” the fund added, “we express considerable caution that the guidance should not be politically motivated and should be signed off by the LGPS Scheme Advisory Board, advised by the investment sub-group whose role is to consider ESG risk areas.”It also proposed that any guidance for investment policies should allow for decisions in line with fiduciary duties, as outlined by the recent Law Commission report on the matter.The Department for Work & Pensions recently declined to formalise new rules for private sector pension funds based on the commission’s recommendations.The EAPF’s views were echoed by the UK sustainable investment association in its own response to the LGPS consultation.UKSIF’s head of public policy Fergus Moffatt said the proposals to stop councils divesting was “extremely worrying and incoherent” and argued that the very taxpayers the rules purported to protect were at greater risk if certain assets became stranded assets.“This should not be about politically motivated investments, rather ensuring investment decisions are made in the best interests of savers,” he said.The association’s response backed the EAPF’s call for guidance on how UK foreign policy should be reflected in investment decisions, and argued that any step taken by the government to intervene in investment decisions should only examine whether there was a breach of fiduciary duties.“If it is the government’s intention only to use the power of intervention in relation to decisions based on non-financial factors that run contrary to UK foreign policy, it should make this clear,” Moffatt said, “as decisions based on other non-financial factors – such as the tobacco example – will still be considered legitimate.”,WebsitesWe are not responsible for the content of external sitesLink to EAPF response on new investment regulation Local authority funds should collaborate on responsible investment guidelines to ensure new investment regulations meet global best standards, the Environment Agency Pension Fund (EAPF) has urged.Amid concerns by responsible investment (RI) groups that the UK government’s attempt to outlaw perceived politically driven divestment were “incoherent” and conflating financially material and non-financially material factors, the EAPF proposed that a working group on RI be established to draft guidance for local authority pension schemes (LGPS).Responding to the Department for Communities and Local Government (DCLG) consultation on LGPS asset pooling and changes to investment regulations, it suggested the draft regulation be amended to remove any doubt that environmental, social and governance (ESG) considerations should all be taken into account, rather than just one of the three at any one time.The EAPF also proposed that the regulation refer more broadly to the need for a focus on RI, and urged the inclusion of a new clause requiring the LGPS to comply with the evolving national and global standards on stewardship.last_img read more

German pension association fears EIOPA ‘back door’ IORP II move

first_imgGermany’s occupational pensions association, aba, has called on EIOPA and ”other institutions” to respect the timeline for a review of the new IORP II Directive, stating that a recent proposal from the former shows that the “Damocles sword” of solvency requirements still hangs over the industry.In an analysis of the revised EU Directive for Institutions for Occupational Retirement Provision (IORPs), the final proposal for which was agreed in June, the association said the Directive will lead to higher standards in the areas of governance, risk management, and information.However, it will not trigger large growth in the number of IORPs in Germany or spur a boom in cross-border activity, according to aba.It noted that IORP II did not introduce new solvency requirements for workplace pension providers, which it said would have made occupational pension provision considerably more costly, and unnecessarily so. However, it considers that the “Damocles sword” of such requirements still hangs over the industry, citing an April 2016 recommendation from the European Insurance and Occupational Pensions Authority (EIOPA) for a common framework for risk assessment and transparency for IORPs.The proposal met with criticism by some in the industry when it was first released, and aba has also come out against the proposal, seeing it as equivalent to EIOPA’s Holistic Balance Sheet approach, and therefore “old wine in new bottles”.An important aspect from aba’s perspective is that under EIOPA’s proposal, national supervisory authorities should be able to take regulatory action against individual IORPs based on the results of the proposed risk assessment framework.The association fears that EIOPA would try to implement its common framework recommendation through Article 29 of the IORP II Directive, which sets out the requirement for own risk assessments by IORPs. In its analysis of the final proposal for the new IORP Directive, aba noted that it is down to Member States to require and ensure IORPs fulfil the own risk assessment requirements, and that neither the European Commission nor EIOPA are given any role to play in this regard.The final draft also stripped the Commission of the ability to pass delegated acts once the final draft had been agreed by the European Parliament, making it near impossible for EIOPA to impose new technical standards at a later date.“We hope that the implementation details will be specified by the individual Member States and that Article 29 of IORP II will not leave open the back door for EIOPA to introduce the common framework,” said the association.Aba said that such a move would be “decidedly against European lawmakers’ intention”, with use of the Holistic Balance Sheet precisely not provided for by the IORP II Directive.The preamble to the finalised IORP II Directive includes a strong statement against “further development at Union level of solvency models”, and the final proposal for the new legislation also omits quantitative requirements – seen as potentially amounting to solvency requirements – from the scope of the post-implementation review of the IORP II Directive.The proposal for the new Directive foresees the review taking place six years after its entry into force, and aba said “this provision from European lawmakers should be respected by all institutions, and accordingly therefore also by EIOPA”.last_img read more

