Niina Bergring, CIO, said: “We are very pleased with the result, considering the market situation.”Fixed income performance had lowered the overall result, she said, with the asset class ending with a return of just 1.5%.Property investments, which the company said were traditionally strong within its portfolio, returned 5.9%.Total contributions fell by 1.2% to €452.8m from €458.2m, while pensions and other benefits paid out rose 7.3% to €432m.Veritas blamed the fall in contributions partly on payroll developments, with pension client numbers declining, and partly on the fact more corporate clients had failed this year to make their scheduled contributions.Managing director Jan-Erik Stenman said he was not surprised by the slide in contributions.“We are now seeing the aftermath of the general economic situation,” he said.“In the course of 2013, the impact of globalisation hit our customers – small and medium-sized enterprises – which had hitherto perhaps fared better than large companies in the current economic situation.”Over the year, Veritas lost 1.8% of employees as clients, or 53,339 workers.Total investment assets rose to €2.4bn, up €170m from a year earlier.Solvency capital increased during the year to end at 27.8% of technical provisions from 24.1% a year before, Veritas said, adding that this meant solvency capital was 2.1 times the solvency limit. Finland’s Veritas produced a 7.4% return on investments in 2013, but saw contributions fall by 1.2% as globalisation effects hit small and medium-sized enterprises (SMEs) in the country.Reporting preliminary results for last year, Veritas said it was the positive trend in equity markets that boosted investment returns, particularly at the end of the year.The 2013 investment return was helped by listed equities, which generated the pension insurer’s highest returns at 18.3%.However, the overall return was down from last year, when investments ended the year with a profit of 11.3%.
In relation to the first of the four issues, IASB member Patrick Finnegan said the confusion of consistency with uniformity was a key issue.“Cashflow-based … and present-value measurement are similar, but they may not be identical,” he said. “That is different from the selection of a discount rate. There is always going to be differences in judgements … you’re never going to get uniformity.”Of particular interest to defined benefit plan sponsors, IASB vice-chairman Ian Mackintosh pointed to the problems that can arise when the notion of an entity-specific measurement is applied in practice.“I don’t assume the market value is a better indicator than the value in use,” he said.Vatrenjak responded: “I am not arguing to say we should scrap entity-specific [discount rates] because I for one see value in using entity-specific values, [as] it allows companies the opportunity to actually show what is unique about them, what is specific.“Let’s see if this really is a problem … [and] how that would be solved by simply tightening the description of this entity-specific measurement.”Until now, the IASB’s research effort on discount rates has operated at a low level.The board’s 2011 agenda consultation revealed moderate support among constituents for it to look into discounting under IFRS.The project is limited in scope, and the board has allocated just one full-time staff member to it.It is also possible that the board might issue its planned discussion paper on discounting and then make no changes.The discounting project is not only looking at pensions accounting under IAS 19 but at all IFRSs that require discounting.This includes IFRS 9, IAS 36 and IAS 37.The research project remains, however, at an early stage.Staff want to take soundings from the board on a draft discussion paper that looks at the measurement objective, components of present value measurement, measurement methodology, disclosures and terms and definitions.According to the staff’s draft research paper, they have identified three main aspects of present value measurement methodology in IFRS: how risk adjustments are reflected, how tax is accounted for and how inflation is accounted for.Developments on the research project will be of keen interest to DB plan sponsors looking increasingly at ever-more sophisticated approaches to discounting.Whereas a decade ago a sponsor might have discounted an IAS 19 liability using a simple index rate, preparers are increasingly looking to blended discount rates to reflect the different nature and duration of the different components of their IAS 19 liability.Under today’s accounting model, a DB sponsor must project its pension liability forward using the relevant plan assumptions and discount back using a AA-corporate bond discount rate to reach a net present value.There will be a concern in some quarters that, balanced against the fact the IASB might do nothing on discount rates, it is also possible the board could propose a move to a risk-free rate. This would bring with it the danger that sponsors would take a big hit to equity, which would, in turn, impact on lending if banks and rating agencies rely on the headline accounting numbers. The International Accounting Standards Board (IASB) has taken the first of its due-process steps toward the issue of a discussion paper on discounting practice, although it stressed the project was not about imposing a move to a fair-value or risk-free discounting approach under International Financial Reporting Standards (IFRS).At a recent IASB meeting, project manager Aida Vatrenjak said: “The project is not about fair values – it is not really about historical cost, although it was hard not to mention because it was glaring at me.“It really is about those measurements we use in IFRS described as ‘current value measurements’ but [which] are not a fair value.”Among to the issues to emerge at the meeting, intended to take soundings from board members, were defining the discounting issue as opposed to a wider financial reporting issue; the challenge of applying an entity-specific measurement; the notion of a risk premium; and the relationship between taxation and discounting.
