Report: No justification for lack of full disclosure on investment fees

first_imgAsset managers hide more than four-fifths of costs, with no reasonable justification given for why full disclosure is not being provided, a think tank has claimed.Research published by The Pensions Institute, part of the Cass Business School in London, found that visible costs from asset managers only account for 18% of the total cost borne by investors.The remaining hidden costs include the bid/ask spread, transaction costs, undisclosed revenue and other market-implied costs during transactions.The Institute said that, even where asset managers aimed to increase cost disclosure, there remained hidden costs, and that full-disclosure was paramount. “These are the indirect transaction costs for which investors pay via lower net returns,” the report said.It said all good investment managers should have an estimate of the size for cash-costs relating to the efficiency of the investment management, such as commissions, taxes, bid/ask spread costs, transaction costs and undisclosed revenue.The Institute did accept that non-cash costs, still borne by the investor through lower returns, would be more difficult. These costs include market impact, information leakage, market exposure and missed trade opportunities.However, it did argue specialist advisers could obtain this information for investment managers, allowing them to disclose the impact to investors.With regards to the cash-costs, managers argued the IT systems required to provide full disclosure would be expensive to implement.But the Institute rejected this point.For non-cash costs, it suggested configuring fund manager systems to generate similar information as can currently be provided, or periodic audits by consultants.David Blake, author of the study and director at The Pensions Institute, said: “I would argue the principle of full transparency is paramount. Further, there is little point in requiring transparency where the reported measure for ‘costs’ does not include all of the costs, or, in the short term, as many as could currently be reported on a cost-effective basis.”He added: “No good reasons have been put forward for why all the costs of investment management, both visible and hidden, should not ultimately be fully disclosed. They are, after all, genuine costs borne by the investor.”The Investment Management Association (IMA), a lobby group for fund managers, argued it had already set out plans to increase transparency, including replacing the annual management charge and having a more basic charge structure.Daniel Godfrey, chief executive of the IMA, said: “The third stage is to look further at how to account for indirect costs, and also to reach a consistent basis for the calculation and disclosure of portfolio turnover rates so clients can better understand the relevant investment processes.”However, the True & Fair Campaign, which champions fee transparency, hit back at the IMA and said these were excuses for delay.Co-founder of the campaign, Gina Miller, said: “This research proves the latest attempt to disclose all costs by the IMA, whilst dulcet in tone, is a pure farce.“The IMA must act immediately to stop the abuse of people’s hard earned money and must interrogate and audit existing proposals and bring in total fee transparency by the end of this year.”The report also argued that costs, which are provided to clients, may not be as simple as they look, such as declared commission on the purchase of assets.“Investment managers often get ‘free’ services in exchange for this commission, such as broker research, market data or corporate access (to company managers),” the report said.“But these ‘free’ services are actually paid for by the client. Investment managers frequently aggregate different clients’ trades to get the best price.“The aggregated trades will go through a particular broker, which means some of these clients will be indirectly paying for research from which they get no benefit.”last_img read more

