Monthly Archives: September 2020

Mandate roundup: IPE-Quest, M&G Pooled Pensions, Northern Ireland Assembly Members

first_imgEligible investment instruments are sovereign bonds of selected emerging countries, denominated in local currencies.Derivatives will be used only for efficient portfolio management.According to search QN1373, the successful manager will use an enhanced passive process, with a tracking error of between 50 and 300 basis points.The benchmark will be the JP Morgan GBI-EM Global Diversified, or a similar index, although more fundamental benchmarks may be considered.The search is being conducted by a Continental European pension fund.The closing date for responses is 17 January.Meanwhile, the search is also on for an investment manager to run a global insurance-linked securities mandate, using IPE-Quest.A pension fund is looking for one or two managers to run a €350m segregated portfolio.Search QN1374 specifies a broadly diversified investment style but only including natural perils (non-life).The portfolio will invest in public catastrophe bonds, although at a later stage private transactions may or may not be added.The pension fund is seeking a manager using an active/passive/enhanced process.The mandate benchmark will be the Swiss Re Global Cat Bond index, cash plus 3-5% or similar.The portfolio will use any developed markets currency, externally hedged to the euro.The search is being conducted by a Continental European pension fund.The closing date for responses is 17 January.Lastly, M&G Pooled Pensions has retained the mandate to run the investment portfolio of the Northern Ireland Assembly Members Pension Scheme.The scheme, which has around 100 active members and a further 100 who are deferred members or retired, had invested assets valued at £18.9m (€23m) as at 31 March 2012.The total fee for the contract is estimated at £700,000 excluding VAT.The contract was awarded by the Northern Ireland Assembly Commission on behalf of the Trustees of the Assembly Members’ Pension Scheme.According to the Official Journal of the European Union, four other parties also submitted tenders. A pension fund is looking for an investment manager to run a local currency, global emerging market debt mandate, using IPE-Quest.The total €700m portfolio may be run by a single manager, or split into two.It will be run as a segregated portfolio in local currencies, unhedged.The required investment style is broadly diversified.last_img read more

Danish pension fund PKA invests in Irish gas plants, wind turbines

first_imgDanish labour-market pensions firm PKA is investing around DKK350m (€47m) in two natural gas power plants and a portfolio of onshore wind turbines in Ireland and Northern Ireland.PKA, which runs three pension funds in the social and healthcare sectors, said it was co-investing in the assets alongside global infrastructure manager I Squared Capital, in which it already invests.Peter Damgaard Jensen, chief executive at PKA, said: “We have been focusing on making more co-investments for a long time because this way we can save some external manager costs.”PKA said it had made eight co-investments in the last 24 months with a number of leading private equity funds. Apart from saving costs, this latest investment will allow PKA to achieve a good return and play an active role in the transition to green energy, Damgaard Jensen said.The Irish power installations provide electricity for more than 60,000 businesses and 600,000 households, PKA said.The Irish infrastructure deal is the second co-investment it has done with I Squared Capital, the first being in 2015.This previous co-investment was in the construction of the Oregon Clean Energy natural gas-fired power plant in the US, in which PKA invested about DKK330m.PKA has total assets of around DKK235bn and green investments of about DKK17bn.last_img read more