Manulife Asset Management – Marco Zanuso has been named head of distribution for the EMEA region, excluding the UK. Prior to joining Manulife, Zanuso was with Sandell Asset Management as head of business development for the EMEA. He has also held senior roles at FRM (Man Group), SEI Investments and Scottish Widows Investment Partnership.Northern Trust – Joseph Gillingwater has been appointed head of fixed income securities lending trading for the EMEA and Asia-Pacific regions. He joins from State Street Global Advisors, where he was a senior portfolio manager, responsible for the management of securities lending investments.Schroders – Courtney Waterman has been appointed head of EMEA marketing. She joins from BlackRock, where she was head of EMEA institutional marketing. Before then, she worked at Janus Capital International and Fidelity International.Syntrus Achmea Real Estate & Finance – Onno Hoff has been named director of real estate fund management. Hoff, who was previously at Pin Oak Asset Management, will also act as fund manager for the Achmea Residential Fund, the Achmea Dutch Value Added Residential Partnership and the Utrecht Residential Fund. Hoff began his career at Bouwfonds and Heijmans. From 2008 to 2014, he was managing director of residential investments and fund director of the ASR Dutch Core Residential Fund.BNP Paribas Real Estate Investment Management – Nils Hübener has been appointed European CIO, joining from SEB Investment. Hübener follows Barbara Knoflach, who 12 months ago left SEB to become global head of investment management at BNP Paribas Real Estate, following the sale of SEB to Cordea Savills, now Savills Fund Management. Prior to joining SEB Investment, Hübener worked with Deutsche Bank Real Estate. PensionDanmark, The People’s Pension, State Street Global Advisors, Legal & General Investment Management, Manulife Asset Management, Sandell Asset Management, Northern Trust, Schroders, BlackRock, Syntrus Achmea Real Estate & Finance, Pin Oak Asset Management, BNP Paribas Real Estate Investment Management, SEB InvestmentPensionDanmark – Per Christensen has been re-elected as chairman of the supervisory board at the Danish labour-market pension fund’s annual general meeting. Christensen is chairman of Denmark’s largest trade union 3F (United Federation of Danish Workers). Niels Jørgen Hansen, chief executive of TEKNIQ, the electrical, plumbing and ventilation sector employers’ association, has also been re-elected as deputy chairman. All other 14 members of PensionDanmark’s supervisory board were similarly re-elected to the board to serve a new term.The People’s Pension – Two trustee directors – Ruston Smith and Sue Lewis – have been appointed to increase The People’s Pension’s employer and member focus. Smith is a director at Tesco and a non-executive director and recent past chairman of the National Association of Pension Funds, now the Pensions and Lifetime Savings Association. Lewis is chair of the Financial Services Consumer Panel.State Street Global Advisors – Julian Harding has been appointed managing director and global head of core beta research. Prior to joining State Street, Harding worked at Legal & General Investment Management, where he was director, responsible for the index equity and fixed income portfolio management teams. He has also held positions at First Quadrant, PwC and Prolific Objective Asset Management.
European pension funds have provided some straight-talking feedback on recommendations made by an advisory body to the European Commission on sustainable finance.In trade body PensionsEurope’s submission to the consultation by the High Level Expert Group (HLEG), it said “pension funds have the purest approach to long term/sustainable investment”.“Sustainability is already and by definition has been an integral part of pension funds’ risk-return decisions,” the organisation added, voicing support for the Commission’s “ambitious” agenda on sustainable finance.The consultation asked respondents about various aspects of the HLEG’s recommendations. On green bonds, PensionsEurope advocated that standardisation should be based on the Green Bond Principles, an industry initiative. It said that an explicit connection between the proceeds of a green bond and the environmental, social and governance policies of the issuer was needed.Regarding infrastructure, PensionsEurope pushed back somewhat on the HLEG’s idea of creating an organisation for developing infrastructure projects and matching them with investors. The focus should be less on match-making and more on building out on the European Investment Advisory Hub, an investment support service formed by the Commission and the European Investment Bank.On the much-discussed issue of long-term investment, the trade body said policy horizons needed to be longer.“The EU and the member states should provide for a good investment climate, stable pricing/tariffing (on pricing and subsidies) and a stable policy framework in order to provide long term investors with certainty,” it said.Securitisation got PensionsEurope’s support as a means of gaining long-term exposure to, for example, European project finance, including wind and solar projects, thereby helping institutional investors support green energy.Regulators could promote a concept of green securitisation, said the organisation, in keeping with the HLEG’s recommendations.A theme running through PensionsEurope’s submission was that sustainable finance also needed to recognise the importance of social stability, and not just environmental issues.
