Month: September 2020

Wednesday people roundup

first_imgPension Insurance Corporation – Elliot Varnell and William Coatesworth are to join the bulk annuity insurer as head of enterprise risk management and head of risk, respectively. Varnell and Coatesworth both bring a wealth of experience to the roles, with knowledge and research on actuarial assumptions and Solvency II. Varnell is also chairman of the UK Actuarial Profession’s risk management research committee, while Coatesworth has authored several papers on the impact of Solvency II on infrastructure investment.Russell Investments – Lee Clark has joined the firm as a portfolio manager in its transition management team. Clark joins from Northern Trust, where he operated in a variety of roles in transition management. He will be based in London, working on the EMEA market.Neuberger Berman – Charles Soullard has been appointed to lead the fund manager’s efforts in France, as it seeks to address an increase in interest from the French market. Soullard joins from OFI Asset Management, where he was head of sales.Multrees Investor Services – Sir Roger Gifford is to join the consultancy in a non-executive director position. The former Lord Mayor of London, and head of SEB UK, brings more than 30 years’ experience to the role. He was knighted in 2014 for services to international business, culture and the City of London. RPMI, ING IM, LCP, PIC, Russell Investments, Neuberger Berman, Multrees Investor ServicesRPMI – Babloo Ramamurthy has joined the firm, which is wholly owned by the UK Railways Pensions Scheme, as a non-executive director to the board. Ramamurthy, who is also chairman at defined contribution master trust owner B&CE, brings decades of experience in the UK industry after 34 years with consultancy Towers Watson. There he was responsible for the company’s EMEA business, and was also on the board.ING Investment Management – André van den Heuvel has been replaced as head of ING’s clients group and as a member of its management team. As of 1 March, he is to be succeeded by Gerard Roelofs, who is head investments for Continental Europe and the EMEA region at consultancy Towers Watson. In his new role, Roelofs will be responsible for the company’s client group internationally as it looks to float on the stock market later this year.LCP – Myles Pink has joined the consultancy as a principal in its buyout practice. Pink was previously co-head of business development at specialist pensions bulk annuity insurer Rothesay Life. Pink originated as one of the founders of Paternoster before its incorporation into Rothesay. In a reversal of roles, Pink will be responsible for advising schemes conducting bulk annuities with specialist insurance providers.last_img read more

European Foundation Statute suffers setback

first_imgBut at the COREPER meeting, a few countries, including the UK, Netherlands, Denmark, Austria and Slovakia, rejected the principle of an EFS initiative.Others rejected the current compromise text prepared by the Italian presidency.The EFS proposal establishes a constitution for a pan-European foundation (FE) operating across borders to support general interest causes, removing the requirement for foundations operating in different jurisdictions to set up separate legal entities in each country.It is supported by the industry because it would provide a single set of rules for European foundations, helping to reduce the costs and uncertainty involved in cross-border activities.At present, an estimated €100m per year is spent by the sector in complying with more than 50 types of national legislation in Europe.It could also stimulate cross-border donations and provide a level of transparency and accountability to individual foundations set up under its framework.It would not, however, replace existing national laws, but would be optional and complementary.The European foundation sector disburses €100bn annually and employs 1m people, with more than double that number working as volunteers.Gerry Salole, chief executive at the European Foundation Centre, which has advocated an EFS for several years, said: “This is a serious setback for foundations and communities and citizens on the ground. The EFS is a simple, cost-effective solution to enable foundations to fund across communities in Europe and bring about more public good to communities most in need.“The perversity of unanimity decision-making means a minority can veto the choice and agreement of the majority. This decision-making process demonstrates the flaws in policy-making at EU level.”He also observed: “There’s an added irony that countries with a strong track record of foundations working hard over time to improve the lives of citizens and cooperating closely with their national governments, have rejected the proposal. Therefore, this ‘I’m all right Jack’ attitude is particularly perverse.”The EFS proposal has gone through a long process of refinement to maximise the chances of success at the final hurdle.In particular, the tax provisions were removed after proving a major obstacle to progress.Emmanuelle Faure, European affairs senior officer at the EFC, said: “It is important to note that a majority of EU countries are supportive of the EFS initiative, with only a small minority rejecting it.”Countries rejecting the current compromise text included Estonia, Germany – which believes further work is needed on the text  – and Portugal, which wants to set the FE’s minimum starting capital at €100,000, compared with €20,000 in the current draft (although there is scope for member states to ask for a maximum of €100,000).Faure said: “Some of the issues at stake could be tackled if the negotiations were to continue.”The decision as to the next move lies largely with the new European Commission, which can keep the initiative in the legislative process during 2015, or withdraw it altogether.The latter would automatically mean that a new initiative would have to start from scratch.The current EU Presidency Trio (Italy, Latvia, Luxembourg) can also, in cooperation with the EC, decide to move forward with the file, or not.It is not clear what the outcome will be, but any decision is likely to be made within the next few weeks. The proposed European Foundation Statute (EFS) has suffered a setback in its progress towards enactment, with the 28 EU member states failing to produce a consensus.Last week, the Italian EU presidency presented a new version of the proposal for a regulation to the Permanent Representatives Committee (COREPER 1), which prepares the agenda for the ministerial Council of the European Union meetings.The final step in the process to create a regulation will be a vote by the 28 member states making up the Council, which must be unanimously in favour for the proposal to become law.A unanimous decision by COREPER is also sought beforehand, in order for the file to proceed to the Council.last_img read more