Nortel UK scheme to receive £1bn after ‘groundbreaking’ legal win

first_imgDavid Davies, chair of the Nortel Pension Scheme’s trustee board, said: “We appreciate the efforts of the PPF in working towards this outcome and are grateful for the valuable protection the PPF has provided to scheme members during this time. The trustees will now get on with the difficult task of trying to buy out member benefits with insurance companies that we hope will secure higher than PPF levels of benefits.”The Nortel scheme has been in the PPF’s assessment period since its parent company filed for bankruptcy in 2009.The trustees of the UK Nortel Pension Scheme said in a statement that they were “delighted that a settlement of the long-running dispute over Nortel’s residual assets has finally been achieved”.Last October’s agreement was conditional on creditor support from the US and Canada as well as court approvals in the US, Canada, and several other jurisdictions including the UK.The trustees said all these requirements have now been fulfilled and the money could now start to flow.They said they had been pursuing claims on the Nortel assets for more than eight years, adding: “It has been an arduous and at times very bitter fight.”The settlement was based on “ground-breaking decisions” issued in May 2015 by the Delaware and Toronto Courts, the trustees said. These rulings held that creditors everywhere would share the residual assets pro rata according to their creditor claims, on an equal footing – the first time insolvency distributions had been ordered in that way.Multiple appeals were launched against those judgments, but were eventually rejected.Nortel Networks became insolvent in January 2009, with its European, US, and Canadian entities making simultaneous insolvency filings in London, Delaware, and Toronto. Nortel’s UK company had been sponsoring a large defined benefit pension scheme with more than 40,000 members, and a buyout deficit of more than £2bn at the time of the insolvency.Jonathon Land, head of PwC’s pensions credit advisory practice and adviser to Nortel’s trustees, said: “Nortel’s UK employees helped to generate these assets, and so it is welcome news that the cash will now start to flow from the central ‘lockbox’ to the different estates, and in turn to the ultimate creditors including these pensioners.” The UK pension scheme of the collapsed telecoms group Nortel could receive up to £1bn (€1.2bn), after a US court win put the fund on an equal footing with bondholders in the insolvency payout.The settlement could be enough to keep it out of the Pension Protection Fund (PPF).The two judges who have overseen the huge Nortel litigation – Judge Gross in the US and Justice Newbould in Canada – made orders in the last week at hearings in Delaware and Toronto permitting the core parties to implement a settlement that was reached in principle last October.The order allowed approximately $7bn (€6.4bn) of Nortel’s residual assets to be distributed to the group’s creditors worldwide.last_img read more

More SWFs take to private debt but capital-raising levels off

first_imgAlthough the proportion of sovereign funds allocating to private debt increased, the amount of money being invested in the asset class did not.Capital raised for private debt funds closed in 2016 totalled $94bn, Preqin said in its report, down from $98bn in 2015. However, this was still almost quadruple the $25bn raised in 2009.Ryan Flanders, head of private debt products at Preqin, said: “This latest research shows that private debt is an increasingly attractive asset class to sovereign wealth funds.”SWFs’ ability to commit large sums of capital to private debt vehicles could give a further boost to future fundraising for asset managers, he said.However, as a group these investors could tend more towards the direct investment route in future, he suggested.“Given their overall tendency to prefer longer-term, lower-risk investments, as more sovereign wealth funds become active in the space we may see a swing towards direct lending investments,” Flanders said.Preqin said 93% of private debt investors interviewed at the end of 2016 said their private debt portfolio had either met or exceeded their expectations in the past year.Among private debt strategies, mezzanine funds were the most popular strategy, with 70% of sovereign funds invested in private debt picking this as a preferred strategy. Distressed debt was selected by 63% and direct lending by 53%.“Private debt, amid a low interest rate environment, has become a distinct, standalone asset class rapidly evolving into a mainstream investment option for institutional investors,” Preqin said in its report. The number of sovereign wealth funds (SWFs) investing in private debt rose five percentage points over the last 12 months to 39%, although the amount of new money invested ticked lower.Research from alternative investments data firm Preqin showed most SWFs with more than $10bn (€8.9bn) in assets now allocate to private debt, and two-thirds of those managing $250bn or more do so.All larger SWFs – those managing $100bn to $249bn – invest in the asset class, according to research for the 2017 Preqin Sovereign Wealth Fund Review.Preqin said SWFs were attracted to private debt investments due to their strong risk-adjusted returns and low correlation to other asset classes.last_img read more