Union clashes with Royal Mail over hybrid pension scheme

first_imgA UK workers’ trade union has hit out at a proposal from Royal Mail Group for a hybrid pension scheme to replace its existing defined benefit (DB) scheme, which is due to close next year.Last month Royal Mail – which is responsible for the UK’s postal network and was privatised in 2014 – announced plans to close the £7.6bn (€9bn) scheme to future accrual from April 2018.Royal Mail expects employer costs to more than double to £1bn a year from 2018 under the current system.For its proposed replacement scheme, Royal Mail said in a statement released last week that it was “looking at options”, including a version of a previous proposal from the Communication Workers Union (CWU). The union had proposed a hybrid, risk-sharing structure combining a guaranteed element with a bonus pool linked to investment performance, instead of indexation.The CWU indicated that its proposed investment policy would be “aggressive” and heavily equity-based, in stark contrast to the Royal Mail’s current DB strategy. According to Royal Mail Pension Plan’s 2016 report and accounts, the group’s two main schemes had roughly 6.7% of their combined assets invested in listed equities at the end of March 2016.Royal Mail’s new “cash balance” scheme contained elements of the CWU plan “without some of the inherent risks to the company that, in our view, the CWU scheme would have created”, the statement said.“We very much appreciate the care that the CWU applied to its proposal and we have agreed to meet them to discuss it further,” Royal Mail said. “However, at the moment we do not believe the CWU proposal, in its current form, meets the fundamental principles underpinning our 2018 Pension Review. These are: sustainability, affordability, and security.”A spokesperson for Royal Mail told IPE that the company felt the CWU’s equity-based strategy was “too risky”, and would cost “significantly more than we can afford”. In addition, Royal Mail had calculated that the scheme’s liabilities “could be larger than the value of the company” within six years, and could “continue to grow quickly”.“Having reviewed matters with its actuarial advisers, the company believes that the risk to the company of [Royal Mail’s] proposed DB cash balance scheme would be materially lower than under the current plan,” Royal Mail’s statement said. “The company would also take steps to manage risk further through an appropriate investment strategy and a proportion of the company contributions would be held as a pension risk reserve for additional security.”However, this morning the CWU attacked Royal Mail’s proposal as “intellectually boring, morally sickening, and an insult to its employees”.Terry Pullinger, deputy general secretary for postal at the CWU, said: “It is an example of the closed-minded, idea-redundant mentality that the CWU are up against. It beggars belief that the company really do consider that this mutant defined contribution proposal is in any way an adequate response to the work and imagination that the union has put into our ‘Wage in Retirement Scheme’ proposal.”He added that the union had been gathering “intellectual and moral support for our efforts”, and stated that the pension negotiations were “far from over”.Unite, the UK’s largest union, is also involved in the ongoing negotiations. Its officer for the Royal Mail Brian Scott said the talks were “complex and difficult”, and warned that the unions had not ruled out industrial action if no solution was agreed.last_img read more

UK and Dutch regulators to increase co-operation ahead of Brexit

first_imgAndrew Bailey, FCA chief executiveAndrew Bailey, the FCA’s chief executive, said that “given the increasing interconnectedness of markets for financial services, close relationships with other countries’ regulators helps to ensure that we can protect consumers and maintain our oversight of firms and markets”.Merel van Vroonhoven, chair of the AFM, added that UK financial institutions moving to the Netherlands, including traders and trading platforms, would impact its capital markets and trading infrastructure. The FCA and the AFM said that the agreement extended their already tight bond, and would develop their relationship in areas such fintech and proactive and data-led supervision methods, as well as encourage proper behaviour within firms. UK and Dutch financial regulators are to intensify their co-operation in order to protect and enhance the integrity and stability of the financial systems in both countries.The UK’s Financial Conduct Authority (FCA) and the Dutch Financial Markets Authority (AFM) have signed a joint agreement to formalise this partnership.The supervisors said that close co-operation and information sharing was vital to developing global markets and effective oversight of firms and capital markets, following the UK’s announcement of its intention to withdraw from the EU.Since the UK confirmed its intention to leave in 2017, many financial institutions currently operating in the UK and the Netherlands have applied for a licence to operate in both countries.center_img Merel van Vroonhoven, chair of AFM“The closer co-operation with the FCA will improve our position to protect investors and capital markets through sharing of information and expertise to minimise risk,” she said.Both regulators said that they would also share best practices, explore the scope for secondments between them and develop training opportunities.The closer co-operation would apply in both a deal and no-deal Brexit scenario, the regulators said.last_img read more

