Asset owners can help improve their managers’ performance by pushing firms to increase their “internalised purpose”, according to research. The Center for Applied Research (CAR), a think tank linked to State Street, and the CFA Institute claimed this was “a hidden variable of performance”, and named it ‘phi’.The research report referred to phi as capturing “the motivational forces of purpose, habits, and incentives that govern our behaviours and actions”, adding that it was “distinctly different from the short-term outperformance motivation or asset-gathering focus of our industry”.The organisations behind the research claimed that phi had a “statistically significant and positive link to broad performance measures that can sustain industry and drive long-term client satisfaction”. They argued that a one point increase in phi is associated with 28% greater chance of “excellent organisational performance”, 55% greater odds of “excellent” client satisfaction and 57% greater odds of “excellent” employee engagement.A statement about the research said: “Performance was broadly defined, not limited solely to investment performance, which allowed for a relative assessment of firms across firm types and investment strategies, though given the economics of the industry we expect investment performance to be a meaningful driver of organisational performance.”Suzanne Duncan, senior vice president, global head of research at State Street Center for Applied Research, told IPE that secondary research and empirical data collection suggested that organisations with excellent long-term organisational performance also deliver higher investment returns – whether they were asset owners or providers.“The reason ‘phi’ works,” she added, “is because why we do something influences how well we do something, and it’s the ‘why’ piece that’s missing for many of the investment professionals in the industry.”The research was based on a survey of just under 7,000 investors, investment providers, government officials, and regulators in 20 countries, including 727 financial professionals in the Europe, Middle East, and Africa (EMEA) region.Survey respondents were asked to evaluate their organisation on a scale of one to five on 10-year organisational performance, client satisfaction, and employee engagement. The research was originally published last autumn, but is now being disseminated with a focus on the EMEA region, which Duncan said scores lower than the global average on “phi”. According to one statistic, only 15% of investment professionals in the region remain in the industry to help clients reach their goals, and 6% to contribute to economic growth.Duncan said the statistics were “pretty alarming”.Rebecca Fender, head of the Future of Finance initiative at CFA Institute, said that although there was a strong passion for the markets in the investment industry, connecting that with a purpose serving the end client is what distinguishes a “great” investment firm from merely a good one.Asset owners’ ‘phi’ appetiteDuncan said asset owners can develop ‘phi’ more easily than other investment institutions, as they are typically closer to the end investor. Investment managers experience more disintermediation through the involvement of consultants or advisers, she said.According to Duncan, asset owners could instil or cultivate ‘phi’ by ensuring they have a clear vision and purpose, and taking the time to articulate this and associated values and beliefs to employees. This could also lead to less behavioural bias and, ultimately, higher performance, she argued.Fender added: “Culture is the new competitive advantage for the industry and there’s a huge opportunity for asset owners to exert influence to increase ‘phi’.“We’ve seen how asset owners have worked to make changes in the industry and we at CFA Institute expect to see more of that going forward. Asset owners will demand that asset managers have improved culture and that it’s more client-centric, and phi is the formula for that.”The report, “Discovering Phi: Motivation as the Hidden Variable of Performance”, can be found here.