Generali Investments splits to create LDI specialist arm

first_img“This objective will be achieved through an innovative investment offering and skilled distribution capabilities,” the company said.Portfolio management at GIP would be based on the development of unconstrained and distinctive investment strategies, “leveraging on both internal and external expertise, the latter through the acquisition of specialised investment boutiques”, the company said.Last month, Generali backed the launch of Aperture Investors , an equity and credit manager with a self-described “disruptive” fee structure.Carlo Trabattoni has been appointed chief executive of GIP. He joined last year from Schroders, where he was head of retail sales for Europe.GIH, meanwhile, will continue to be led by its current chief executive Dominique Clair.In the statement, the Trieste-headquartered firm said: “The goal of this change is to further improve Generali Investments’ ability to align with the needs of investors, and to help clients achieve their investment objectives.”It said specialisation, efficiency and innovation were important in the financial sector at a time of “continuous evolution” both in the market and the regulatory framework.“With a business model based on specialisation, where each of the companies operates in clearly defined areas of competence, Generali Investments aims to best respond to different clients’ needs with dedicated skills, experienced professionals and advanced technological tools,” the company said.Generali ran €8.5bn in European institutional assets at the end of 2017, according to IPE’s Top 400 Asset Managers survey. The company ranked 36th in terms of global assets under management with €463bn. Italy’s largest asset manager is splitting in two in a revamp aimed at emphasising its specialisations.Generali Investments, the asset management business owned by Italy’s biggest insurance company, Assicurazioni Generali, yesterday said it had separated into Generali Insurance Asset Management (GIAM) and Generali Investments Partners (GIP). Support functions for both entities are provided by Generali Investments Holding (GIH), the company announced.GIAM will build on its experience of managing the assets of the Generali group, insurance companies and pension funds, offering liability driven investment (LDI) products and services. It is led up by Santo Borsellino, previously chief executive of Generali Investments Europe.Meanwhile GIP is designed to be the asset manager’s “growth engine”, aiming to expand the number of third party clients and its assets under management.last_img read more

Investors welcome mining sector first as Glencore amends climate policy

first_imgThis engagement was led by the Church Commissioners, which manages the Church of England’s endowment fund, with active participation from Investec Asset Management and bondholders Kempen.Environmental law organisation ClientEarth provided support, with shareholder outreach from ShareAction. The Church Commissioners for England and other institutional investors have welcomed a position statement from commodities giant Glencore significantly strengthening its commitment to combat climate change.In a first for the mining industry, Glencore has agreed to align its business and investments with the goals of the Paris Agreement on climate change, limiting global warming to less than 2˚ above pre-industrial levels and to achieve net zero emissions in the second half of this century.The mining giant has also undertaken not to grow its coal production capacity.The move followed engagement with institutional investors participating in Climate Action 100+, an initiative by investors with over $32trn (€28.2trn) in assets under management. Source: GlencoreGlencore’s Goedgevonden mine in South AfricaOther commitments made by Glencore include:Consideration of how climate change objectives can be reflected in variable remuneration for senior executives;
 Further climate-related disclosure consistent with its support for the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures;Assessing whether its membership of relevant trade associations aligns with the company’s stated positions, and does not undermine its support for the Paris Agreement and goals. The result of this review will be published later this year.Edward Mason, head of responsible investment for the Church Commissioners, said: “Delivering on the goals of the Paris Agreement requires unprecedented collaboration and the announcement is a positive step forward for Glencore, its investors and the fight against climate change.“Investors will now want to hold the company to its commitments, and to ensure that the methodology for determining the company’s alignment with the Paris goals is robust.”Jeanne Martin, senior campaigns officer at ShareAction, said: “The announcement is a good step forward for Glencore, which for far too long refused to come out in support of the Paris Agreement.”However, she added: “The Intergovernmental Panel on Climate Change has made it clear that coal has no role to play in a low-carbon future, a finding seemingly at odds with Glencore’s recent coal acquisitions and own production forecasts for thermal coal. ShareAction will watch closely to make sure Glencore stays faithful to its commitments.”last_img read more

