“The dominant buyers were insurers, so there is room for pension funds to scale up,” he told delegates at the PensionsEurope conference in Frankfurt.He hinted that the next project bond might be for a project in the UK but did not give any further details.Pierre Bollon, vice chair at PensionsEurope in charge of long-term investments, noted the association was currently working on the proposed regulation on long-term financing and suggested it should be made “less rigid and hence more attractive, especially for small and medium-sized occupational pension schemes”.This week the European parliament issued a draft legislative proposal on the European long-term investment funds (ELTIF) proposals, backing the Commission’s suggestion to create such funds under the AIFM directive.According to figures collected by the EIB around 1% of assets held by sovereign wealth funds, pension funds and insurers globally was currently invested in infrastructure.At the conference, the UK’s Pensions Infrastructure Platform (PIP) received a positive reception, with a representative of the Belgian pension fund association in the audience asking Judith Donnelly, working at the UK infrastructure project, whether it was also open to foreign investors.Donnelly noted the PIP currently had ten of the largest UK pension schemes as committed investors, with an initial target capital raise of £1bn.The fund’s founding investors include the British Airways and the Railways pension funds, the Pension Protection Fund (PPF), the London Pension Fund Authority (LPFA), BAE Systems, The West Midlands Pension Fund and the pension fund of BT.“PIP would have no objection in principle to include further investors if the existing investors cannot meet the target size but we do not want to expand the investment target,” she explained.Matti Leppälä, director general of PensionsEurope, pointed out while the association generally “welcomed the initiative on investments in growth and employment” they should any commitments should only be made “for the right reasons”.“Overall, the total costs may be too high and increased capital requirements may altogether prevent these envisaged investments,” he said, referencing the impact of future changes to solvency requirements for pension funds. The European Union’s next project bond issuance could offer funding to an undisclosed project in the UK, according to the director general of the European Investment Bank (EIB).In 2010, the president of the European Commission Jose Manuel Barroso announced plans to issue project bonds to attract institutional investors to long-term investment projects.The first project bond was launched in October, offering funding for a Castor gas storage project in Spain.According to Bertrand de Mazières, director general of the EIB, the bond issue, with a volume of €1.4bn and a 2034 maturity, was oversubscribed and attracted a “very strong” response from investors.
He also stressed that the company “would be ready” should demand increase in the Austrian occupational pensions market.For the Vorsorgekasse, Eberhartinger said he wanted to invest in a sales strategy, as this was a market “guaranteed to grow”.In Austria, each employer must pay part of an employee’s salaries into a Vorsorgekasse, or provident fund, to provide for a future severance payment upon leaving the company.Eberhartinger was appointed to Valida’s board of directors last year to assist with a revamp of its administration.Last week, it was announced that former chief executive Andreas Zakostelsky would focus on his political role as an MP and his position as head of the Pensionskassen association FVPK.New chief executive Eberhartinger is to focus on the Pensionskassen and consultancy side of the business.He will share the board with Albert Gaubitzer, who will focus mostly on the Vorsorgekassen business and IT.Eberhartinger told IPE his new job was a “completely new role”.“So far, I have always built pension fund businesses from scratch, but now I have to streamline an existing pension fund business,” he said.Eberhartinger said a wide-ranging “streamlining” process, taking “at least 3-5 years to complete”, would cover the actuarial accounting of individual pension portfolios of a company.Currently, this is handled by four different people, depending on how a client comes to Valida – via a direct sale, for example, or as a former consultancy client that transfers its pension fund.The new strategy will require new client-relationship management, Eberhartinger said, to ensure a “single face to the customer” policy.The new chief executive confirmed that, over the long term, his aim was to integrate Valida’s two Pensionskassen – one being the former Siemens Pensionskasse now known as Valida Industrie – into a single entity.He also wants to exploit more “synergies” with Valida shareholder Raiffeisen, “where it is reasonable and cheaper”, which will also mean representatives will hold seats on the supervisory board of Valida subsidiaries.The chairs on the supervisory boards of the Valida subsidiares vacated by Zakostelsky will, however, be filled by Eberhartinger and Gaubitzer themselves, respectively.Click here to read more about the scramble for Vorsorgekassen clients Direct sales activities will be scaled back for Valida Vorsorge Management’s Pensionskassen business as part of a re-structuring, according to Stefan Eberhartinger, the group’s new chief executive. Valida Vorsorge Management is the holding comprising the Valida Pensionskasse, the Valida Vorsorgekasse and a consultancy.Speaking with IPE, Eberhartinger said: “The market is currently too small, and active sales produce too little margins.”He confirmed that Valida would continue to take part in tenders, however, and serve clients who come to the group.
