Friday people roundup

first_imgJupiter Asset Management, Unigestion, BNP Paribas, Hermes Fund ManagersJupiter Asset Management – Kathryn Langridge has been appointed co-manager of the company’s Emerging European Opportunities and New Europe Funds, following the announcement that current co-manager Elena Shaftan is to retire in the near future. Langridge has been with Jupiter since 2010 and previously worked at Lloyd George Management and INVESCO Perpetual.Unigestion – The asset manager is expanding into Canada, opening an office in Toronto to be manned by former Mercer partner Heather Cooke, appointed director of institutional clients. Cooke was previously leader of implemented consulting and dynamic de-risking at Mercer, and has worked at Diversified Fund Management, Northern Trust Global Advisors and Rogerscasey.BNP Paribas Securities Services – Sid Newby joins as head of pension fund sales and Aïda Molineux as head of client service. Newby joins from BNY Mellon, while Molineux joins from Ernst & Young and has previously worked at Northern Trust, Morgan Stanley Trust and Barclays. Hermes Fund Managers – Jakob Nilsson has been named director of business development for Asia. Nilsson was previously the firm’s head of Nordic business development, and will move to Singapore for his new role. He joined the company in late 2012, having worked at Citigroup, Goldman Sachs, Lehman Brothers and Bank of America Merrill Lynch.last_img read more

NAPF sees merger talks with PMI collapse

first_imgThe UK’s National Association of Pension Funds (NAPF) has seen its talks to merge with the Pensions Management Institute (PMI), the professional body supporting the development of trustees, collapse.In a statement, PMI president Paul Couchman said the discussions had been “extremely positive” and explored the potential value to be gained by merging the two organisations.“However, after careful review by the PMI Board and its Council, we have decided PMI is best placed to pursue its strategic objectives as an independent organisation,” Couchman said.NAPF chairman Ruston Smith said the organisation was disappointed by the decision but had no choice but to respect it. He added: “The NAPF continues to fulfil the needs of our members by providing them with the high-quality services they require, including education and policy solutions.”The organisations announced in October last year that they were exploring the possibility of a merger, with Couchman at the time praising the “complementary areas of expertise”.last_img read more

Top Robeco execs depart amid corporate restructuring

first_imgDavid Steyn, who only began as chief executive of Robeco Groep and chairman of its management board in November last year, has already left and will join the ORIX Group as part of the changes.Bert Bruggink, chairman of the Robeco Groep supervisory board, has also gone and will join the ORIX Group, the company said. Under the new structure, Robeco Groep said Robeco Institutional Asset Management will have its own supervisory board and executive management.It said this would emphasise its position as an autonomous global asset manager, under the name Robeco, headquartered in Rotterdam.The other part of the new structure will be Robeco Groep, which will be changed into a financial holding company from an operating company.Makoto Inoue, president and chief executive of ORIX Corporation, said the new structure would allow Robeco’s investment talent “to flourish and help Robeco to further expand on its strong foundation”.The company believes it will also further separate the holding activities of Robeco Groep and the asset management businesses of its subsidiaries, Boston Partners, Harbor Capital Advisors, Transtrend, RobecoSAM and Robeco. “The new structure reflects current global industry and market trends, guaranteeing continued expertise in investments, distribution and client servicing,” the company said.A spokeswoman for Robeco said the new structure had arisen from studying industry best-practice across the world, and detailed discussion between management and supervisory board members, shareholders and regulatory authorities. “As a result, the changes bring the governance structure of the business fully into line with AIFMD guidelines for Robeco,” she said.Investment strategies, the teams running them and client servicing at Robeco will all remain as they are.The supervisory board of Robeco will consist of Jeroen Kremers as chairman, and Jan Nooitgedagt and Gihan Ismail, with further members being announced soon.Kremers and Nooitgedagt are members of the Robeco Groep supervisory board now, and Ismail is currently executive director at Marine Capital.The company said the day-to-day management of Robeco would remain with Boeren, Roland Toppen, Peter Ferket, Ingo Ahrens and Karin van Baardwijk, who formed its executive committee, with Boeren leaving the group after leading the transition.The Robeco spokesperson said the company aimed to appoint a chairman of the executive committee of Robeco Institutional Asset Management in the near future. The supervisory and management boards of the newly transformed financial holding company Robeco Groep will be replaced by a “simplified financial holding board” chaired by ORIX chief Inoue, subject to regulatory approval.With Bruggink and Steyn already having left the two boards, the other members of the Robeco Groep supervisory board will step down once the transition to the new structure is completed.At the end of last month, Robeco announced the sudden departure of executive board members Hester Borrie and Hans Rademaker, who were head of global distribution and marketing and CIO, respectively.In December, Robeco announced it was opening a London office, saying the city was a key hub for the institutional and wholesale investment business globally. Three leaders at Dutch asset manager Robeco Groep are to leave the company in a corporate restructuring that will see the business divide activities into a clearly labelled asset management company and a financial holding company.Robeco Groep, which had €262bn in assets under management at the end of March, will separate its activities into Robeco Institutional Asset Management and Robeco Group.Japanese financial services group ORIX Corporation bought around 90% of Robeco from its former owner Rabobank in February 2013.Leni Boeren, who has been a member of the management board of Robeco Groep for 11 years and is chair of the executive committee of Robeco Institutional Asset Management, is to leave the group when the transition is finished.last_img read more