Polar Capital, Skagen, Liontrust, PGIM, responsAbility, Macquarie, Montae, Phoenix Group, Ontario Teachers’ Pension Plan, SSGA, Committee on the Global Financial System, Man FRMPolar Capital – The UK-based specialist manager has hired Peter Leane as head of the Nordic Region to lead the company’s distribution efforts. Leane joins after a two-year “sabbatical” from asset management, and was previously at BlackRock for 24 years, during which time he helped build the asset manager’s Nordic business. The appointment follows Polar Capital’s acquisition of a four-man emerging markets investment team from Nordea, announced earlier this month.Skagen – Tim Warrington is the new CEO of Norwegian asset manager Skagen. He has been acting CEO since his predecessor Øyvind Schanke stepped down in May. Warrington has worked at Skagen for more than 10 years, most recently as deputy CEO and previously as head of international distribution and domestic wealth management.Odd Arild Grefstad, chairman of Skagen’s board and CEO of Storebrand – which bought Skagen last year – said: “Tim has detailed industry knowledge, strong leadership skills and represents continuity and stability for both clients and employees. We are confident that he has the business acumen and determination needed to lead the company and implement SKAGEN’s strategy going forward.”The company has roughly €8bn in institutional assets under management, according to IPE’s latest Top 400 Asset Managers survey.Liontrust – The UK listed asset manager has hired Frank Doyle as its first head of institutional business. He will join in September after 12 years at Investec Asset Management, where he was sales director. Doyle has also previously led institutional sales at Citigroup Asset Management and M&G, and consultant relations at Dresdner RCM Global Investors.Liontrust ran £1.1bn (€1.2bn) in institutional assets at the end of March, according to its latest financial results, roughly 11% of its total assets under management.PGIM – Eric Adler, CEO of PGIM Real Estate, has been appointed as the group’s first chairman. He will be responsible for the $160bn (€138.3bn) PGIM Real Estate and PGIM Real Estate Finance businesses. Adler will oversee both the real estate equity and debt businesses of PGIM and be responsible for enhancing the client relations, marketing and operational capabilities.Adler will also remain CEO of PGIM Real Estate, while David Durning, CEO of PGIM Real Estate Finance, will remain in his current position, reporting to Adler. In addition to Durning’s current oversight of PGIM Real Estate Finance, he will oversee all real estate debt platforms in the US, Europe and the Asia Pacific region.responsAbility Investments – The $3bn Swiss asset manager has named Reto Schnarwiler as its new chairman, succeeding Kaspar Müller. Müller will step down at the company’s next annual meeting on 28 July after 13 years as chairman, the company said in a statement.Schnarwiler has been a member of responsAbility’s board of directors since 2009. He is also on the board of APA Insurance Group in Kenya and chairs the insurance council of the African Leadership University.Macquarie – Kit Hamilton and Tim Humphrey have been appointed co-heads of Macquarie Infrastructure Debt Investment Solutions (MIDIS). Hamilton joined Macquarie’s global infrastructure debt asset management business in 2012 and has been the head of the investment team since 2015. He joined Macquarie in 2010 as part of the infrastructure debt advisory team within Macquarie Capital, after starting his career in infrastructure finance at Dresdner Kleinwort.Humphrey joined MIDIS in 2013 and became head of the investor solutions team in 2015. Prior to joining MIDIS, Humphrey worked with pension funds and insurance companies across a range of disciplines. In addition, James Wilson and Andrew Robertson, co-founders of the MIDIS business and former co-heads, will remain involved with the business. Wilson will continue as CIO of MIDIS and chairman of the investment committee, while Robertson will assume broader responsibilities in Macquarie’s Sydney office. Stephen Allen has joined the MIDIS investment committee following his retirement as after eight years as chief risk officer of Macquarie Group.Montae – Dutch pensions adviser Montae has appointed Nathalie Houwaart as partner as of 1 July, tasked with advising pension funds on balance and risk management. Houwaart has been a senior consultant at Montae since 2009. Prior to this, she worked at ING Investment Management – which has since morphed into NN Investment Partners – for 10 years.Montae said Houwaart had contributed significantly to establishing and extending advisory services to pension funds, investment committees and risk management committees since joining. Montae is an independent service provider for the collective pensions sector. Phoenix Group – The UK insurance group has made changes to its executive management team following its acquisition of Standard Life Assurance, Standard Life’s legacy pensions business. Susan McInnes will become CEO of Standard Life Assurance upon completion of the transaction, expected for the third quarter of this year, subject to regulatory approval. McInnes has worked at Phoenix since 2009, and was earlier this year appointed chief risk officer.Jonathan Pears, currently chief risk officer at Standard Life, will replace McInnes as Phoenix’s risk chief, while John McGuigan, currently managing director of customer operations at Standard Life, will join Phoenix in the newly created role of group head of customer. Jim McConville, Phoenix’s group finance director, will take on the additional role of group director for Scotland. Ontario Teachers’ Pension Plan – OTPP, one of Canada’s leading institutional investors, has promoted Ziad Hindo to the position of chief investment officer, following the resignation of Bjarne Graven Larsen in April. Hindo was previously head of OTPP’s capital markets team, having first joined the CAD189.5bn (€122.9bn) pension fund in 2000.In addition, the Canadian fund has appointed Jo Taylor as executive managing director for global development. He joined OTPP in 2012 and was most recently head of its London and Hong Kong offices.Graven Larsen, former CIO at Danish pension fund ATP, has moved back to Denmark after two years leading OTPP’s investment office.State Street Global Advisors – The asset manager has appointed Marcus Miholich as managing director and head of capital markets for its SPDR exchange-traded funds (ETFs) business in the EMEA and APAC regions. Miholich has been working for the ETFs arm of State Street since October 2017, most recently responsible for its Nordic business development strategy. Before joining State Street he worked at Haitong Securities.Committee on the Global Financial System – The central bank governors of the Global Economy Meeting (GEM) last weekend appointed Philip Lowe, governor of the Reserve Bank of Australia (RBA), as chair of the Committee on the Global Financial System (CGFS) for a term of three years, starting immediately. The CGFS is a central bank forum for the monitoring and analysis of broad financial system issues. It supports central banks in the fulfilment of their responsibilities for monetary and financial stability by contributing appropriate policy recommendations.Lowe succeeds William Dudley, who was chair since January 2012 and retired from his position as president and CEO of the Federal Reserve Bank of New York on 17 June. Lowe has been governor of the RBA since September 2016, having joined the bank in 1980. He is also a member of the Financial Stability Board. Man FRM – The alternative investment arm of Man Group has hired Samantha Rosenstock as sector head of relative value and private markets. She joins from the State of New Jersey, where she was head of alternative investment for the state’s $83.7bn (€72.4bn) public pension system. She has also held senior roles at Société Générale, PineBridge Investments and Ivy Asset Management.