The Netherlands should increase pay-as-you-go (PAYG) arrangements in its predominantly capital-funded pensions system to better address the impact of low interest rates, according to Jean Frijns, former CIO at the €355bn Dutch civil service pension fund ABP.In an interview with Dutch financial news daily Het Financieele Dagblad (FD), Frijns said capital-funding was “no longer fit for purpose”.“The pensions sector failed to foresee how much participants would be exposed to market shocks, and the pensions system no longer provides the certainty we expected,” said.Given the level of interest rates, he said PAYG arrangements, such as the state pension AOW, would now be more attractive than pensions saving – ageing population notwithstanding. Frijns’s proposal is likely to raise eyebrows in the industry, as the Netherlands has always dismissed pensions systems in neighbouring countries that rely heavily on PAYG.“We always thought capital would offer greater security, as well as pension value, than PAYG, which depends on political promises,” he said. “Because this is no longer true, we shouldn’t be afraid to adjust the ratio slightly between capital-funding and PAYG.”He said he was surprised by the lack of debate on this issue in the Netherlands.According to the FD, Frijns took pains to emphasise that he did not advocate raising the AOW, as non-workers would “unjustly benefit”.Instead, he called for a new national scheme with income-based contributions and benefits, which could also accommodate self-employed workers.The industry veteran conceded that introducing an additional PAYG system would not be easy.“But, from an economic point of view, it would be fantastic, as it would mean less saving, and it has the potential for increased spending,” he said. The Social and Economic Council (SER) is preparing a recommendation for the Dutch government on how best to design a sustainable pensions system.The SER is expected to call for a switch to defined contribution arrangements, with individual pensions accrual combined with various forms of risk-sharing.It marks the second time in five years that a reform of the Dutch pensions system has been the subject of debate.The first effort stalled after transition arrangements were deemed as overly complicated.“If new reform plans also turn out to be infeasible, pension funds should close and start new pensions accrual under individual arrangements,” Frijns told the FD.“That would be a simple and quick solution.”
The UK’s financial markets regulator is seeking feedback on market structure and regulation to assess whether they reinforce short-termism.The Financial Conduct Authority (FCA) published a discussion paper on primary capital markets in the UK and how they can most effectively meet the needs of issuers and investors.One focus of the paper is potential barriers to the provision of capital for growth, especially for early-stage science and technology companies. The FCA said it “would be useful” to explore the extent to which current market structures and regulation reinforce a short-term focus in issuers and investors, thereby hindering the provision of “patient capital”.The FCA said that discussions with “pre-IPO” companies indicated a need for technical changes to be made to listing rules, but also “raised the question of whether a more fundamental reassessment might be valuable, focusing particularly on ways in which different forms of primary market structure and regulation might better support scale-up and patient capital, which are particularly crucial for early-stage science and technology companies”. It cited concerns that the UK’s primary equity markets were proving less effective at providing a means for companies to raise capital for further growth and development. The regulator said there have been significant changes in secondary capital markets, such as a shift towards algorithmic trading strategies and the separation of primary from secondary markets. These changes were seen by some as having eroded the effectiveness of the primary markets and having led to a focus on short-term trading rather than long-term investment considerations, the FCA said.Market regulation is seen by some as contributing to such a short-term focus, with “trends in market structure and market regulation […] seen by some to be mutually reinforcing”, it added.However, it also said that these views were not shared by all, and that “some stakeholders point to the Financial Reporting Council’s Stewardship Code and the establishment of the Investor Forum as recent improvements to the effectiveness of primary markets in supporting a more patient approach”.“Nonetheless, we are keen in this DP [Discussion Paper] to explore some of the themes that have emerged in this area,” it added.The FCA also asked for feedback as to whether alternative market structures could support “a more patient, long-term approach”, such as a transitional market to sit between fully private and fully public markets.The regulator asked long-term investors to indicate how they value different aspects of the current public equity market model, such as corporate transparency, investor stewardship, corporate governance requirements, or the ability to trade.The FCA also asked for views on whether there is a role for a UK primary debt multilateral trading facility, to encourage more overseas companies to raise debt finance in the UK.The FCA’s discussion paper can be found here.