Australian superannuation funds criticised over climate risk

first_imgAnother 22 funds, with assets totalling AUD306bn, disclosed “inadequate” evidence that they had considered climate risk, Market Forces said.The group highlighted recent guidance from the Australian Prudential Regulation Authority (APRA), which identified climate risk as “distinctly financial in nature”.Market Forces said APRA highlighted that these risks were “foreseeable, material and actionable now”.Many funds seemed still to consider climate risk a “future problem”, the report said, and not one that would impact their portfolios in the short or medium term.The report cited recent developments in technology with major implications for the energy and utilities sectors in particular – including the potential to reduce coal, oil and gas demand in the short to medium term. Oil production giant Royal Dutch Shell has forecast demand for oil to peak in as little as five years, the report said.Market Forces also warned about the transition risk facing the Port of Newcastle in New South Wales. Seven super funds acquired a stake in what is currently the world’s largest coal-exporting port in May 2014 through a fund run by infrastructure specialists Hastings.The asset accounted for roughly 20% of Hastings’ AUD1.75bn Infrastructure Fund at the end of 2016, according to the manager’s website.“Despite the uncertain future facing the coal industry, none of the seven funds has disclosed to members the risks involved,” Market Forces said.Its report claimed that only one of the seven funds, Energy Super, actually disclosed the existence of the port investment in its own documentation.Ethical issues sidelined?For many super funds, climate change was perceived as strictly an ethical issue, Market Forces argued.One of the most common responses by super funds to member enquiries about climate risk, according to the report, was to pigeonhole their concerns as an ethical issue rather than a material financial risk.To appease concerned members, dozens of funds created or “modified ethical” or “socially responsible” investment options, the authors claimed. “These options restrict investments in carbon-intensive companies, with screens varying greatly from one option to the next.”Funds with “adequate” disclosure, according to Market Forces, included the country’s largest super fund, the AUD104bn AustralianSuper. Eight of the 20 largest funds were deemed adequate by the report, including UniSuper, First State Super, SunSuper, and HESTA.Australian funds with ‘adequate’ climate risk disclosure Mercer22bn214,000Retail Sunsuper39.3bn1.1mIndustry Cbus34.5bn735,000Industry BTFG80.1bn1.2mRetail Australia’s AUD2.3trn (€1.5trn) superannuation industry is lacking in its disclosure of climate risk, according to a new report.Financial activist group Market Forces – an affiliate of Friends of the Earth – warned that Australian trustees were putting themselves at risk of breaching their fiduciary duties to members.In a survey of Australia’s 100 largest superannuation funds, representing 99% of all large super fund assets, Market Forces found that only 18 funds, with assets totalling AUD646bn, had adequate disclosure on climate risk management.Meanwhile, 60 funds – responsible for more than AUD393bn – disclosed no tangible evidence of having considered the impact of climate risk on their investment portfolios. State Super Retirement Fund16.4bn75,000Retail Catholic Super9.3bn73,000Industry FundAssets (AUD)MembersType of fund First State Super57.1bn751,000Public sector Australian Ethical Retail Superannuation Fund1.1bn26,000Retail Christian Super1.2bn25,000Industrycenter_img AMP109.8bn3.6mRetail VicSuper16.7bn240,000Public sector UniSuper56.6bn421,000Industry Local Government Super9.5bn92,000Public sector Vision Super7.8bn101,000Public sector Russell Investments Master Trust7.9bn74,000Retail HESTA36bn833,000Industry AustralianSuper103.7bn2.1mIndustry Commonwealth Super Corporation37.6bn664,000Public sector Source: Market Forceslast_img read more

Swiss statistics office delivers final pension fund results for 2017

first_imgSwiss pension funds’ net income from investments doubled in 2017, allowing them to strengthen their reserves and reduce underfunding, according to new figures from the federal statistics office.Investments returned a net CHF64.1bn (€56.8bn), an increase of 104.1% on 2016, “thereby reflecting the good economic situation” in 2017, said the Bundesamt für Statistik (BFS) in a statement today.Pension funds stocked up their investment reserves by CHF27.6bn and their technical reserves by CHF4bn, and made pension payments of CHF22.6bn, it added.Investment reserves rose to CHF84.8bn in total – an increase of nearly 50% – and underfunding was cut to CHF32.2bn. The vast majority of underfunding (CHF31.9bn) was at public providers. As at the end of 2017 Swiss pension funds had CHF894.3bn in total assets, an increase of 8.5% on 2016 volumes, according to the official update. According to IPE’s 2018 guide to the Top 1000 European pension funds, Switzerland’s 10 largest providers had €208.8bn in assets under management as at the end of 2017. BFS also noted that the number of pension providers with regulated benefits and active members had continued to fall, from 1,713 to 1,643 at the end of 2017.There were 4.2m active insured individuals and 773,000 retired individuals receiving a pension.Around 39,000 people demanded a total of CHF7.3bn as a capital or partial capital payment upon retirement, up 7.2% on the year before. The average value of the lump sum payment in 2017 amounted to CHF188,842. Source: Bundesamt für Statistikcenter_img Source: Bundesamt für Statistiklast_img read more