Premiums at ABP are being paid by the employers and workers in a 70-30% ratio.The pension fund said it expects that for 2021, it has to raise its contribution level, and/or reduce its accrual rate, because of the increasing costs of pensions.The civil service scheme added that it wasn’t able to grant inflation compensation, because its funding – 93.2% at October-end – was far too low.Its coverage ratio must be at least 110% before it is allowed to start granting inflation compensation.Indexation in arrears will have accumulated to 19.1% next year, it indicated.Last week, the board of the €238bn Dutch scheme PFZW announced that it would keep its contribution at 23.5% in 2020, while also maintaining the annual accrual rate at 1.75% of the salary.It said that it would not be able to raise pensions to keep up with inflation. At October-end, its funding stood at 94.1%.The scheme added that, ahead of 2021, it had to make a decision about raising its premiums and/or reducing the accrual rate.Minister to discuss admin problems with sectorWouter Koolmees, the Dutch minister for social affairs, plans to discuss administrative problems with pension funds, as highlighted by a collective of investigative journalists.The researchers suggested that up to hundreds of thousands of pensions might be too low following employers paying in insufficient contributions.During a debate in parliament last week, the minister said that incorrect information would be “a stimulus to simplify the system”. He cited the pension plan for military personnel at ABP, which was “virtually impossible to implement because of its complexity”.However, in his opinion, it was too early to demand an audit of the administration and IT systems at providers, as requested by Corrie van Brenk, MP for the party for the elderly 50Plus.Roald van der Linde, MP for the liberal party VVD, said the elaboration of the pensions agreement must lead to a new system that enables participants to check whether their pension entitlements are correct. The €459bn Dutch civil service scheme ABP is to keep its contribution for the regular old-age pension as well as for the surviving relatives benefits for 2020 unchanged.However, it said the additional premium for labour disability pensions would be raised by 0.4% to 0.82%.The fund stated that, as a result of people working longer, the risk of labour disability had increased.ABP added that it also expected more workers to apply for labour disability benefits, as it had been pro-actively informing its participants about the option.