London councils set to merge pension funds

first_imgThe councils have agreed a new pensions committee structure, which will see Wandsworth Council provide six members and Richmond a further three, while asset management will largely be outsourced to the now operational London CIV, of which Wandsworth is a member.The consultation is to close on 15 September. The move to merge the schemes is notable, as full-scale scheme mergers were initially proposed by DCLG as one of the methods to bring about scale within the LGPS.DCLG later considered banning all active management of LGPS assets, and has since pushed the launch of asset pools – with eight collaborations emerging across the affected English and Welsh funds.However, the funds are not the first to attempt a merger in recent years, with Buckinghamshire, Windsor and Maidenhead and Oxfordshire councils proposing a joint pension fund as part of plans to merge all three councils, but the plans were abandoned last January. Two London councils are set to merge their pension funds, as they set out to collaborate on staffing and deliver £20m (€34.9m) in savings.The merger of the local authority schemes (LGPS) for Richmond upon Thames and Wandsworth council is the first to go ahead after the UK government proposed, and then abandoned, wide-spread scheme mergers as a way of bringing about scale within the sector.Under the preferred solution, the respective councils would retain responsibility for the past liability within each scheme, but future contributions would be made to the newly established joint scheme, to be administered by Wandsworth Council.The proposed merger is now subject to a consultation by the Department for Communities and Local Government (DCLG), as it requires a minor change to existing law, absolving Richmond upon Thames of its responsibility to maintain an LGPS.last_img read more