Joseph Mariathasan: ​ESG’s challenge to economic theory

first_imgNobel prize-winning economist Milton FriedmanNobel prize-winning economist Milton Friedman argued that “there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception fraud”. His views influenced generations of academics and corporate executives.If a company were to take ESG criteria into account, it would – according to Friedman’s analysis – be in direct conflict with the duties of company management.Friedman stated in his 1970 article for the New York Times: “What does it mean to say that the corporate executive has a ‘social responsibility’ in his capacity as businessman? If this statement is not pure rhetoric, it must mean that he is to act in some way that is not in the interest of his employers.”He went on to question whether an executive should “make expenditures on reducing pollution beyond the amount that is in the best interests of the corporation or that is required by law in order to contribute to the social objective of improving the environment”.This meant that if the law had not kept pace with industrial activity then corporations had a license to pollute, since it was both within the law and in their interests not to spend money on reducing pollution. Shareholders would not gain, even it cost society much more than it did shareholders to remove that pollution and deal with its consequences.Today, many would argue that Friedman’s analysis has proved to be pernicious not only for the wider society but also for shareholders themselves.Stakeholder capitalismESG advocates need to argue for stakeholder capitalism, whereby companies are encouraged – if not constrained by law – to act in the interests of a wider group of stakeholders, including employees, the government (through paying taxes due) and the public.Does this result in better returns for shareholders? Measurements of outperformance are highly dependent on the time periods chosen and the metrics used for selection.Yet the real argument is not that taking account of ESG can be proved to offer higher returns, but that there is a duty to do so that transcends short-term measures of shareholder value. Indeed, the criticism of Friedman’s argument is that it has resulted in behaviour by company management that is detrimental to society at large and shareholders in the longer term.Italian economist Vilfredo Pareto’s economic equilibrium theory states that equilibrium exists when no change in allocations can happen without making at least one party worse off. If protecting natural resources to benefit future generations makes the current generation worse off, how can there be a Pareto equilibrium?The fault, however, cannot lie in the desire to protect natural resources, but rather in the formulation of economic theory – which, after all, is a representation of human behaviour, not an immutable science.The underlying concept has to be that economic activity should be undertaken in an ethical manner. If that conflicts with theoretical economic ideas such as shareholder maximisation, then it is the economic theory that needs to be changed, not the ethics. Taking into account environmental, social and corporate governance (ESG) issues is increasingly accepted as a good thing to do by both investors and corporations.According to a survey by New City Initiative released in January, five years ago 47.6% of asset managers surveyed incorporated ESG in their portfolios – today the figure is 90.5%.How much of this is real change and how much is just virtue signalling is debatable. After all, what manager is going to say that they do not take ESG into account, since there is little upside in doing so?But fitting ESG within the edifice of modern financial theory and classical economics raises some challenges. These perhaps reveal the flaws in financial theory and economic thinking rather than in the premise behind ESG. However, advocates of ESG need to address the challenges openly in order to create a genuinely coherent philosophy underlying their investment strategies. Classical economic theory does not seem well equipped to describe essentially multi-generational economic transfers, in which current generations are willing to forgo consumption with no recompense in order that future generations can benefit.ESG is based on the premise that businesses do not operate in isolation and have duties and obligations that transcend narrow shareholder measures of success. This, however, is directly at odds with the idea of maximising shareholder value as the sole focus for companies.The value of social responsibilitylast_img read more