– target population;- financial incentive;- default fund options;- fee structure;- payout phase.Peksevim said: “Due to the unique characteristics, including the higher price volatility and more uncertainty of EM financial markets, it is important that life-cyclefunds’ portfolio structures are appropriately designed.”Her project focuses on developing a new life-cycle investing model for EM pension funds by integrating both volatility and uncertainty in these financial markets.“The main goal of this work is to design a new life-cycle fund that can be offered as a default option in EM pension funds and contribute to the understanding of long-termoptimal portfolio allocation in EM financial markets,” she said.The Pensions Scholarship Trust was set up in 2019 with the purpose of furthering education and research across Europe into the area of pension and retirement incomeprovision. It is the successor to the former IPE Pensions Scholarship Fund. The Pensions Scholarship Trust has made a full grant of €5,000 to Seda Peksevim in support of her work on designing a new life-cycle investing model for pension funds in emerging markets (EM).Peksevim, a researcher at the Center for Applied Research in Finance (CARF), is currently undertaking a PhD programme under the supervision of Vedat Akgiray, professor of finance at Boğaziçi University.According to Akgiray, Peksevim has become “one of the most promising researchers on the subject matter in the country”.Peksevim’s work on the Optimal Design of Mandatory and Auto-Enrolment Pension Systems in Emerging Market Economies’ aims to focus on five key parameters:
Designer Garden Co owner Matt Mitchley with a gabion wall and plants which are really popular at the moment with home owners. PICTURE: STEWART MCLEANLOW-maintenance foliage, retaining walls and creative lighting are keeping landscapers on their toes right across the Far North.Vegetable and herb gardens also remain popular in a climate perfect for growing anything. Staff at Cairns Raw Materials in Portsmith said there was a steady stream of planter mix and mulch, either in bulk or in bags, continually heading out the door, no matter the season.Designer Garden Co owner Matt Mitchley agreed, with customers requesting mulch after the wet season to keep the precious summer moisture in their garden beds. He said agave was an increasingly popular plant among Cairns homeowners.“They are tried and tested and one of the varieties can be grown into hedges and it goes really well in Cairns because it is very low-maintenance and has low water requirements,” he said.“It is planted mostly for their foliage because it doesn’t have a flower.”Gabion walls consisting of metal cages filled with rocks are also in demand in the Far North and can be part of a DIY project.“There are all different sizes of rocks you can get – there are the traditional, big, thick ones, or more ornate ones. You can also go different sizes of the gabion nest. A small nest is well-suited to small rocks,” Mr Mitchley said.More from newsCairns home ticks popular internet search terms3 days agoTen auction results from ‘active’ weekend in Cairns3 days ago“Traditionally they were used as retaining walls, but now we do a lot which are used as a plantbox on a podium with feature trees in the centre.“People use them for seats as well, and put a wooden bench on top, or do a planter box using a narrow gabion basket.“Some people also perch a fire pit on top of them, raising it off the ground.”LED lights have also crept outdoors, with many of Mr Mitchley’s clients requesting spotlights on trees or the installation of lights inside planter boxes to light up garden beds.“LED is a new trend in gardens and it provides really good outdoor lighting,” he said.“People are also liking more natural environments compared to traditional, manicured gardens. A lot have requested grass around pools instead of pavers, because it’s so hot and the grass keeps it cool around the pool.”All Style Paving and Landscaping owner Mark Nevin said granite and limestone pavers were selling extremely well due to a drop in price.“Granite in particular has come down in price the last few years. They are both really good to work with and have very clean, sharp lines,” he said.“Everybody wants a low-maintenance garden though and you just can’t get it up here. Everyone wants a tropical garden but you need a bit of maintenance if you want a nice garden.”
The view from the unit in Riparian Plaza.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 bedroom has become a master suite with a walk-through robe, ensuite and powder room.According to property research firm, CoreLogic, the home last sold for $2.3 million in 2015 when it was a three-bedroom, three-bathroom apartment. RENO YOU NEED TO SEE TO BELIEVE The kitchen in the apartment.The sale was negotiated off-market by Drew Davies of McGrath Estate Agents.Mr and Mrs McMahon sold their landmark colonial home, Cremorne, at 34 Mullens St, Hamilton, for $5.975 million last year. This unit at 4103/71 Eagle St, Brisbane, sold for $2.625m.The unit at 4103/71 Eagle Street is bigger than many houses with its 323 sqm of floor space.It originally had three bedrooms, but was converted into a one-bedroom apartment with a media room, which could be used as a second bedroom. BIG SPENDERS LOOK TO QUEENSLAND Fone Zone founders David McMahon and Maxine Horne.Mr McMahon founded Fone Zone with Maxine Horne in 1995.The telecommunications company, now trading as Vita Group, operates under the brands of Telstra, Fone Zone, Sproud, SQDAthletica, Vita Enterprise Solutions and Clear Complexions.It has grown from a single Gold Coast store to 130 outlets across Australia. Fone Zone co-founder David McMahon with his wife, Tracey, at the home they sold last year in Hamilton. Picture: Lyndon Mechielsen.THE co-founder of Fone Zone has been revealed as the mystery buyer of a one-bedroom Brisbane apartment for a staggering $2.625 million. Property records show David McMahon and his wife, Tracey, bought the luxury, riverfront unit on the 41st floor of the Riparian Plaza building in Brisbane’s CBD. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Inside the apartment at 4103/71 Eagle St, Brisbane.It’s believed the couple has bought the Riparian Plaza unit to use as a ‘lock and leave’ home away from home, as they now live in Aspen, Colorado. The view from the bedroom in the apartment.