Nordea’s Danish pensions unit becomes 25% customer owned

first_imgHe said his company welcomed customers as co-owners.“For the benefit of customers and the company, with a co-ownership structure, we will further strengthen the position of Nordea Life & Pensions in Denmark,” Bolmstrand said.In relation to the transaction, the company said Nordea Life & Pensions would distribute €375m to Nordea Life Holding, which it said would improve the life group’s solvency capital position by around 16 percentage points. The deal has been signed by Foreningen NLP and Nordea Life Holding, but is still dependent on approval by the Danish FSA. Foreningen NLP exists as a result of the complex history of Nordea and the Tryg insurance group, which originated in the aftermath of the Copenhagen Fire of 1728.Tryg contributed to the formation of Nordea in 2000.Nordea Life & Pensions Denmark said Foreningen NLP had total assets of DKK8bn and that, following the deal, the return on these assets would bolster returns for customers in the Danish Nordea unit via a bonus that would be paid to the unit from the association.Steen Michael Erichsen, chief executive at Nordea Life & Pension Denmark, said: “We are now taking on a unique model of value creation based on mutual ownership, a bonus from Foreningen NLP, a return from DinKapital, access to personal advice everywhere in the country, a big product offering and robust financial strength with the support of the Nordea group.”DinKapital, which means ‘your capital’, and is a new type of savings product the firm is introducing at the beginning of next year.It pays customers a fixed interest rate of 5% for contributions that Nordea will use as part of its capital base – the resources forming part of the safety net covering payment guarantees, and other risks. Nordea Life & Pensions Denmark, the Danish pensions subsidiary of the Nordic banking group Nordea, is becoming a partially mutually owned company as a result of a deal by the customer-owned association Foreningen NLP to buy one-quarter of its share capital.Foreningen NLP, jointly owned by Nordea Life & Pensions Denmark’s customer base of some 330,000 people, is buying the 25% stake – which has a book value of just over DKK1bn (€133m) – for DKK2.175bn, from the Danish business’s owner Nordea Life Holding. As well as this, the association will invest DKK932.5m in Tier 1 subordinated debt issued by Nordea Life & Pensions Denmark, Nordea said.Nils Bolmstrand, chief executive at Nordea Life Holding, said: “This is a unique opportunity to serve the mutual interests of customers and Nordea Life & Pensions.”last_img read more

Wellcome Trust returns 16.9% from buoyant equity markets

first_imgAt the end of the period Wellcome’s overall equity holdings were weighted towards technology companies, which made up 24%, and financials, 21%.The trustees highlighted opportunities resulting from areas such as increased use of artificial intelligence and the growing importance of genomics in healthcare. It has a 37% stake, worth £457m, in Syncona, intended to develop into a life science investment company.The trustees said: “Through our long-term outlook and our extensive investments in venture capital and emerging markets, we aim to capture some of the economic benefit of these trends.”They added: “The large financial sector weighting in part reflects strong performance of existing positions on faster economic growth. Even after this rally, bank stocks remain cheap compared to pre-crisis levels, reflecting a tougher regulatory environment.”Hedge funds made 9.6% over the 12 months to end-September: the Wellcome trustees said that with greater dispersion of performance between stocks and sectors, there had been more opportunities for hedge fund managers to add alpha. However, the trust’s exposure to hedge funds was reduced during the year.Real estate – 8.7% of the total portfolio – returned 4.4% for the year to end-September. Property holdings had a significant bias towards UK assets.“Continued uncertainty towards Brexit, exacerbated by the inconclusive results of the general election, have put a dampener on physical assets in the UK,” the trustees said. “However, these negative movements were more than counterbalanced by value accretion in Wellcome’s asset-backed operating businesses, in particular its performance student accommodation business, iQ.”The trust’s annualised return over five years was 15%, and 9.1% a year over 10 years.Earlier this year, the charity announced that Danny Truell, its investment chief of some 12 years, was to step down. He took on a non-executive position from 1 October, with Nick Moakes appointed chief investment officer. Peter Pereira Gray was named CEO. Buoyant equity markets in Europe and emerging economies underpinned a 16.9% investment return at the UK’s largest charity in the 12 months to the end of September.The Wellcome Trust’s assets grew to £23.2bn (€26.4bn) during the period.The 16.9% return compares with 18.8% for the previous year, when the depreciation of sterling boosted returns.Public equities – 52.3% of the portfolio at end-September – made a 19.6% return, while within private equity (24.2% of the portfolio) large buyouts performed best with a 21.6% return.last_img read more