TELA: Ageing Finland can’t afford prolonged unemployment

first_img“I am glad that the pension funds have been able to grow undisturbed and that their accumulated investment returns have been remarkably good in recent years,” said Siimes, adding that this had led to buffers in the system that were strong enough to withstand the really bad days the pandemic had brought.Market values of pension assets had fallen sharply, and direct income flows from many investments would also diminish as the economy declined, Siimes said.But she pointed out that only part of Finland’s occupational pensions were financed from the funds and their investment income, with most of the funding still coming from contributions levied on the salaries of people currently in work.“The increase in redundancies and the rise in unemployment will also reduce the income streams from them, at least for a while,” she said.Siimes said the near future was still shrouded in fog, but that it was clear that the ageing of Finland’s population would continue after the epidemic.“In addition, we are already significantly older as a nation than during the recession of the 1990s,” she said. So being able to pay pensions normally today was not enough, she said, adding that this had to continue to be the case for years to come.More than a quarter of Finland’s population were already pensioners, and the number of retirees was estimated to grow by well over 200,000 during the 2020s, the CEO noted.“It´s important to act to avoid a prolonged recession, because now – due to the ageing of the population – we cannot tolerate prolonged unemployment to the extent we did in the 1990s,” Siimes said.Looking for IPE’s latest magazine? Read the digital edition here. Finland’s partly-funded occupational pension system has enough in buffer reserves to weather the current phase of the COVID-19 crisis, but given the country’s ageing population, it is essential that the economy makes a swift recovery, according to the head of the sector’s lobby group.In a media column, Suvi-Anne Siimes, chief executive officer of TELA, said: “We need to be able to invest earnings-related pension funds tomorrow too, and a rapid economic recovery is absolutely essential.”A revitalised economy was essential for jobs, livelihoods and people’s everyday security, as well as to help strengthen the financing of pensions, she wrote in Finnish newspaper Demokraatti.Even though the coronavirus epidemic had been rattling the economy in Finland and abroad for weeks, she said, thanks to the country’s well-managed pension system, pensions were being paid to everyone entitled to them in the normal way.last_img read more

Mermaid Beach house values experience “extraordinary growth”