Ireland’s sovereign fund targets peer-to-peer lending

first_imgIreland’s sovereign development fund may soon finance company loans advertised through peer-to-peer lending portals in an attempt to expand the range of credit available to small and medium-sized enterprises (SMEs).The €7.2bn Ireland Strategic Investment Fund (ISIF) said it would consider providing capital to a vehicle, the Platform Investment Fund (PIF), that would invest in loans originated by next generation lending platforms (NGPs).It said it would regard any platform using the internet “and other new technologies” as the principal means of originating new loans as an NGP.“Funding is expected to be provided for both working capital (including single and batch invoice and supply chain finance) and loans outstanding for more extended periods,” the request for proposal published by the National Treasury Management Agency (NTMA) said. The tender comes only a few months after Donal Murphy, the ISIF’s head of infrastructure and credit finance, told IPE a resurgent banking sector was seeing it rethink its approach to SME lending. “We’d either look at that transaction for a potential junior debt or equity role, if there’s an absence of that, or we’ll move on and look at a different transaction or sector,” he said at the time.The NTMA said it was looking to establish the level of interest from managers who could oversee the proposed PIF and, although not explicitly stated, the loans would likely be aimed at companies based in Ireland due to the ISIF’s mandate to see a return on its investments and stimulate the domestic economy.“The PIF (once established) will ultimately select the counterparty that will perform this function, and the PIF will be the counterparty to any applicable agreements and contractual arrangements,” it said.The NTMA added that any interested party should have the capacity to manage a large number of individual loans, expected to be under €500,000 each, and would be expected to conduct all due diligence ahead of investment, as well as loan management and recovery where necessary.The tender comes only a few days after ISIF made its first official investment, acquiring a 15% stake in life sciences company Malin Corporation.Malin, which listed on the Irish Stock Exchange late last month, committed to invest €150m in Irish life sciences and create at least 200 jobs over the next five years.Eugene O’Callaghan, director at ISIF, said the €50m investment met both of its “double bottom line” criteria.“The commitments we have agreed with Malin demonstrate our investments are designed to stimulate high-quality economic activity in Ireland, support employment in Ireland and deliver commercial investment returns,” he said. While the National Pensions Reserve Fund has gradually been increasing its exposure to Ireland in anticipation of the launch of ISIF, the Malin investment is the first since the sovereign development fund was formally established in late 2014.For more on ISIF’s strategy, read IPE’s recent interview with head of infrastructure and credit financelast_img read more