Public pension funds back low carbon UK tax transparent funds

first_img“Robeco were selected for their ability to use quantitative investment techniques to provide a low carbon approach to ‘value’ investing, within a low-cost, tax-efficient, pooled fund solution.”EAPF started looking into options for reducing the carbon dioxide emissions of its value equity investments during the fund’s 2015-16 financial year. As a first step in the process it had switched indices, moving from a Research Affiliates Fundamental Index (RAFI) tracking 3,000 companies to the RAFI 1000 index, which has lower carbon exposure.The pension fund for the London borough of Southwark, meanwhile, has invested in a low-carbon equity tracker fund that BlackRock has launched as part of an expansion of its tax transparent fund range. The manager also launched a multi-factor index fund.Duncan Whitfield, strategic director of finance and governance at London Borough of Southwark Pension Fund, said: “Southwark recognises the importance of responsible investing and is fully committed to the continued reduction in fossil fuels exposure. Our investment in the BlackRock ACS World Low Carbon Equity Tracker Fund exemplifies this commitment and our focus on generating a positive long-term sustainable impact.”BlackRock launched its first – and the UK’s first – tax transparent fund in 2014, while Robeco announced the launch of its ACS today. Both target UK local government pension schemes (LGPS) and their emerging asset pools, in addition to other institutional investors.An ACS is a UK pooled investment fund structure that offers tax benefits for institutional investors compared with an investment in a unit trust or fund company. The tax benefits arise from contributors in the fund being treated as if they were directly invested in the underlying assets. This is different to a unit trust or fund company, where dividend income received by the fund is charged a rate of withholding tax based on the domicile of the fund vehicle.Peter Walsh, head of Robeco UK, said: “This ACS allows us to take advantage of the unique benefits provided by a pooled investment, and create a highly tax-efficient proposition that utilises the opportunities afforded to pension funds through tax treaties across the world.”The LGPS asset pools are either establishing their own ACS structures or hiring external providers to operate an ACS. LGPS Central, for example, last week announced it had obtained regulatory authorisation to run an ACS, while the Wales Pension Partnership has hired Link Asset Services to operate the vehicle in which eight Welsh LGPS funds will pool assets.EAPF is part of the Brunel Pension Partnership, and Southwark pension fund is a shareholder in London CIV, both of which are operating their own ACS structures. Two UK public pension funds have invested in new low-carbon tax transparent funds launched by BlackRock and Robeco.The £3.5bn (€4bn) Environment Agency Pension Fund (EAPF) has invested £150m in Robeco’s quant sustainable fund, which is the first fund available under its newly launched authorised contractual scheme (ACS) structure.The fund seeks to invest in value stocks while using quantitative investment techniques to lower the carbon footprint of the portfolio’s assets. It was set up in the third quarter of last year.Craig Martin, chief pensions officer at the EAPF, said: “In 2017 the EAPF ran a search for a manager to provide what we term ‘sustainable enhanced value equities’.last_img read more