first_imgHedges Ave, Mermaid Beach. Picture: Regi VargheseThat’s an average jump of 8.7 per cent a year and well above Brisbane’s 5.9 per cent.Units in Paradise Point took second position, with the median apartment price increasing from$111,500 to $701,000, or 7.6 per cent annually.Aussie CEO James Symond said it wasn’t a surprise to see suburbs with strong demand from buyers on the Gold Coast performing better than Brisbane over the long term.As well as holding the record sale price for the Gold Coast with a $27 million sale in 2008, Mermaid Beach also holds the highest sale this year. 69 Seagull Ave, Mermaid Beach is on the market.Ross and Megan Jurisich are selling their Mermaid Beach mansion on Seagull Ave but are moving to another property in the suburb because they love the area so much.“We’ve been here just over 12 months and we’ve been in the neighbourhood for 10 years,” Mr Jurisich said.He said there were a number of reasons they loved the area, including the friendly neighbourhood and proximity to restaurants, cafes, bars and the beach.“We’re a stones throw to arguably one of the best beaches in the world,” Mr Jurisich said. House values in Mermaid Beach have jumped from $195,000 to $1.56 million over the past 25 years. Picture: Regi VargheseIF you bought a house in Mermaid Beach 25 years ago chances are your property is worth seven times more than what you paid for it.The Aussie/CoreLogic 25 years of housing trends report found Mermaid Beach experienced “extraordinary growth” in its median house price from $195,000 to $1.56 million over the past 25 years. People enjoy a swim on the beach, Mermaid Beach, Gold Coast. Picture: Regi Varghese“It just offers so much from a lifestyle perspective — it has a central location, is close to restaurants, private schools, shopping centres and the airport.“We are seeing fewer homes come to market and there’s lack of supply which is likely to contribute to the growth trend over the next 25 years.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:15Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:15 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenThe Gold Coast has grown up02:15Luke Henderson of John Henderson Professionals Mermaid Beach shared a similar view and predicted future growth to be boosted by the light rail expansion through the suburb.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“We’ve still got a lot of growth in this current market,” Mr Henderson said.“I think the light rail will be a big drawcard here.” MEGA SALES MAKES COAST’S TOP 10 NEW APARTMENT SALES AT 12 MONTH HIGH center_img A property along Hedges Avenue in Mermaid Beach, Gold Coast. Picture: Regi VargheseThat records belongs to a beachfront house at 103-105 Hedges Ave that changed hands for $11.6 million in April through agent Michael Kollosche of Kollosche Prestige Properties.Mr Kollosche said the suburb’s appeal came down to the lifestyle it offered residents.“Mermaid Beach, unlike all of the other beachside suburbs does not have the high-rise zoning, which keeps it like a community village,” Mr Kollosche said. Ross and Megan Jurisich are selling their Mermaid Beach mansion on Seagull Ave. Gold Coast’s top 10 suburbs for value growth Suburb, 1993 median price, 2018 median price, total change in median over 25 years Mermaid Beach (houses), $195,000, $1.56 million, 700%Paradise Point (units), $111.500, $701,000, 528%Coolangatta (houses), $135,750, $835,000, 515%Burleigh Heads (houses), $141,000, $830,000, 488%Palm Beach (houses), 143,500, $820,000, 471%Miami (houses), $135,500, $770,000, 468%Paradise Point (houses), $181,100, $1.023 million, 465%Helensvale (units), $195,000, $1.1 million, 464%Broadbeach Waters (houses), $195,000, $1.1 million, 464%Hope Island (houses), $121,400, 685,000, 463% Source: Aussie/CoreLogic 25 years of housing trends reportlast_img read more

Celebrity doctor sells Brisbane riverfront investment property

first_imgDr Ingrid Tall, owner of Cosmetic Image Clinic, has sold her Norman Park investment property. Photo: Bruce Long.FORMER Australian Medical Association Queensland boss, media identity and political aspirant Dr Ingrid Tall has sold her Norman Park investment property for a tidy $2.32 million.Dr Tall, who now runs Cosmetic Images Clinics in the Brisbane CBD, has owned the property at 8 Wynnum Rd, Norman Park, for two decades.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREThis property at 8 Wynnum Rd, Norman Park, has just sold for $2.32m.The home at 8 Wynnum Rd, Norman Park, as seen from the front.The home has been snapped up by a couple of empty nesters moving from a large acreage property on Brisbane’s southside.While they might be downsizing in terms of the land and house, the buyers are certainly upsizing when it comes to views.MILLIONS CHANGE HANDS DURING HUGE AUCTION WEEKThe kitchen in the home at 8 Wynnum Rd, Norman Park.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe view from the deck at 8 Wynnum Rd, Norman Park.The four-bedroom riverfront home offers spectacular, panoramic views of the river and city.The traditional Queenslander-style house has a timeless gabled white and navy facade and retains original features such as wooden floors, VJ walls and high ceilings.BRISBANE HOUSE PRICES LEAVING SYDNEY FOR DEADInside the home at 8 Wynnum Rd, Norman Park.The property is very private, bound by only one neighbour and with Norman Creek on the other side.The house is two-storey and split into two completely separate, self-contained living zones.Sarah Hackett of Place negotiated the sale.Records show the property last sold for $822,000 in 2001.WHAT QUEENSLANDERS WANT IN A HOMEVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:29Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:29 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, 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 Rate1xFullscreenChris Hemsworth’s Byron Bay mega-mansion00:29last_img read more