Norwegian SWF ‘slow to act’ on climate-related exclusions

first_imgHalcyon Agri has been criticised for alleged involvement in cutting down tropical forestsThe council recommended the exclusion due to an unacceptable level of risk that the company was responsible for severe environmental damage. At issue, according to the council’s report, were Halcyon Agri Corp’s conversion of tropical forest into plantations in Cameroon, and the risk posed by the company’s operations to the Dja Faunal Reserve in the country, a UNESCO World Heritage Site.Greenpeace has been campaigning against Halcyon Agri’s operations in Africa for several months, including pressuring investors to ditch their stakes.In a letter to Greenpeace’s Victorine Che Thoener last week, Halcyon Agri CEO Robert Meyer said his company had ceased clearing forests and offered the campaign group a place on Halcyon’s sustainability board.Halcyon Agri produces specialised rubber products and owns rubber plants and processing facilities in Cameroon, the Ivory Coast and Malaysia, and has around 15,000 employees. At the end of 2017, the GPFG owned the equivalent of 0.1% of Halcyon’s shares, worth roughly NOK5.5m.Norges Bank said its executive board had not conducted an independent assessment of all aspects of the recommendation, but was satisfied that the exclusion criteria had been fulfilled in this case. NBIM has considered a specific target allocation to renewable energy sourcesOn 8 March, the Norwegian Finance Ministry proposed the fund divest NOK66bn worth of ‘upstream’ oil and gas companies. However, this move was aimed at reducing the aggregate oil price risk in the Norwegian economy, rather than achieving any climate goal.The ministry has been considering allowing the fund to allow unlisted renewable energy infrastructure investments to its portfolio.Norges Bank Investment Management (NBIM), which runs the GPFG, has corresponded with the Council on Ethics over the course of the past year on the issue of the climate change, but is now set to receive a nudge from the government to make progress in its efforts.The Finance Ministry said earlier this month that it planned to ask NBIM to review its efforts relating to climate risk in the GPFG, particularly relating to the individual companies that contributed the most to this risk within the fund.According to the fund’s 2018 annual report, the GPFG’s NOK5.5trn equity portfolio emitted 107m tonnes of CO2-equivalents last year.GPFG cuts Singapore rubber firmThis morning, NBIM announced it had decided to act on the Council on Ethics’ recommendation to blacklist Singapore-listed rubber firm Halcyon Agri Corp for contributing to environmental damage. The head of Norway’s Council on Ethics – the advisory body for the country’s NOK8.9trn (€919bn) sovereign wealth fund – says the fund has so far not acted on any of its climate-related recommendations.In its annual report for 2018, the council revealed that it had recommended for the Government Pension Fund Global (GPFG) to exclude five companies in the past two years, under the new climate criterion introduced in 2016.So far, however, none of these blacklistings have led to actual divestments by the fund.Johan Andresen, chair of the council, said in the report: “The council has issued a handful of recommendations, which Norges Bank has so far not taken a position on.”center_img Andresen used the example to illustrate that it could be hard translating overarching ethical guidelines into consistent practice.“The operationalisation of this criterion has proved difficult,” he said. “Although the criterion has only existed since 2016, many of its underpinnings have already changed.“Both the Paris Agreement and ever-changing emission trading regimes turn what constitutes a conduct-based norm violation into a moving target.”Despite this, the council still had to issue recommendations based on what it knew to be behaviour that lead to unacceptable emission levels, including an assessment of “companies’ willingness and ability to change such behaviour in the future”.Climate change and the GPFGAccording to the climate criterion in the GPFG’s environment-related ethical guidelines, “companies may be excluded or placed under observation if there is an unacceptable risk that they contribute to or are themselves responsible for… acts or omissions that on an aggregate company level lead to unacceptable greenhouse gas emissions”.The council declined to tell IPE the names of the five companies it recommended excluding. Its policy is only to make decisions public after the securities have been sold.last_img read more