Collective LGPS fund for London begins recruiting as CEO named

first_imgThe collective investment vehicle (CIV) backed by most of London’s £24bn (€32.8bn) local government pension schemes (LGPS) has appointed Hugh Grover as its chief executive and will shortly begin recruiting a senior executive in charge of investments.Grover, who has overseen the development of the CIV on behalf of local authority association London Councils, told IPE a total of five vacancies would need to be filled – three non-executive director positions and the roles of investment oversight director and COO.He said the role of investment oversight director would not be that of a traditional CIO but focus more on “oversight and facilitation”, working with the local authority schemes as they allocate to the CIV.Additionally, the CIV will also be recruiting a COO and three non-executive directors who, in addition to Grover and the investment oversight director, will form the vehicle’s six-strong board. One of the three non-executive directors hired will also be asked to chair the board.Grover declined to disclose what the CIV’s first investment would be but said there were a number of discussions with asset managers underway.He has previously said he hoped the CIV would make its first investment by June of this year, while at least one local authority decided to defer investing in infrastructure until the fund is operational.Discussions began in earnest in 2013 to launch a CIV for London’s 33 local authority schemes, as it was seen as an alternative to the full merger the UK government was weighing up in order to achieve economies of scale and reduce management costs.The government eventually distanced itself from the idea of full mergers after industry resistance and last year launched a consultation on a shift away from active management.It failed to make any progress on the reform ahead of the UK general election, a fact a high-ranking civil servant blamed on “tensions” between several government departments.Jules Piper, chair at London Councils, praised Grover and said the vehicle had already been successful in reducing costs.He said it would lead to “significant” savings while leaving discretion over investment decisions with individual London boroughs.Grover, prior to being named CIV programme director last October, spent nearly six years as policy director at London Councils and a further five as deputy director within the Department for Communities and Local Government.last_img read more

BlackRock: Regulators should set corporate governance rules

first_imgBlackRock, the world’s largest asset management group, has called for regulators to be tasked with setting corporate governance standards rather than relying on index providers to screen prospective or existing members of their benchmarks.In a letter to Baer Pettit, president of MSCI, the global index provider, BlackRock’s vice-chairman Barbara Novick said regulators in collaboration with listing exchanges should be “the arbiters of corporate governance standards for publicly listed companies”.Novick was responding to a consultation paper issued by the index provider “on the treatment of unequal voting structures” in MSCI’s equity indices.She added: “While the objectives of MSCI’s proposal are aligned with our view that ‘one vote for one share’ is the preferable structure for publicly-traded companies, we believe that an alternative approach would be more effective in achieving this objective.” The issue stems from the rising popularity – particularly among Silicon Valley start-ups – for dual class share structures, which give greater voting rights to one category and sometimes lead to “an overconcentration of power in the hands of a few shareholders”, BlackRock said. Facebook has a dual class share structureSocial media giant Facebook’s dual share class structure, for example, means that while co-founder Mark Zuckerberg owns a relatively small proportion of Class A shares, his holdings in Class B stock give him 60% of the voting rights.Swedish pension fund AP7 – one of the biggest shareholders in Facebook – last year succeeded in forcing the US company to abandon plans to issue voteless Class C shares. Richard Gröttheim, chief executive of AP7, claimed the move would have cost investors as much as $10bn (€8.1bn). BlackRock’s Novick said in her letter: “We recognise the potential benefits of dual class shares to newly public companies as they establish themselves. However, we believe that these structures should have a specific and limited duration.”Last year, S&P Dow Jones Indices said it would no longer add companies with multiple share class structures to its S&P Composite 1500 index.Novick said that “a global agreement is necessary to establish minimum corporate governance standards that would ensure a minimum level of investor protection”.Index providers could aid good governance by creating “alternative indices” to allow investors to reduce or screen out their exposure to companies with “unequal voting rights”.In this instance, this would allow investors who felt strongly about corporate governance issues to “vote with their feet”, Novick added.George Dallas, policy director of International Corporate Governance Network, welcomed BlackRock’s move: “I think [BlackRock is] rightly identifying the fact that individual providers can be put in an awkward position if they are trying to balance the pressures of many different investors.“A top-down policy mandate would help to make things unambiguous.”last_img read more