Fraser Coast home takes top gong

first_img Queensland Small Lot Housing Sterrantino Developments Queensland Display Home Rochedale, Sabdia Constructions MORE: Queensland Bathroom of the Year Redland Bay, Darren James Interiors The kitchen at the Hervey Bay winning home.Starting with a handmade front timber entry door pivoting to align with an internal American oak VJ feature wall, which itself has horizontal lining, studs, and on the face routed out to accommodate laser cut steel shelving. The feature wall was complemented by American Oak flooring, that was secret nailed and finished in whittle wax to create a vibrant and light theme throughout the home. Queensland Renovation/Addition Project Burleigh Heads, Mactech Constructions The owner will enjoy this property for years to come.Mr Clark said he was proud to use local carpentry colleague Stuart Jones, from Hervey Bay Timber and Joinery, on the intricate project that demanded weeks of dedicated craftsmanship.Mactech Constructions took home the Renovation of the Year for work carried out to a three-storey concrete home. Mr Clark said the project was set high on a hill with sweeping views of one of the main entrances into the area. >>FOLLOW EMILY BLACK ON FACEBOOK<< Queensland Project Home Jimboomba, Stroud Homes Brisbane South Queensland Home of the Year Urraween (Wide Bay), Essentially Residential Queensland Kitchen of the Year Redland Bay, Darren James Interiors Queensland Specialised Housing Caboolture, Halcyon Constructions QLD FULL LIST OF WINNERS Queensland Apprentice of the Year Corinda, Dougie Newham Queensland Affordable Housing Park Ridge, Villa World Queensland Apartment of the Year Ascot, Mirvac Timber is the heart of the home.He said they were honoured to be chosen to build this home where they could use and appreciate the decades of experience that contributes to a very special result for a residence of this magnitude.“Our clients said they wanted to build a home for them and for their children for generations to come,” he said.“Essentially Residential certainly achieved this – in the client’s own words – ‘it is hard to imagine a better place to put down your roots’.”He said timber was the heart of the home and credited the amazing results to a combination of his own experience and attention to detail from his team of subcontractors. Development capitalises on city views Queensland Townhouse/Villa Development Besal Construction Queensland Recognition of Outstanding Acheivement by an Apprentice Goondiwindi, Tim Tribe Queensland Apartment Complex South Brisbane, Aria Property Group Developer ditches cookie-cutter design Colin and Michelle Clark from Essentially Residential took home the Home of the Year, Custom Built Home of the Year and the Queensland Trades Workmanship Award for work carried out to the Fraser Coast property.Colin and Michelle Clark from Essentially Residential took home the Home of the Year, Custom Built Home of the Year and the Queensland Trades Workmanship Award for the Fraser Coast property. Queensland Professional Major Builder Springwood, Plantation Homes Queensland Professional Small Builder/Renovator Tingalpa, RedKem Constructions A Hervey Bay home has taken out the top gong and two additional awards at this year’s HIA-CSR Queensland Housing Awards.A HERVEY BAY home has taken out the top gong and two additional awards at this year’s HIA-CSR Queensland Housing Awards, held on Friday, November 2. Mactech Constructions took home the Renovation of the Year on a three-storey concrete home at the 2018 Qld HIA Awards. This is what the home looked like before. Queensland Display Home Interior Design Metricon Homes Qld Queensland Bathroom Design Redland Bay, Darren James Interiors Queensland Outdoor Project South Brisbane, Aria Property Group Queensland Spec Home Dayne Lawrie Constructions Queensland Kitchen Design Chapel Hill, Darren James Interiors After Mactech Constructions’ renovation.The judges said there was an extremely high level of workmanship throughout this project.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours ago“The details have been carefully resolved and thought through and the attention to detail can’t be faulted,” they said.“The design has been carefully crafted to maximise the connection between the rooms, to create a private master retreat area, to create seamless internal and external spaces and to capture the expansive views that are available from the site in a manner that creates a beautiful home. “The ability of Mactech Construction to work with a difficult build and still supply a cost effective solution is a testament to the skill of the team. “The outcome is a striking outcome. “The extension works seamlessly with the existing section of the house creating a building that looks like it has always belonged on the site.” Queensland Townhouse/Villa of the Year St Lucia, Sunland Group Queensland Commercial Interior Design Riverland – Brisbane Visual Builders / Burton & Carter Queensland Interior Design Professional Gold Coast, Ros Hemley, The Interior Space Queensland Innovation in Housing Sunshine Coast, Saltair Constructions Other winners on the night included Sunland Group, who won the Townhouse Villa award for the Shea Residences project in St Lucia; Jux, who won the renovation and addition project $600,000 to $1 million and VL Constructions won the $1 million to $2 million category for ‘The Green House’ in Samford Valley. Queensland Property Styling Brisbane, Makeover Co Qu eensland GreenSmart Sustainable Home DJG Projects Queensland Interior Design Professional – commendation Brisbane, COMMENDATION to Maree O’Shea Queensland Residential Interior Decorate Underwood, Darren James Interiors Queensland Residential Interior Design Gold Coast, The Interior Spacelast_img read more