​Norway’s SWF dumps €139m of cannabis stocks after criticism

first_imgThe NNPF reportedly criticised the fund’s investment in this sector, which it said were undermining work against drug addiction. It said that, alongside products for medical use, some of the companies were also major producers of marijuana for recreational use. Cannabis is illegal in Norway, except for medicinal use.NBIM data showed the fund had a total of NOK909.6m (€93.1m) invested in Canadian companies Canopy Growth, Aphria and Aurora Cannabis and the US-based Scotts Miracle-Gro and INSYS Therapeutics at the end of 2018.These holdings grew to around NOK1.4trn in value by the beginning of March, having generated a profit of NOK446m in just two months, according to data published by DN.Cannabis stocks experienced a run of strong returns since the start of this year, with Aurora Cannabis shares almost doubling in value according to Reuters data.The industry quickly became a popular investment choice in the Nordics, according to Mads Johannesen, investment economist for the Nordic online broker Nordent.He told DN: “On a Nordic basis, we have collected over 15,000 customers across the various companies, but we also see in our statistics that there is an increasing number of Norwegians investing in cannabis-related companies.” Norway’s giant sovereign wealth fund has blacklisted five cannabis companies following reported criticism from the Norwegian Narcotic Officers’ Association (NNPF).Thomas Sevang, head of communications and external relations at Norges Bank Investment Management (NBIM), told IPE: “We have decided not to be invested in companies with direct exposure to cannabis.“This is done after a total assessment, but due to market sensitivity we will not give any details on the assessments leading up to our investment decisions.”According to a report in Norwegian newspaper Dagens Næringsliv (DN), NBIM, which manages the Government Pension Fund Global (GPFG), is selling its shares in three Canadian and two US companies.last_img read more

Gold Coast real estate: Broadbeach Waters house ticks all the boxes

first_img“We’ve had parties with over 100 people but also intimate gatherings for just 10 people.“It can be great for large group but it’s also intimate with the view. “You don’t feel like you’re in a lot of space getting lost although it is a big house.”The kitchen acts as a central hub on the ground level with an island bench top and butler’s pantry.“Anyone who likes entertaining would absolutely love the kitchen,” Ms Lutvey said. As well as the kitchen, living, dining area, and office, there is a media room and balcony on the ground level. 43 T E Peters Drive, Broadbeach Waters. 43 T E Peters Drive, Broadbeach Waters.The second level features a retreat and four bedrooms including the luxury main room, complete with a dressing room, ensuite and balcony. “There’s living spaces for everyone with a huge teenagers’ retreat upstairs,” Ms Lutvey said. Another standout according to the Lutveys is the basement.“It fits six cars but we have also got it set-up for a TV room with a pool table and table tennis table, cellar and extra storage,” Mr Lutvey said. “It’s sound proof and has been really popular with the nieces and nephews.”The pair are building another property nearby and have decided to sell in order to downsize.“We love the suburb and can’t leave but this house is more suited to a large family rather than a couple.”Agent Jackson Paradise said the property provided an opportunity to secure a luxury family home or blue chip investment in a fantastic location. 43 T E Peters Drive, Broadbeach Waters. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45 43 T E Peters Drive, Broadbeach Waters.IT’S modern, stylish and in one of the best locations in Broadbeach Waters.It was these standout features that initially sparked the interest of vendors Joseph and Fiona Lutvey almost three years ago.“It’s walking distance to The Star, Pacific Fair and Broadbeach,” Mr Lutvey said.“You’re literally five minutes from all of these hot spots. “Once we got inside the house it was just sensational with uninterrupted views of the Surfers (Paradise) skyline.center_img 43 T E Peters Drive, Broadbeach Waters. 43 T E Peters Drive, Broadbeach Waters. MORE NEWS: Former prize home sells in five days 43 T E Peters Drive, Broadbeach Waters.“We were in our own little oasis with tremendous views.”Built over three levels on T E Peters Drive, the north-facing house features spacious open plan living areas that open up to an undercover terrace, pool and wide waterfront.“It’s a real lifestyle house,” Ms Lutvey said.More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMORE NEWS: Gold Coast set to shine in 2019last_img read more