ESG roundup: UBS AM launches own climate-aware strategy line

first_imgSuni Harford, president of UBS AM, said: “The degree to which investors are embracing ESG as a fundamental investment driver, particularly around the issue of climate risk, is stark. As demand continues to grow and sustainable assets amass more capital, we will see the investment landscapes transform even further.”He added that this is a trend which “we believe is here to stay and investors in today’s markets must understand the effect that climate is having on their portfolio”.Barry Gill, head of investments, said the firm’s Climate Aware approach “sits at the heart of our sustainable investment proposition and is underpinned by our active stewardship program”. He added that this new appraoch “sends a clear message”  to the companies UBS AM invests in, giving the firm the opportunity to engage with such companies to help them achieve a lower-carbon target.University of Oxford and Lombard Odier launch strategic partnership on Sustainable InvestmentThe University of Oxford and Lombard Odier have set up a new multi-year partnership to foster research and teaching on sustainable finance and investment.The collaboration between the two entities will provide a unique platform for knowledge exchange between scholarship and financial services and support sustainable finance in becoming a major field of academic research globally.It will also harness the “vast potential of the financial sector to drive environmental, social and economic transformation”, they said.The five-year partnership will allow for both to create the first endowed senior academic post in sustainable finance at any major global research university. Oxford University will establish a programme for the ongoing training of Lombard Odier investment professionalsAs part of the partnership, Ben Caldecott – an expert in sustainable finance and investment who is the founding director of the Oxford Sustainable Finance Programme and the COP26 Strategy Advisor for Finance at the UK Cabinet Office – will become the Lombard Odier associate professor and senior research fellow of sustainable finance at the University of Oxford, based at the Smith School of Enterprise and the Environment within the School of Geography and the Environment.Lombard Odier will work with Oxford University’s scholars to integrate the University’s pioneering work into the firm’s own proprietary research and investment solutions.In addition, the university will establish a programme for the ongoing training of Lombard Odier investment professionals, while Oxford scholars will benefit from accessing the asset manager’s research and product innovation.The two partners will also host a joint annual research forum, open to the wider academic and practitioner community.Caldecott said: “Sustainable finance is a structural change in both the demand and provision of financial products and services. It is also mission critical for tackling the massive environmental and social challenges facing humanity.”He added, however, that for sustainable finance to be itself sustainable “it needs greater academic rigour, as well as pedagogy to scale the adoption of best practice.”FRC calls for participants in new reporting lab projectThe Financial Reporting Council’s (FRC) Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.Investors and other stakeholders are increasingly looking for information from companies about how they will evolve, adapt and respond to changes in the external business environment, FRC said.It noted that the risks and uncertainties that could impact a company’s business model, strategy and viability will vary over the short, medium and longer term. Given the significant reassessment many companies are making to their longer-term business model and strategy, risk, uncertainty and scenario reporting is likely to become even more important, it added. FRC said that how companies consider and report on business model, strategy, the reporting of risk, uncertainties and scenarios, viability and resilience, and the drivers of value is, necessarily, interconnected.FRC expects to address these topics in due course as part of its previously announced Horizons project, but given the current level of uncertainty in the business environment, this project will focus on the reporting of risks, uncertainties and scenarios and consider what users want from these disclosures. The scope of the project will likely explore whether and how companies’ risk identification, risk management and scenario planning processes are evolving and how this is impacting reporting and disclosure.It will also try to determine whether the time horizons utilised in scenario planning have changed and will consider how companies communicate uncertainty in their disclosures.FRC also said the project will likely discuss which areas of reporting are most challenging for companies and will explore examples of risks and related disclosures where investor focus has been heightened by the current pandemic – for example, supply chain risk, existential risk/viability of business model.The Lab expects to publish a range of outputs across 2021.Truvalue Labs and Solactive Launch a New Generation of AI-Powered ESG IndexesTruvalue Labs, an artificial intelligence-driven environmental, social, and governance (ESG) data firm, along with Solactive, the German index engineering firm, have launched the Solactive Truvalue ESG Index Series.These indexes are designed to provide investors with diversified exposure to global large- and mid-cap equities with strong ESG characteristics.As assets in passive ESG funds doubled to $250bn (€209bn) in the past three years, investors are demanding better quality information, Truvalue Labs stated.The firm claims it sources and analyses information differently than traditional ESG research firms do, using natural language processing and machine learning. Its insight scores are derived from real-time ESG information that is not dependent on company disclosures.Using the Sustainability Accounting Standards Board (SASB) materiality framework, Truvalue Labs’ approach is “transforming investors’ expectations about ESG research, offering a timely, transparent and salient stakeholder perspective on sustainability issues”, it said.The Solactive Truvalue ESG United States Index is the first benchmark in the series to apply Truvalue Labs’ volume and insight scores for component selection while avoiding exposure to fossil fuels, utilities and tobacco companies.As of 26 August, index performance from February 2008 shows annualized returns of 12.43% compared with 10.38% for the Solactive GBS United States Large & Mid Cap Index, the parent index.“We actively seek partners with diverse and creative approaches to develop differentiated indices of the highest quality,” said Steffen Scheuble, CEO of Solactive.To read the digital edition of IPE’s latest magazine click here. UBS Asset Management has today announced the launch of a new suite of strategies based on its innovative Climate Aware framework, whcih will enable the firm to support more clients in aligning their investment and environmental goals.The asset manager developed its Climate Aware framework as part of its Climate Aware passive equity strategy launched in 2017. The launch of the broader suite of investment strategies today includes active and passive equity and fixed income, which are the building blocks of most portfolios, it said.This represents the first time UBS AM has launched a cross-asset class suite of products, the firm added.The framework is based on portfolio mitigation by lowering investment exposure to carbon risks; portfolio adaptation through increasing investment exposure to climate-related innovation and solutions; and portfolio transition aligning to a chosen climate glidepath.last_img read more