The payments from the Unilever schemes were much higher than compensation granted by other pension funds. The ING and Shell schemes, for example, raised pension payments for last year by less than 2%. Shell was able to grant members of its Dutch DB scheme a 1.6% upliftShell’s €28bn closed DB pension fund increased benefits by 1.6% this month, while raising the salary-linked pension rights for workers by 1%. Last month, its funding level was almost 123%.At the start of this year, the €1.1bn pension fund of publisher Wolter Kluwer granted inflation compensation of 0.48%, based on a funding ratio of almost 113%.Participants of the €3.4bn pension fund of SNS Reaal Group saw their pension rights raised by 0.8% in January, which equates to 38% of the effect of inflation last year. At January-end, the scheme’s coverage ratio stood at almost 114%.Based on a funding level of 112% at 2018-end, the company scheme of Gasunie increased pensions by 0.2%. This was 1.4 percentage points short of consumer price inflation, the Gasunie scheme’s criterion for indexation.Some of the country’s largest funds are significantly short of the funding level required for inflation-linked payments, and may be forced to cut payments if their situation does not improve in the coming year.Regulator De Nederlandsche Bank has estimated that more than half of Dutch pension scheme members were in underfunded pension plans at the end of 2018. Unilever has granted members of its two Dutch pension funds inflation-linked payments of almost 5%.Both schemes – the closed defined benefit (DB) pension fund Progress (€5.2bn) and the new DC scheme Forward – said the wage-linked indexation reflected cumulative salary rises for 2017 and 2018.The pension funds said they were able to grant full indexation as their funding ratios stood at 140% and 142%, respectively, last October when they decided on inflation compensation.Under the rules of the current Dutch financial assessment framework (FTK), pension funds can pay indexation in part if their coverage ratio is at least 110%.
The world’s largest pension fund and the World Bank Group are forging ahead with efforts “to grow markets for sustainable investing”.In a statement, the Government Pension Investment Fund (GPIF) said the two organisations had launched a new initiative to promote green, social and sustainability bonds. No further details were provided.Hiro Mizuno, executive managing director and CIO of the ¥1.5trn (€1.2trn) fund, said GPIF regarded buying these types of bonds “as direct methods of ESG integration”.According to a statement from the World Bank, asset managers running money on behalf of GPIF had invested more than $500m (€444m) in bonds issued by the International Bank for Reconstruction and Development and the International Finance Corporation (IFC), two parts of the World Bank Group. Kristalina Georgieva, the World Bank’s CEO, said: “Bond investors can be a key force in moving capital markets towards sustainability when they focus on transparency, purpose and impact. Through our deepening partnership, GPIF is leading by example and demonstrating that ESG considerations go hand-in-hand with long-term financial and social returns.”In October 2017 the World Bank and GPIF formalised an agreement to direct more capital toward “sustainable investments”, focusing on public bond markets.According to a report commissioned for the organisations and published a year ago, the practice of integrating environmental, social and corporate governance considerations in fixed income was catching up with that in equity markets, but there were still “significant constraints”. IFC pronounces on impact investingInvestor appetite for impact investing could amount to $26trn, according to a new report from the IFC.The figure relates to appetite for impact investment at commercial returns. It is the result of a top-down “speculative exercise”, in which the IFC’s starting point was the total pool of financial assets owned by households and public and private institutions.It then assumed that investor appetite for impact investing was 29% of that, corresponding to the share of assets managed under socially responsible investing, or SRI, strategies, based on information from the Global Sustainable Investment Alliance.