Rothesay breaks another record with £3.8bn buy-in

first_imgDrinks company Pernod Ricard has secured a £3.8bn (€4.3bn) buy-in for its UK defined benefit (DB) pension scheme with insurer Rothesay Life.The transaction is the biggest buy-in completed in the UK to have secured benefits for pensioners and deferred members, according to the insurer. It follows the £4.7bn ‘buy-in to buyout’ deal Rothesay announced yesterday, insuring Telent’s UK DB pension scheme in what will be the UK’s largest ever buyout when it is completed.It means 27,000 members of the Allied Domecq Pension Fund will have their DB pensions insured by Rothesay Life, with the scheme retaining the insurance contract as an asset on its balance sheet while passing the investment and longevity risks on to the insurance company.Lisa Arnold, chair of the trustee board, said: “This buy-in is a key step on a long journey of de-risking taken by the fund, with strong support along the way from the sponsoring company. It represents a major achievement, improving security for all our members.” Sammy Cooper-Smith, co-head of business development at Rothesay Life, added: “The fund came to market with clear, well thought through objectives which allowed us to focus on providing tailored solutions for their key requirements. This transaction is further evidence that large maturing pension schemes are increasingly looking to secure de-risking opportunities.” Tate & LyleL&GBuy-in£930m Smiths GroupCanada LifeBuy-in£176m Source: Pernod RicardPernod Ricard’s Dalmunach distillery in Speyside, ScotlandAllied Domecq, a Bristol-based food and drink company, was acquired by Pernod Ricard in 2005. The Pernod Ricard Group owns a number of alcoholic drink brands including Jameson whiskey, Havana Club rum and Absolut vodka.Michael Abramson, partner at Hymans Robertson and lead adviser on the transaction, said more large de-risking transactions were expected in the coming months. This year has already brought a record level of new business announcements for bulk annuity providers, with more than £30bn worth of buy-in and buyouts announced so far in 2019. The previous record of £24bn was set last year.“Despite low interest rates, there remains strong demand for bulk annuities from pension schemes,” Abramson said. “We expect to see further large transactions announced in 2019 and already see a strong pipeline for 2020.”In connection with the busy de-risking market, Rothesay Life also announced today that it had raised £200m from its shareholders to prepare for future bulk annuity transactions. It raised £500m earlier this year.The insurance company’s assets have more than doubled since the end of 2017, it said, from £24bn to more than £50bn following the Allied Domecq transaction.UK pension risk transfer deals in 2019 Company/scheme Insurer(s) Type Size  PGLPhoenix LifeBuy-in£1.1bn Pernod RicardRothesay LifeBuy-in£3.8bn QinetiQScottish WidowsBuy-in£690m Cadbury MondelēzRothesay LifeBuy-in£520m HowdenL&GBuy-in£230m Marks & SpencerPIC, Phoenix LifeBuy-in£1.4bncenter_img British American TobaccoPICBuy-in£3.4bn PeugeotScottish WidowsBuy-in£140m TelentRothesay LifeBuy-in to buyout£4.7bn PearsonL&GBuy-in£500m HSBCPrudential (US)Longevity swap£7bn CommerzbankPICBuyout£1.2bn Edwards Wildman PalmerL&GBuyout£35m Rolls-RoyceL&GBuy-in£4.6bn 3iL&GBuy-in£95m Source: LCP; IPE reportslast_img read more

Townsville’s $1 million suburbs

first_img26 Chelsea Drv, CondonThe Condon home sold to a family from north-west Queensland.The massive home has 600 sqm of under-roof space, six bedrooms, two bathrooms, eight car spaces, a swimming pool and is on 2411 sqm of land.The house sold for than four times the suburb’s median house price of $233,500.23-25 Lord Howe Promenade is also an expansive home and sold to a local family.It was sold by Explore Property Townsville agent Annette Rowlings who said the property attracted plenty of interest.“It is a large home and according to the valuer is one of the largest homes in the area,” she said. 23-25 Lord Howe Promenade. 26/09/2017. Photo: Michael ChambersDuring the start of the year there was a flurry of $1 million plus sales in Castle Hill, Townsville City and North Ward however high-end sales are now extending out tot he suburbs.McGrath Townsville agent Karyn Voevodin who sold 26 Chelsea Drv said she had several buyers still searching for high-end properties in the suburbs after missing out on the Condon property which received multiple offers.“I have people on the phone wanting to know if anything new like this has come up,” she said.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 2020“I think at the high end of the market there really is demand for good quality properties in these suburban areas.“Suburbs like Fairfield Waters or anything that’s on the river which has a view or is unique is in demand.” 26 Chelsea Drv, CondonA RECORD breaking sale in Condon is the latest property to fetch a seven-figure price tag with $1 million sales no longer confined to the 4810 postcode.26 Chelsea Drv in Condon recently sold for $1,015,000 in what is believed to be a record for a residential property in the Upper Ross suburb.It comes after 23-25 Lord Howe Promenade in Doulgas sold for $1,125,000 last month, the most expensive sale in Douglas since 2015.center_img 26 Chelsea Drv, Condon“Douglas will always be popular because you have the university, the hospital and the river is a big attraction as well. I believe we’re starting to see an upward trend in the suburbs. There is definitely more interest.”last_img read more