The main bedroom is large and has feature wallpaper.“All the neighbours were there, and there was a lovely spirit at the auction,” Ms O’Dea said.“There was nothing else to do with the house, there’s a pool, a playable yard, an outdoor entertaining area and it was barely seven years old.” The buyers’ loved that the house was modern.“The opening bid was $1.15 million,” Ms O’Dea said.“It was very competitive.”The contemporary house sold under the hammer for $1.411 million. The house at 50 Alexandra St, Bardon, sold under the hammer for $1.411 million.A FAMILY from Kelvin Grove have scored their dream home at an auction last month.Five registered bidders were vying for the two-level property at 50 Alexandra St, Bardon, but Space Property’s Judi O’Dea said it came down to two bidders. Cosy up by the fire when it gets too cool to use the pool.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 4:18Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -4:18 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p400p400p320p320p228p228pAutoA, 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 Rate1xFullscreenReal estate – Prestige Listings – Elizabeth Tilley04:19 More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019The kitchen has sleek cabinetry.Ms O’Dea said this was the buyers’ “dream prestige home”.“It was purchased by a family who just sold their home in Kelvin Grove and wanted to move into Bardon,” Ms O’Dea said.“They have upgraded considerably and have always loved this home.” The living room opens to the outdoor entertainment area through bi-fold doors.The agent said the floor plan was ideal for a young family, and the buyers were also drawn to the fact they could walk their children to the local school.
A new survey has revealed what renters want in a property — and it has nothing to do with the size of the master bedroom or the luxury features in the kitchen.RELATED:Chance to rent ‘Up’ houseProximity to public transport was the number one determining factor for the 500 renters quizzed as part of the Place Advisory Rental Survey for 2018.More than half of the respondents (69 per cent) said they would only consider a property within a 10 minute walk, or about a kilometre, from buses, train and ferries.That was followed by proximity to retail/supermarkets and entertainment/dining, with both important to 56 per cent of respondents.And the finding is not surprising given that many renters are students or young professionals.Place Advisory’s Lachlan Walker said there was often a huge difference between what renters want, and what investors think renters want.The survey found two-bedroom apartments were still the most sought-after property type, with 24 per cent of renters searching that market.Twenty-two per cent of the respondents wanted a three-bedroom house, according to the survey.Place Ascot agent Natalie Rasmussen has a two-bedroom unit in Highgate Hill on her books for $530 a week. Its terrace overlooks the river and towards the University of Queensland, and was located close to parks, cafe and shopping precincts and public transport.Unit 3, 4 Fraser Tce, Highgate Hill is available for $530 a week.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoAnd at the bottom of the wishlist was a two-bedroom house, appealing to just 1 per cent of renters.>>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<
MORE: Sekisui House is investing in one of Queensland’s fastest growing suburbs with their Ecco Ripley residential [email protected] agent Ryan Wilmott said Ripley, located between Ipswich and Springfield, was one of the fastest-growing suburb in the area.“This is great, especially for those who are thinking of buying into the area,” Mr Wilmott said.“There are many great things about Ripley I have noticed — the best being the community and the families that make up Ripley.“It is a fantastic area to bring up a family.” Sekisui House’s Ecco Ripley residential community.Mr Wilmott said Ripley was still in the early stages of development and had a long way yet to go.“Ripley has been given thumbs by authorities up to give us over 50,000 dwellings accommodating over 120,000 people.“In due time, the train line from Springfield will be extended and linked with the Ipswich and Brisbane City lines, allowing for residents to easily access public transport, which does not exist out there yet.” Flinders View, Ripley and Rosewood in Ipswich led the growth tally, followed by Murrumba Downs and Bongaree in Moreton Bay. APRA lifts limit on interest-only mortgages starting January 1 >>FOLLOW EMILY BLACK ON FACEBOOK<< More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoJust one of many residential communities within the area is Providence South Ripley, which has now sold and settled more than 1200 blocks of land, and was expected to bring a number of new releases to market over the coming months to meet demand.The ongoing demand for providence is reflected in Ipswich-wide research from property services group Oliver Hume showing the average value of land in Ipswich grew nearly 10 per cent over the 12 months to the end of September.While the median price of land in Ipswich grew 3 per cent to $208,550 for the year, the average size of blocks continues to shrink, driving up the per square metre rate for land to $482. The streetscape another Ripley community — Monterea Ripley. “However, though a minimal growth in median prices was experienced over the year, median value rates say otherwise with an annual growth of 9 per cent.”Providence project director Michael Khan said the development was able to maintain a strong flow of land sales over 2018 and the community continues to get stronger, thanks to the impact of Ipswich land growing in demand and value.