“Crucially,” added the IFC, “our analysis accounts for the fact that investors hold financial assets in three broad asset classes, which vary substantially in their liquidity.”It discounted investments in cash, as these did not generate impact, and also discounted investor appetite for impact investment in the public markets “to account for additional uncertainty about how and whether one may have impact by investing in public markets”.Out of debt securities, only corporate bonds were included. For public equities, the IFC only counted 9% of their value, corresponding to the value of assets “managed under corporate engagement and shareholder action strategies”.Overall, this led to the IFC estimating appetite for impact investment in private markets as $5.1trn, and in public markets as $21.4trn.The IFC said the report was “the most comprehensive assessment so far of the potential global market for impact investing”.According to the Global Impact Investing Network (GIIN), the size of the impact investing market was an estimated $502bn, based on data self-reported by organisations identified by the GIIN, plus an additional $84bn on the basis of extrapolation. Campaign group drops Shell resolutionCampaign group Follow This has decided to withdraw its climate resolution for Royal Dutch Shell’s annual general meeting after “intensive discussions” with Dutch investors.The investors – including Actiam, Aegon, Blue Sky Group, MN, NN and Van Lanschot Kempen – have supported climate resolutions filed by the campaign group at Shell in recent years.However, Mark van Baal, of Follow This, told IPE that the parties had decided that the chances of Shell aligning its targets with the Paris climate accord would be higher if it dropped the resolution and gave the company “one year breathing space”.In a statement, the campaign group said shareholders could now focus on those companies that had not advanced as much as Shell, saying it expected many investors to support climate resolutions filed at Equinor, BP and Chevron.Speaking for all the investors in the group, Adrie Heinsbroek, head of responsible investing at NN Investment Partners, said: “We appreciate Shell’s positive steps to align its climate ambitions with the Paris Agreement and encourage them to continue the transition. We are giving Shell this year to align its climate ambitions. We will continue to monitor closely and actively engage with Shell in the coming months and years.“At the same time, together with numerous investors, we will strengthen our commitment in recent years to also encourage other oil and gas companies to follow the Paris Agreement and request concrete plans on how to achieve these goals.”The investor group is due to set out its expectations for the entire oil and gas sector soon.
“In this case, through local and international reinsurance through credit guarantees,” he added.Alecta said the bond will finance areas such as schooling, healthcare, food safety and infrastructure — contributing to most of the United Nation’s UN Sustainable Development Goals, including ‘no poverty’, ‘good health and well-being’ and ‘quality education’.It explained that ATI reinsured the entire nominal amount of the loan through a number of international reinsurance companies, adding that the bond’s financing was earmarked for social schemes and basic services in rural areas.According to the pension fund, ESG research firm Vigeo Eiris has checked that the framework developed by the country follows the International Capital Market Association’s Social Bond Principles. One of these, it said, is that the bond issuer must report back to show the effects that the investment contributed to. Sweden’s biggest pension fund, Alecta, has invested just over SEK1bn (€100m) in the first African social government bond, financing welfare and development in an unnamed West African country.The SEK877bn fund said the bond securitises a loan taken by the country and is being managed by Japanese bank MUFG, with insurance for the loan being provided by the African Trade Insurance Agency (ATI).A spokesman for Alecta told IPE the identity of the issuing country was not being disclosed. He said the investment would form part of Alecta’s overall portfolio, sitting within the euro portfolio.Peter Lööw, sustainability manager at Alecta Asset Management, the pension fund’s investment arm, said: “We see an increased range of new types of investment opportunities where several actors come together and through various risk-reducing measures make it possible for institutional capital to go in and finance development in new regions, without compromising on our assignment.