Federal Member for Petrie Luke Howarth shares his property journey

first_imgI bought my first home in Zillmere about 20 years ago. It was a more affordable suburb but still close to friends and family as I grew up in Bracken Ridge. The best advice I’ve received is not to get a home loan unless you can afford a 10 per cent interest rate. More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoYou never know when interest rates will go up, but if you’re prepared, you will always be able to afford your house.*** CURRENT HOME Aerial photo of Redcliffe and Scarborough — Picture: Richard WalkerI would love to have more space in the backyard, and maybe another storey so my three boys could have more space as they’re growing up. Where I live, there’s an incredible sense of community. You’re always bumping into someone you know, and we work together to get things done. *** DREAM QUEENSLAND HOME Not a politician in sight! Kakadu in Wet, Renata Gortan — Scenic flight over Jim Jim Falls during the wet season. Picture: Tourism NTFederal Member for Petrie Luke Howarth (LNP) regularly sits in Parliament House, but when he is not in Canberra he prefers chilling with his family at their home in Clontarf, a beachside suburb on the Redcliffe Peninsula. My fantasy home would be in Australia’s Kakadu National Park — I enjoy being surrounded by Australia’s wildlife and freshwater eco system. Queensland MP Luke Howarth in the House of Representatives in Parliament House in Canberra. Picture: Gary RamageHe was re-elected to his seat with a 6.68 per cent swing in his favour, securing over 58 per cent of the local vote. Here he discusses his property journey and dreams.*** FIRST HOME I don’t have a specific location in mind, but I would build a house out of natural materials like timber and stone, somewhere on a big block of land surrounded by Australian wildlife.*** FANTASY HOME I love that my house backs on to a beautiful golf course with residential koalas and I’m very close to Moreton Bay. last_img read more

Gold Coast businessman’s Carrara mansion snapped up in three days for $6.3 million

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, 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 Rate1xFullscreenTop tips for sellers in Spring00:50 The house’s luxurious and eclectic style was a hit among prospective buyers. The marketing agent said it attracted a “ridiculous amount” of interest in the lead up to its sale. The property at 18 Maryland Ave, Carrara, fetched more than $6 million days after hitting the market.A RARE acreage property at the heart of the Gold Coast has changed hands in an eye-watering $6.3 million deal days after it hit the market.The local buyers wasted no time snapping up the 4000sq m Carrara property on Maryland Ave in fear another bidder would beat them to it.Kollosche agent Eddie Wardale, who marketed the residence with agency director Michael Kollosche, said it had attracted a “ridiculous amount” of interest.“All of the inquiries that we received had all come from local buyers,” he said. Every inch of the property is picturesque.“I remember it was dusk and I stood at the edge of the alfresco area and looked out over the landscaped backyard towards the river and it literally took my breath away.” The British Colonial-style home has a mix of classic and eclectic interiors that paint a picture of the couple’s life.“Interior design is all about storytelling,” she said. “Every room is a self-portrait of our favourite things from our travels and our life.” The main bedroom’s glamorous edge was a highlight for Ms Puljich but she loved the lounge room most.“It’s wonderful, no matter the season,” she said.“In the winter we draw the blinds, close it off and curl up by the fire, making it a really romantic room. “While in the warmer weather it integrates with the alfresco area and opens right up with views of the grounds and pool.”The pair splashed more than $7 million on another Carrara mansion that was built by former motorcycle champion Barry Sheene 30 years ago. Property records show the vendors bought it in 2016 for $5.5 million.“From the perfectly manicured gardens to the gorgeous layout, it just oozes luxury lifestyle and that’s why there was so much inquiry.”Mr Wardale said it was a rare offering given its size and position in the middle of suburbia.“The demand for prestige acreage waterfront properties we find to be very high,” he said.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“There’s only so many places, it’s pretty rare.“Confidence in the prestige sector is increasing and we’re seeing far more transactions happening.”Vendor Adrian Puljich, who is the general manager at Living Gems Over 50s Lifestyle Resorts, and wife Jessica were left in awe after inspecting the luxurious residence prior to buying it in 2016.“The house in its entirety immediately impressed us — it had such a great vibe,” Ms Puljich said. MORE NEWS: Find Narnia without stepping into the wardrobe MORE NEWS: How furry friends can help sell a home The buyers didn’t want to risk another bidder snapping up the property. It is a rare offering because it’s an acreage block at the heart of suburbia.last_img read more