Dutch retailer scheme to ditch hedge funds

first_imgA C&A outlet in the UKDuring the first three quarters of 2018, the C&A scheme reported a net result of 4.3% for its hedge funds portfolio.The pension fund said it would replace hedge funds with fixed income and equity allocations, which it expected to generate more stable returns.It added that the ALM study had shown that it could afford to reduce the risk profile of its investment portfolio in order to meet its target of a pension that would keep up with inflation.Its new investment mix comprises 60% bonds, 30% equity and 10% real estate.The scheme explained that its fixed income portfolio was diversified across matching AAA-rated European government bonds, “return bonds” of other European countries with a high creditworthiness, and “higher return bonds”, comprising corporate and government credit with a relatively low rating.Provisum has approximately 2,900 active participants, 4,430 deferred members and 2,790 pensioners. At January-end, its funding level stood at 132.4%.A survey by IPE’s Dutch sister publication Pensioen Pro showed that the trend of pension funds divesting their hedge fund holdings continued through 2017, with their combined holdings dropping from €25.5bn to €23.6bn.At the start of 2015, Dutch schemes had invested almost €30bn in total in the asset class. In 2017, the scheme started discussing costs with its asset manager Anthos, the in-house manager for the Brenninkmeijer family, the owners of C&A.Based on a cost analysis and an asset-liability management study (ALM) in 2018, Provisum decided to cease investing in hedge funds. It also cited the lack of transparency and accountability for sustainable investment as reasons to abolish the asset class. Provisum, the €1.1bn Dutch pension fund of retailer C&A, is to cut its hedge funds holdings as they no longer matched with its sustainable investment policy.It previously indicated that it wasn’t happy with the asset class because of its high management costs.Provisum had allocated approximately 10% of its investment portfolio to hedge funds, which performed as they should until 2015.However, with a return of 2.4% in 2016 and a loss of 6.8% in 2017, the scheme said more recent results were disappointing.last_img read more

IPE Conference: New pan-European project targets sharing of asset allocation insights

first_imgPresenting the initiative in Copenhagen at IPE’s annual conference today, Jean-François Boulier, president of Af2i and chair of the project, said the sharing of knowledge about investors’ asset allocation offered many opportunties for the investors, their providers, and regulators.Institutional asset owners, for example, would be able to benchmark their own asset allocations against their European peers. Boulier noted stark differences between asset owners in different countries, highlighting that in France the average allocation to real estate among institutional investors was 6%, while in Switzerland it was above 20%. “We feel it’s interesting for institutional investors to be able to compare their own bets, beliefs, and asset allocations with others,” said Boulier.Providers would be able to better evaluate investment opportunities while regulators could get a better grasp of institutional investors’ portfolios and better understand institutional investors’ needs and practices.Boulier said around 10 member associations had so far agreed to participate in the initiative.Tim Brown, head of key relationships at Insticube, said: “The key thing is that these are facts. There is a lot of discussion about asset allocation, a lot of data produced but this is absolutely raw data coming from the organisations that represent institutional investors in each country and combined together to provide meaningful benchmarks.”Granularity questionsResponding to a question about the granularity of the data, Boulier said the plan was to distinguish between different types of institutional investors but indicated the possibility of country-level breakdowns.“But if one wants to compare against peers in other countries you need to use larger buckets,” he said. ”Of course you’ll have to have in mind that there are differences, certainly between public and private, between life insurance and casualty insurance.”The delegate asking the question had pointed out that in Germany, there are five different routes for occupational pension provision and they are each regulated very differently, which results in different asset allocations.Insticube’s Brown said it was important to be pragmatic.“The main objective at the beginning was to start with tempates that everyone could actually provide the data for, otherwise the great danger is we have a talking shop that goes on for years and we never actually deliver anything.“The beauty is that everyone already has this data and it’s coming from the organisation representing the investors. Properlly controlled it will give people a real benchmark.” A pan-European research initiative has been launched to allow European institutional asset owners to share intelligence about asset allocation activity and their future investment intentions.Project Louvre, as the project has been dubbed, aims to gather information about the asset allocations of institutional investors – pension funds, insurers and sovereign wealth funds – in different European countries via the professional associations of which they are members.Participating associations will submit combined data on their members’ current and expected future asset allocation on an annualised basis within a standardised format.The initiative is being co-ordinated by Af2i, the French institutional investor association, and Insticube, a data platform for asset owners.last_img read more

​Norwegian regulator warns of low rates impact on returns

first_imgThe Norwegian Financial Supervisory Authority (Finanstilsynet) has warned in its latest risk report that if interest rates remain low for a long time, it could be hard for life insurers to make good on the returns promises they have made to customers.In Norway, most pension provision is offered via life insurance companies.Publishing its Risk Outlook report for December, the authority said the capital adequacy of life insurers had been strengthened in recent years, and they were compliant with the Solvency II requirements.“A protracted low interest rate level poses a challenge to institutions’ ability to achieve the guaranteed return on their investments,” it said. Higher risk premiums in financial markets and declining equity prices were of particular consequence to insurers with a large proportion of paid-up policies in their portfolios, Finanstilsynet said.Norwegian pension institutions were rapidly increasing their proportion of defined contribution (DC) pension plans, it said, but contracts with an annual guaranteed return still represented the greater part of their obligations.The authority stressed providers had to tell customers about the risks involved in DC plans.Morten Baltzersen, the regulator’s director general, said: “The transition from defined benefit to defined contribution pension schemes with no guaranteed rate of return entails that the return risk is transferred from employers or pension institutions to the individual member covered by the pension scheme.“It is important that institutions give their customers detailed information about expected returns, risk and costs related to the defined contribution scheme,” he said.Turning to pension funds, Finanstilsynet noted that new solvency requirements for these providers took effect in Norway on 1 January 2019.“Pension funds meet the new solvency requirements, although there are wide variations in their financial soundness,” it said.last_img read more