How to handle the stigma of a home cursed with a shady history

first_imgFile photoUSUALLY when we buy an established home we don’t think too much about its history. There are times, however, when a property’s history can include some unpleasant aspect. Sometimes it can have a stigma due to recent events and these events can influence a buyer’s decision on whether to buy or not. In those instances, it is helpful to know what information you can reasonably expect to get from the seller’s agent when they are showing you a property and what the law requires of agents in the situation of a potentially stigmatised property. What is a stigmatised property?A property may become stigmatised if it has been associated with an unsavoury event. While having no physical impact on the property, stigmas can affect how some people feel about the property psychologically. However, this is a very subjective issue and can be different from one person to the next. What one person finds a deal-breaker may not worry someone else. For example, what if the previous owner died a peaceful death in their sleep after 40 happy years in the property? That is unlikely to influence many people’s buying decision. But for some cultures, if someone has died in the property, regardless of how the death occurred, it may be considered bad luck to live there. So, to them, it is a stigmatised property. What is a material fact? There’s no checklist that tells agents what they must disclose, but as a general rule if something is likely to influence someone’s decision to buy a property – a material fact – then it must be disclosed.The law does not specify what makes a material fact, but describes it as any fact that “may have a bearing on a reasonable person’s decision to proceed with a property transaction”. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Common causes of stigma for properties: ■ Death, such as a murder, suicide or natural causes; ■ Crime, such as an assault, theft, drug dealing, or sexual crimes; ■ Health-related issues, featuring contagious diseases; ■ Troublesome neighbours (such as the presence of sex offender); ■ Environmental conditions, which could include soil contamination, aircraft noise, industrial odours; ■ Other psychological factors of significance to the buyer (for example, the rumoured presence of ghosts);This is an area the REIQ feels that the government should do more on and the REIQ is advocating for a specific disclosure regime. It’s a difficult position for agents, vendors and buyers alike to navigate. More detail and greater specificity would help everyone. In all instances, the REIQ strongly recommends that every buyer does their own research before buying a property. In real estate, the principle of caveat emptor (buyer beware) generally applies, which is why buyers do their own building and pest inspections, flood investigations, conveyancing checks and other due diligence. Nothing is better than being well educated and well researched when you are looking at real estate to buy.last_img read more