Seaside sanctum for sale

first_img1 Wackett St, PallarendaThis delightful home, nestled among the gum trees in Pallarenda, offers the ultimate lifestyle with the beach only a few streets away and weekends are spent by the pool.The five-bedroom, two- bathroom, two-car house at 1 Wackett St will be sold at auction on October 2 at 6pm at The Ville, however earlier offers are welcome.The carefully renovated house blends old and new and is designed for a tropical lifestyle.Ray White Julie Mahoney, who is selling the home, said it was a peaceful abode and offered a sense of tranquillity. “This home is really a seaside sanctum having only one neighbour with a natural reserve filled with gum trees and native fauna at the rear and side,” Julie said.“It was originally built in the 1960s as a lowset, masonry block home. A thoughtful renovation has added three bedrooms and a master with ensuite accessible via internal stairs.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 2020“The kitchen is magnificent and the living area is generous with a tropical poolside entertainment area that is like an oasis in bushland.“It’s only 500m to the beach so the quiet location makes this property an absolute rarity.”The house has multiple living areas while a predominantly neutral colour palette adds to the coastal ambience.The deep-ended pool is the jewel in the crown and provides a sense of seclusion and serenity as well as contributing to the dream North Queensland lifestyle.The statement kitchen has an island bench and would be perfect for a gourmet cook or keen entertainer.The property would suit a variety of buyers from families to young professional couples and downsizers.It’s perfectly located in the popular and tightly held suburb of Pallarenda, only a short stroll to the beach while also being close to The Strand and CBD.last_img read more

Amazing budget reno: From brick box to Hamptons haven

first_imgBEFORE: The kitchen in the house at 13 Crest Dr, Elanora, before the renovation. BEFORE: The library room in the house at 13 Crest Dr, Elanora, before the renovation. AFTER: The back deck on the house at 13 Crest Dr, Elanora, after the renovation.They managed to buy the five-bedroom, three-bathroom house that “for a bargain price”.“The owner lived in England and I think he just wanted to sell it,” Mrs Tolo said.“I think we just came along at the right time.”The renovation process was fairly straight forward as the Tolos did not want to make any changes to the configuration of the home.“It already had great bones,” Mrs Tolo said.“As soon as I walked in, I said; ‘we’re getting rid of the carpet and completely redoing the kitchen’ because it was horrendous.” BEFORE: The deck on the house at 13 Crest Dr, Elanora, before the renovation. AFTER: The front of the house at 13 Crest Dr, Elanora, after the renovation.For the past 12 months, Mrs Tolo has taken her 233,000 Instagram followers on her home renovation journey. Under the account handle @coastalhamptonstyle, she has documented the project and also hosts tours of newly renovated homes in the states’s southeast. “I got my passion for interior decor from travelling,” she said.“I lived in five countries before coming to Australia.“It’s been so much fun showcasing the process on my Insta stories.“I have always been passionate about home design and home decorating and I wanted to share that with everyone who had similar tastes to me.”Originally from Italy, Mrs Tolo moved from Brisbane to the Gold Coast with her husband, Antonio, and two children, 2.5 years ago.They found a brick house in Elanora and Mrs Tolo’s vision took hold.“We were looking for something that had a show-off feature,” she said. “As soon as I walked into this home, I was captivated by the 6m ceilings and then the beautiful staircase.“I could see past the bright yellow, 1990s walls and the carpet throughout.” Susanne Tolo at the home she has renovated in Elanora.WHEN you think of a Hamptons-style home, brick is usually the last thing that comes to mind.But that’s exactly what Susanna Tolo pictured when she set out to find a renovation project on the Gold Coast.“We were looking for a brick home because I’ve always had it in my head that I wanted to paint straight onto brick,” Mrs Tolo said.“I’d seen it done in the States, but not really here — we always usually render.” AFTER: Details of the dining room after the renovation.Next, the Tolos turned to the exterior of the home.“I had a few painters tell me they were not sure how the brick was going to look painted, but I’d seen it done overseas and I was like; ‘No, I’ve just got to stay focused and find a painter who can see what I want to create,” Mrs Tolo said.“Basically, I found someone and said; ‘I want to transform this to a beach house, but with Hamptons elements, and he said ‘OK’.“It’s saved me an extra $10,000 minimum that I would have spent if I had rendered it before painting.“I think it gives the house a lot of character.”The terracotta tile roof was in good condition, so they simply spray painted it a light grey colour. BEFORE: The living/dining room in the house at 13 Crest Dr, Elanora, before the renovation. AFTER: The library room in the house at 13 Crest Dr, Elanora, after the renovation.They replaced the original, tiny balcony on the house with a 7m by 4.2m timber deck.“I was scared to sit on the balcony because it was so old,” Mrs Tolo said.Then they painted the inside walls a light grey and decorated the home in blues and whites to create a coastal feel.“It just showcases what you can do with a home you already have,” Mrs Tolo said.“Even with your average brick home, just changing key features like your floors can make a big difference.”And they did it all on a strict budget.“I’m the queen of saving!” Mrs Tolo said.“I will research and research the best way to do things on a budget.”RENO FACT CHECKTime taken: 1 yearTotal spend: $60,000 Susanne Tolo has renovated her home in Elanora on the Gold Coast. More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoAFTER: The kitchen in the house at 13 Crest Dr, Elanora, after the renovation.The carpets were ripped up and replaced with German laminated flooring.“It’s made to look like hardwood and is just as hard-wearing for us, with two kids and two dogs,” Mrs Tolo said.That included re-covering the spiral staircase, which was “not easy to do at all”.“We wanted to continue the exact flooring up the staircase.”The entire kitchen is from Ikea — except for the marble benchtop.“You can get the look without spending $30,000 on your kitchen,” Mrs Tolo said.“I wanted the kitchen to be the focus of the downstairs area.“I wanted people to walk in and go ‘wow’.”Unlike most kitchens, this one does not have a traditional splashback.Instead, Italian subway tiles have been used to cover the walls entirely. AFTER: Details of the living room in the house at 13 Crest Dr, Elanora, after the renovation. BEFORE: The front of the house at 13 Crest Dr, Elanora, before the renovation.last_img read more