Where would you put your money when a NSW carpark costs the same as a QLD unit?

first_imgGlynis Auction Properties head Glynis Austin said there was “amazing affordability in Brisbane”.One of her listings was a two bedroom, two bathroom apartment at 54/8 Dunmore Terrace in inner city Auchenflower which was listed for around $500,000.“Easy proximity to the CBD, the perfect lifestyle choice,” she said — plus it comes with a car space and has a balcony with views to Brisbane River. FOLLOW SOPHIE FOSTER ON FACEBOOK It is a tandem spot meaning it can’t really be split between two buyers, but the site is in Sydney’s high demand financial precinct. (Source: Findacarpark). This car space in Sydney is on the market for $475,000. (Source: Findacarpark). But while renters were willing to pay more for a car space in NSW (averaging $80,300 versus $49,852 in Queensland), the Sunshine State was clearly a much better investment option, according to data from the firm.NSW car spaces average $424 a month while the QLD spaces were not just significantly cheaper but also drew much more rent averaging $528 a month.“If you had to invest in a carpark and you had to choose what’s the best return, NSW or QLD, the reality is the best return on investment for carparks comes from Brisbane.”Mr Armstrong said the higher rents came because the Brisbane City Council had not allocated enough parking in planning stages with the supply of on-street carparks very limited.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago The outdoor deck at 54/8 Dunmore Terrace, Auchenflower, looks bigger than most car spaces, tandem or otherwise. As well, he said, there were not many carparks available for purchase with their own titles in Brisbane.“So whatever carparks out there are getting snapped up, albeit much cheaper than Sydney but demand is much higher. The yield in NSW is 6 per cent, which is high as an asset class, but in QLD you are getting around 13 per cent.”.The carpark in Sydney listed for $475,000 was in the city’s financial district near Wynyard station with 24/7 access. The space was actually a tandem one so it could fit two cars “close to the Australian Stock Exchange and Australia Square”. The two bedroom apartment at 54/8 Dunmore Terrace, Auchenflower in Brisbane is on the market for offers around $500,000. “Very rarely do owners sell a car spot by itself in this building and very rarely are car spots by themselves (that is, not attached to an apartment) available to be purchased on separate title,” was how it was listed.In contrast, a Brisbane car park was listed for $45,000 in the Watkins Medical Centre in Spring Hill with easy access to nearby hospitals and the CBD.“Access to the upper level space is restricted by a remote operated boom gate, so you’ll never need to worry about someone taking your space.” Francis Armstrong, founder of, said average Brisbane car space yields were beating Sydney hands down. Picture: Andrew HenshawSAY what you will about Origin but NSW supporters are deserting their state in droves for QLD; unsurprising given a Sydney carpark costs the same as a two-bed Brisbane unit.An inner Sydney carpark was listed for $475,000 — and the price can only go up according to experts given severe supply shortages in the city. The price was a whopping 10 times more than the cost of buying a city carpark in Brisbane and about the same price as several two bedroom units currently on the market in inner Brisbane. Craig Bellamy’s mega-profit home sale First racecourse residents move in Gold mine found in backyard Between those two white lines is a car space worth $45,000 in Brisbane. (Source: Findacarpark) Francis Armstrong, founder of website Findacarpark which lists car spaces for sale and rent, told The Courier-Mail that limited on-street parking in both Sydney and Brisbane had forced prices up.“Is it worth it? Yes, because in Sydney they charge $70 a day for carparks … All the car parks that have been sold for just ridiculous amounts have been leased out within 48 hours,” he said.last_img read more