“Considering the continuing shift from DB to DC, a horizontal approach aligning DB and DC parts of the stress test is warranted in order to make the future IORP stress tests more relevant,” he said. EIOPA will be looking to assess defined benefit (DB) and defined contribution (DC) pension schemes together in future stress tests of the European pension fund sector, it has indicated.The outlined move echoes a call from specialists in the Dutch pension fund industry that has also found take-up at the European level via umbrella association PensionsEurope.Publishing the results of the 2019 stress tests yesterday evening, EIOPA said that in future, it wants to “further improve its analytical toolset for stress testing IORPs, extending the horizontal approach and with that assessing the common exposures and vulnerabilities of the DB and DC sectors together”.Niels Kortleve, chair of PensionsEurope’s working group on stress testing, said this year’s results of the DB and DC stress tests were in each case strongly influenced by one country: the Netherlands for the DB analysis and Italy for the DC segment. EIOPA wants to improve its analytical toolkit for stress testing IORPsPensionsEurope also indicated that in its view there were still improvements to be made to the stress test methodology despite a new cash flow analysis approach. The Dutch regulator and pension funds pressed for this.PensionsEurope said it stood ready “to provide its expertise to EIOPA to further define its stress testing methodology in order to address all specificities of the IORPs sector.”EIOPA said the extended cash flow analysis provided important insights, showing that “IORPs’ financial situation would be heavily affected in the short term, leading to substantial strains on sponsoring undertakings within a few years after the shock and resulting in potential long-term effects on the retirement income of members and beneficiaries over decades (should the short-term effects become permanent)”.Financial stability questionsThe DB and DC sectors were for the first time assessed together with regard to investment behaviour and the integration of environmental, social and corporate governance (ESG) factors, which EIOPA said were two important analytical areas complementing the stress test.“The interesting results of that horizontal assessment will be very good starting points for further research in terms of sustainability and understanding the particularities of IORPs’ investment allocation and investment behaviour,” the supervisor said.Assessing potential conjoint investment behaviour by pension funds after the stress test – a sudden reassessment of risk premia and shocks to interest rates on short maturities – EIOPA said it observed “an expected tendency to re-balance to pre-stress investment allocations within 12 months after the shock”.“That may indicate counter-cyclical aspects of the expected investment behaviour, yet would also come at a risk,” it added.According to Janwillem Bouma, chair of PensionsEurope, the results confirmed IORPs’ countercyclical behaviour and important role in stabilising financial markets.“It is important that legislation continues to allow IORPs’ countercyclical behaviour,” he said.Results ‘not surprising’According to EIOPA’s analysis, the materialisation of its adverse market scenario would result in an aggregate shortfall between total assets and total liabilities of €180bn under national frameworks and €216bn under the stress’s common methodology.Under the assumptions of the latter, the shortfalls in the adverse scenario would have triggered aggregate benefit reductions of €173bn and sponsors would have to provide €49bn in financial support.PensionsEurope said the results of this year’s stress test were not surprising. It argued that it was clear funding ratios would drop in EIOPA’s “severe” stress scenario.“If this unlikely severe scenario would happen, it would of course have impact on stakeholders in the form of higher contributions and (possibly) lower benefits,” it continued.According to the industry association, this year’s stress test used the “relatively challenging” reference date of 31 December 2018 – after a sharp fall in some major stock markets that month – and applied a “substantial” shock on assets, especially on equity-related investments, on top of that.The Dutch regulator said that EIOPA’s analysis showed that the materialisation of the adverse stress scenario would have a lasting impact on the Dutch economy.In total, 176 IORPs participated from across 19 countries. French IORPs – mainly new vehicles set up by insurance-based providers – participated for the first time, only a few Irish pension funds took part because of the delayed transposition of the IORP II directive in Ireland, and, as previously reported, there was no participation from the UK, the biggest pension fund market in the European Union.EIOPA said the level of participation meant that in most countries more than 60% of the national DB and 50% of the national DC sectors were covered in terms of assets. Gabriel Bernardino, chair of EIOPA, described the coverage as “quite good”.ESG firstFor the first time, the stress test exercise was complemented by an analysis of environmental, social and corporate governance (ESG) factors for pension funds.EIOPA analysed in a qualitative manner the extent to which pension funds contributed to mitigating ESG risks in society and the extent to which they reduced their own exposure to ESG risks.A quantitative analysis provided a rough indication of pension funds’ exposure to “brown” assets and the overall carbon footprint of their investment portfolios. “It is important that legislation continues to allow IORPs’ countercyclical behaviour”Janwillem Bouma, PensionsEurope“This quantitative part can be viewed as a first step towards a stress test analysis, assessing the impact of transition scenarios towards a low-carbon economy,” the supervisor said.It found that the majority of pension funds in its sample had taken appropriate steps to identify sustainability factors and ESG risks for their investment decisions, but only 30% of them had processes in place to manage ESG risks.The quantitative analysis indicated a relatively high carbon footprint of the sample’s equity investments and, concentrated in a few member states, of the pension funds’ debt investments. The comparisons were with the average EU economy.Bernardino said: “Long-term obligations and long investment horizons arguably require IORPs to consider ESG factors and enable IORPs to sustain short-term volatility and market downturns for longer periods than other financial institutions.“The supervisory monitoring and the applied supervisory tools need to be capable of detecting adverse market trends and market developments that can have long-term negative effects.”Speaking to journalists, he said EIOPA considered pension funds’ stewardship role to be “fundamental”.“You need to engage with the companies in which you invest to make sure they reduce their risk and by doing that you can also reduce your own risk as an investor,” he said.Comprehensive information about EIOPA’s 2019 stress test exercise can be found here.