Brisbane Queenslander undergoes incredible transformation

first_imgThe home at 84 Watson St, Camp Hill today. Picture: supplied.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:36Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:36 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 Rate1xFullscreenWhat do QLD buyers want?00:36The owners of this 1909 Queenslander waited a decade to get their hands on the property known as Croyde.Karen Hartley said she and her husband first spotted the home at 84 Watson St, Camp Hill while walking with their two young children in 2005.“We said wouldn’t it be a great place for entertaining friends and family for the kids to grow up in,” she said.The property was placed on the market and over the ensuing 10 years the couple placed several offers on the home until one was finally accepted in 2015.“When we bought it, it was a single storey house on stilts,” Mrs Hartley said.“It was in OK condition for its age but was in need of a lot of love and care.“There was only one bathroom in the house, a small kitchen, two proper bedrooms and the dining room had been converted into another bedroom.”The original home at 84 Watson St, Camp Hill, in the 1940s. Picture: supplied.The original house was built by watchmaker and jeweller Ebenezer Jones in 1909 on an 1882sq m plot of land he purchased in 1908.He mortgaged the land for 320 pounds and built a house with VJ walls and ceilings, pressed metal cornices, brick chimney, chandeliers and hoop pine floorboards, all of which remain today. Mr Jones’ glass storefront plaque also remains with the house.The home passed through two more families before landing with the Hartleys, who undertook significant restoration work and renovations, working with the Brisbane City Architecture and Heritage Team and award-winning builder Corella Construction.The home at 84 Watson St, Camp Hill, in 2014.The heritage listed house was raised, built-in underneath and completely restored.“The amount of time, energy and passion that went into this renovation, not only from our family but also our builders and trades, is evident in the finished product,” Mrs Hartley said.“It is a true home, it’s not just a house.”Today in the original upstairs space there is a front veranda, formal lounge and dining rooms and a galley-style kitchen opening to a rear deck, along with a bathroom, sitting room, master suite with dressing room and ensuite, and second bedroom.A standout feature is the functional two-storey, double sided chimney with fireplace in the formal living room, a hearth for the cooker in the original kitchen and brick support column on the lower level.The formal living room in 2014. Picture: supplied.The timber floorboards are exposed in the living room today. Picture: supplied.Mrs Hartley said lower level of the chimney once had a fire pit with a copper pot sitting above for boiling laundry.“We still have that copper pot — it’s been full restored,” she said.And that is just the start of the restoration work done over a period of seven months, which followed eight months of planning.“Upstairs the pressed metal cornices were restored, all the decking needed to be replaced and the original glass and crystal chandeliers all had to be restored,” Mrs Hartley said.“A lot of paint had to come off, layers and layers of it.“The breeze windows had all been painted closed so a lot of work went into them. My husband restored the original mechanisms that open and close the windows.“The old gas light fittings have also been restored and they are still on the walls.”The 1960s-era kitchen and bathroom were replaced with more traditional spaces but the original claw foot bathtub still takes pride of place in the bathroom.The kitchen in 2014 only had one small window. Picture: supplied.The kitchen now has bi-fold doors opening to a deck. Picture: supplied.“The kitchen is the hub of the home,” Mrs Hartley said.“It’s a beautiful space opening to the deck. It has a 3m long Caesarstone bench with seating all the way around that takes in the city from the lights of the Gabba to the second arch of the Story Bridge.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours ago“It’s the place we find ourselves most often.”Mrs Hartley said early on in the restoration process they discovered a storage area with terrazzo flooring on the back veranda was once a bathroom, so they got permission to convert the space into an ensuite for the master bedroom.The new area downstairs houses a wine cellar, second kitchen, games lounge, bathroom, laundry and three covered patios. There are also three more bedrooms, with ensuites, walk-in wardrobes and study nooks to two.The bathroom in 2014. Picture: suppliedThe bathroom today. Picture: supplied.“Downstairs is clearly a new addition but it is in keeping with the grandeur of the house,” Mrs Hartley said.The property also has a saltwater swimming pool with pavilion, manicured gardens, fire pit and a six-car garage.“We created all the landscaping. When we bought the house (the yard) was an overgrown mess of shrubs and vines,” Mrs Hartley said.But after restoring the heritage Queenslander and creating a beautiful family home, Mrs Hartley and her husband have decided to sell the now 2025sq m property.“We thought it was going to be our forever home but we’ve found another one,” she said.The property is being marketed by Joanna Gianniotis of Place Bulimba will be auctioned on Thursday, November 7.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:42Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:42 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 5 hot Brisbane suburbs 01:43Renovation FactsBudget: $1.5 millionTime: 15 monthsThe home comes with a pool, a pavilion and a six-car garage, all on a 2025sq m block. Picture: supplied.last_img read more