These are the hottest homes going to auction this weekend

first_imgWhen 68 Sydney St was renovated, an electric car charging station was added to the double garage.The double storey executive home is on a 607 sqm level block with 15 metre street frontage and blends old world charm with new age design.The indoor-outdoor zones have wowed visitors, according to Mr Gracie, with a gourmet kitchen, expansive stone island bench, Miele appliances and butler’s pantry, oversized entertainer’s dining room, motorised timber screens, bespoke brickwork and even an open fireplace in the outdoor living zone. 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 five bedder has an elegant style maintaining its 1930s roots.Agent Tyson Clarke of Queensland Sotheby’s International Realty Brisbane marketed it as having been “tastefully renovated”.“Its beautiful redesign has created a marvellous base for entertaining, with a smooth flow between the contemporary kitchen with butler’s pantry, meals area, wide north-facing deck and swimming pool. A pool bar and poolside pavilion offer further outdoor options to entertain family and friends.” 15 Arinya Road, Ashgrove, was second hottest on the most viewed auction list — set to go under the hammer at 1pm Saturday September 8.Also on the hot list for auction this weekend was 15 Arinya Road, Ashgrove — “a quintessential Ashgrovian Queenslander renewed with Hamptons-style influences”.The five bedroom, three bathroom, double car space house was set to go under the hammer at 1pm (Saturday September 8). 68 Sydney Street, New Farm, was the most viewed QLD property going to auction this week.A JAWDROPPING home with its own electric car charging station, a Hamptons’ style house with a yoga room and a renovator are the hottest homes going under the hammer in QLD this weekend. The home at the top of the list is so hot that over 220 groups have gone through it in four weeks, with a lot of interest from Melbourne buyers especially, according to agent Glenn Gracie of Glenn Gracie Real Estate in New Farm.The five bedroom, four bathroom, double car space house is at 68 Sydney Street in one of Brisbane’s hottest inner city suburbs, New Farm.Designed by Fouche Architects, it’s so up to date, it even has its own electric car charging station in the double garage. Some original features have been maintained in the home.They believed that the property’s “convenient position in the ever-popular inner-city suburb of Coorparoo” a few kilometres from the Brisbane CBD made it one that would see “good rental return and future capital growth”. The backyard is a dream family zone. Mixed bag of homes to go under hammer Best place to be a renter in Australia How long to save a home deposit? He said there were already two registered bidders for the auction — one interstate, one local — which takes place at noon on site (Saturday September 8).“It’s such a great family home, from the kitchen you can see the backyard, the pool, the outdoor area, it’s great for a family home.” The home has a multi-use yoga room as well.A home ready for an upgrade at 15 Wellstead Avenue, Coorparoo, was the third hottest property going to auction this weekend.The three bed, single bath, single car space property was set to go under the hammer at 10.30am (Saturday September 8). As far as home additions go, this one is downright beautiful.The home blends old and new, maintaining its polished timber floors, ornate plaster ceilings, bay windows, stained glass, Hampton-inspired staircase and a 1930s style fireplace.It also has all the modern accompaniments like its own yoga room, a drinks bar, wine cellar, considerable space to rack bicycles and sporting gear, Di Lorenzo marble tiles, Ilve and Miele appliances, mud room, media room and an ensuited guest bedroom that could be used for an au pair or older parents.The property overlooks parkland and neighbours popular Dorrington Park, according to the listing. 15 Wellstead Avenue, Coorparoo, goes to auction at 1-.30am *Saturday September 8).Agents Cliff Tarr and Sam Palmer of Ray White Coorparoo listed it as the “perfect first home renovator or investment”.It has architect-designed plans available on request with potential for the property to be converted into a four bedroom home with study with two and a half bathrooms and a double garage. Space galore in the backyard.It already has a large rear deck for entertaining, high ceiling and polished timber floors, is fully fenced and on a 405 sqm block. Follow Sophie Foster on Facebook Hottest auctions this weekend: 68 Sydney St, New Farm 15 Arinya Rd, Ashgrove 15 Wellstead Ave, Coorparoo 43 Spence St, Mt Gravatt East 51 Wade St, Wavell Heights 4 Plumosa Court, Mermaid Waters 1 Evans St, Nundah 22 Bayview Terrace, Wavells Heights 20 Portland St, Annerley 6 Turubul Crescent, Carindale (Source: most viewed property going to auction this weekend) The double storey property has amazing indoor-outdoor flow perfect for QLD.Among family friendly features were a laundry and bag drop area with a clothes chute upstairs, an intercom system, Pay TV access, and a swimming pool with outdoor shower and pool shelter.last_img read more