The development at 63-69 Dickenson Street, Carina, is four to six weeks away from completion.He said it was “a challenging and tougher market at the moment than prior to August 2016” with market demand expected to remain the same the next 12 to 24 months.“As construction finance is becoming harder to obtain from Australia’s big banks we can foresee many developers looking to use second tier lenders for finance or form syndicates to finance projects. Michael and Chris Papa of Scotmore who are among those who have helped seen a surge in owner occupiers underpinning property development.OWNER occupiers have reclaimed their title as the mainstay of the Queensland residential construction market, fuelling demand for hundreds of builders across the suburbs. Latest Australian Bureau of Statistics data showed Queensland had the highest growth rate in approvals for private sector houses (1.6 per cent) though apartment approval growth was in negative territory (-11.5 per cent). The number of houses approved for construction in Queensland in April (2269) was the highest trend result achieved in a decade for the Sunshine State, while non-house approvals were at 1523, a farcry from its 2015 monthly peak of 2409 achieved two years ago.Chris and Michael Papa of Scotmore were among builders riding the multi-unit trend, producing almost 70 individual apartments and townhouses in the past four years. Scotmore’s latest development at 63-69 Dickenson Street, Carina, is 75 per cent sold, with each buyer an owner-occupier.“Owner occupiers have been our largest increasing buyer demographic in the past few years,” Chris Papa told The Courier-Mail. “In previous years approximately 80 per cent of our buyers were owner occupiers and 20 per cent were investors but in recent years the buyer ratio has increased to approximately 98 per cent of owner occupiers and 2 per cent are investors.” Beach shack sells for record $11.2m Huge drop in Brisbane land prices Where to buy for under $500,000 Every buyer so far in their current 29 apartment project at 63-69 Dickenson St Carina — which was 75 per cent sold — was an owner-occupier, he said, with the remaining 25 per cent expected to also go the same way.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours ago“Obtaining finance for the construction of a project in recent years has been one of the biggest changes for all developers,” he said, with all lending institutions requiring pre-sales from developers before approval was granted. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, 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 Rate1xFullscreenPrestige property with Liz Tilley07:29 The brothers focus on high quality finishes which are especially important to the owner-occupier market.“The success of the developer to acquire finance will determine whether construction will begin but it will be interest percentage charged by the financier and the management of the project which will determine the viability and profitability of the development.”Managing that level of risk and exposure in the volatile conditions was important, he said.Scotmore’s latest project at 63—69 Dickenson St Carina was now four to six weeks away from completion, he said, with a mix of two and three bedrooms apartments with single and double lock up garages still available priced from $535,000. FOLLOW SOPHIE FOSTER ON FACEBOOK
This house at 54 Fifth Ave, Kedron, has just been leased. Picture: CoreLogic. The kitchen in the house at 54 Fifth Ave, Kedron. Picture: CoreLogic.Records show Lynn paid $842,000 for the property in 2014.It’s nowhere as swanky as the six-bedroom, five-bathroom home he actually lives in a few suburbs away in Windsor.That property set him back $1.7 million in January last year. Inside the house at 54 Fifth Ave, Kedron. Picture: CoreLogic.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe house, which was built in 1930, hasn’t been renovated, but sits on a huge 810 sqm block of land in one of Kedron’s best streets — perfect for a hit of backyard cricket.It’s also walking distance to public transport and bike paths, and accessible to the M3 and M7 tunnels. The backyard of the house at 54 Fifth Ave, Kedron. Picture: CoreLogic. Australian cricketer Chris Lynn. Picture: Phil Hillyard.PROFESSIONAL Australian cricketer Chris Lynn has rented out his investment property in Kedron.The large, three-bedroom Queenslander at 54 Fifth Avenue was listed for lease earlier this month for $400 a week and was snapped up in a matter of days. The Windsor home owned by cricketer Chris Lynn. The Windsor home owned by cricketer Chris Lynn.Brisbane born and raised, Lynn is a batsman for the Queensland Bulls, and also plays for the Brisbane Heat in the Big Bash League.The 28-year-old made his One Day International debut for Australia against Pakistan in 2017.