“We are seeing new infrastructure being added to Ripley Valley’s growth corridor and new lifestyle amenities are on the way that are vital to a community, like education facilities and retail hubs.“Ipswich, particularly the Ripley Valley growth corridor, is increasingly being seen by a greater number of people as a place to call home, and at Providence we are receiving buyer inquiries as quickly as we can release new land opportunities,” Mr Khan said.According to CoreLogic, the current median house price n Ripley is now $400,000, compared to $339,000 a year ago and $300,000 five years ago. CoreLogic also revealed there were ample bargains snagged throughout the year, with multiple house sales recorded between $195,000 and $200,000. One of the highest sales for the year sold in December 2017, but did not settle until August 2018.The 1990-built home on 8051sq m sold for $715,000 and was a potential development site. Lengthy auction secures top sale for 2018 Ripley Valley’s Providence master planned community unveiled a new $15 million display in September 2018.According to the Real Estate Institute of Queensland’s Queensland Market Monitor (September 2018 I Issue 40), Ripley was one of five suburbs in outer Brisbane that reported a double-digit annual median house price growth in the range of 10 per cent to 17 per cent for the past year. RELATED: Affordability drives demand Ripley Valley’s Providence master planned community unveiled a new $15 million display in September 2018.Oliver Hume Queensland general manager Matt Barr said Ipswich was a southeast Queensland hotspot.“Ipswich’s median land price continues to be the lowest in South East Queensland at $208,550, compared to a median land price of $366,625 in Brisbane and $333,688 on the Gold Coast,” Mr Barr said.
Cedar Woods’ latest development Bexley at Wooloowin.Ground was broken earlier this month (December) on developer Cedar Woods’ latest project Bexley, which will include the refurbishment of the Holy Cross laundry. Hamilton Ward Councillor David McLachlan was on hand to officiate the soil turning ceremony together with Hutchinson Builders team leader Rohan Barry and Cedar Woods’ Peter Starr and Alex Sheptooha. MORE: RELATED: More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoAn artist’s impression of the kitchen at Bexley at Wooloowin.Cedar Woods senior development manager Peter Starr said demolition started this month, with several non-significant buildings and sheds on the site, including the removal of two vacant brick residential aged care facilities and the former commercial laundry building. “The demolition approval also allows for the former Holy Cross laundry building being returned to its original state with the 1970s additions being removed,” Mr Starr said. Developer’s vision for a walkable urban lifestyle Mr McLachlan said they had experienced strong inquiry since the development launched last year, but no conversions had been made as yet. Gold Coast home most viewed in state Riverfront house sells in secret deal BEXLEY THE BASICS An artist’s impression of the living and dining zones at Bexley.“In later stages of the development the laundry building will be adapted into seven premium residential homes that celebrate the grandeur of the 1889 built building.“Hutchies will undertake the civil and housing construction for stage one release early in the New Year, which will include 24 terrace homes.” “The New Park that will be created along with the retention and re-use of heritage buildings will add to the appeal.” Hutchinson Builders’ Rohan Barry, Cedar Woods Properties’ Peter Starr, Councillor for Hamilton Ward David McLachlan and Cedar Woods’ Alex Sheptooha break ground in Wooloowin. Cr McLachlan said the Bexley development was a major coup for the area and provided new growth opportunities for Wooloowin and surrounding suburbs.“Developments such as Bexley are vital to the continued growth of our area, providing a good mix of housing styles that will suit downsizers already living locally and attracting new residents too,” he said. >>FOLLOW EMILY BLACK ON FACEBOOK<< Developer: Cedar Woods Price: From $859,000 Location: 22 Morris St, Wooloowin Only 5km from the Brisbane CBD, the development comprises 84 premium terrace homes, seven heritage residences in the former Holy Cross Laundry and 188 apartments, which will be built in five stages over five years.