Unrecognisable masterpiece undergoes $1.3M renovation

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:38Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:38 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 Rate1xFullscreen’Bob the builder’ transformation00:38BRISBANE’S very own ‘Bob the Builder’ has transformed a little old asbestos-riddled cottage, once perched on this block at Paddington, into an unrecognisable masterpiece.MORE: Meet Brisbane’s house detectivesRevealed: Brisbane’s best suburbs to invest inFirst-home buyers hit by Westpac scandal47 Wilden St, Paddington: The cottage before it was raised and renovated.The bathroom before it was renovated.… and the bathroom after the renovation.What a transformation at 47 Wilden Street, Paddington.47 Wilden Street, Paddington is a new masterful fusion of Paddington character and architectural brilliance.The stunning five-bedroom, four-bathroom ‘statement home’, is owned by Bobby Clouston who took just seven months to renovate the property at 47 Wilden St.“It was really bad,” Mr Clouston said.“The structure was falling apart.The modernised kitchen.“There was asbestos in the bathroom. I had to re-do the roof, the floors were OK in some parts. The cottage ended up being lifted by 5m to allow for another level underneath.”A commercial builder for Multiplex, Mr Clouston, bought the original two-bedroom property, on a 405sq m block, off market in December 2017.“I think the access to the block and steepness of the hill turned people off,” Mr Clouston said.“It was a good area and there was the potential to have a great view. I wanted to keep the existing cottage part and build a modern part out the back.”He said the house was “unrecognisable” and now a statement home on the high end of Wilden St.“There’s big wide open areas which are perfect for the Queensland climate. There’s internal gardens which I think is nice to have some green space in the house,” he said.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:05Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:05 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 Rate1xFullscreenHow to pick an up and coming suburb02:06“There’s $100,000 worth of timber windows throughout – 3.5m high.“The new extension from the cottage includes a living room, kitchen and dining area, three more bedrooms and a salt water swimming pool.” The mid level of the home has a laundry with linen cupboards and generous storage and a guest suite.This separate room is complete with its own ensuite and overlooks the greenery of the central atrium.The most expensive part of the renovation was the bathroom and kitchen, Mr Clouston said.“That was a really hard job.” he said.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoInside 47 Wilden Street, Paddington.When Mr Clouston first laid eyes on the untouched property he said he looked forward to “keeping busy”.“It’s now a low maintenance home,” he said.Check out the views from 47 Wilden Street, Paddington.Designed by Brisbane architects, Twohill and James, the home has been further enhanced by innovative landscaping by 2019 award-winning landscape architect, Dan Young. The driveway features Grasscrete, which Mr Clouston said was individually planted in each section.The property would suit a young professional couple, a couple with older children, or downsizers, Mr Clouston said.RENO FACT CHECKTime taken Seven monthsTotal spend$1.3M***The property is being sold by Enclave Property Group’s Sharon Campbell, phone 0419 785 854 ***Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:56Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:56 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. 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