Opperman was writing to the cross-party Environmental Audit Committee, which is carrying out an inquiry into green finance. As part of this the committee is trying to develop an understanding of the approach UK pension funds are taking to environmental risks and, more generally, green finance. The UK government is considering requiring pension scheme trustees to have a policy for climate change, it revealed in a letter to a group of parliamentarians.Corporate governance is another area for which trustees could be required to have a specific policy.The requirements are one of several options for policy and regulation the Department for Work & Pensions (DWP) is considering seeking feedback on in an upcoming consultation on pension funds and investments related to social or environmental considerations.The government had already committed to such a consultation in its response to a Law Commission report on pensions funds and social investment last year but the letter from Guy Opperman, pensions minister, revealed more about its thinking about what to consult on. Source: Chis McAndrewGuy Opperman, pensions minister, responded to questions from the Environmental Audit Committee in a letterAccording to the letter from Opperman, other options the government is considering consulting on include requiring trustees to evaluate how they intend to take account of financially material risks, and – when they revisit their statement of investment principles – to review how they ensured those considerations were taken into account.The department was also mulling consulting on requiring trustees to publish the statement of investment principles or make it available to all on request, and to tell members that it was available.Opperman said the DWP was planning to launch the consultation in May or June and that, rather than making small technical amendments, it wanted to introduce regulations “which are as effective as possible in delivering the right level and consideration by trustees”.Opperman also revealed the government was planning to shortly propose legislation that would require trustees of defined contribution (DC) occupational schemes to disclose on request the pooled funds in which members are invested, and to tell members annually that this information is available. This, said Opperman, would enable members “to identify and access other publicly available information about the policies of the investment managers in relation to voting, engagement, and sustainable and responsible investment.The DWP would also shortly propose legislation that would require disclosure of information about “the cost implications of churn” – turnover of assets – to DC pension scheme members, he said.‘Outright misunderstanding’ of fiduciary dutyIn his letter, Opperman said the government was aware of “relatively little robust research” on the way that pension funds interpret risks such as climate change but that “good practice appears to be far from universal”.Recent research had indicated that “a lack of attention and outright misunderstanding” of the scope of their fiduciary duty remained widespread among trustees.This was despite guidance on this from The Pensions Regulator.Opperman said there was broad scientific and public policy consensus that climate change was such a risk, so trustees had a duty to take account of it.“ A young person auto-enrolled on a pension today may be 45 years away from retirement. Over that timescale these climate change risks will inevitably grow.”Mary Creagh, chair of the Environmental Audit Committee They had a duty to take account of any and all financially material risks, including where these emerged from environmental or social contexts.It was rare for there to be cases where no social or environmental considerations would be financially material, if at all, Opperman wrote in his letter.Subject to the outcome of the upcoming consultation, the government would bring forward legislation that “clarifies this point”, he indicated.Parliamentary committee probes pension fundsThe Environmental Audit Committee published Opperman’s letter when it today announced it had written to the 25 largest UK pension funds to ask how they manage the risks that climate change poses to pension savings.Mary Creagh, Labour chair of the committee said: “The climate change risks of tomorrow should be considered by pension funds today. A young person auto-enrolled on a pension today may be 45 years away from retirement. Over that timescale these climate change risks will inevitably grow.”The letter asks the pension fund trustees a range of questions, such as whether they accept that pension funds are potentially exposed to financial risks through climate change, what actions they had taken in response to climate change-related risks – if they had considered these –, and if they were planning to adopt recommendations from the Task Force on Climate-related Financial Disclosures for their scheme’s reporting.The pension funds have been asked to respond by 28 March.Reactions – delight and dismayCommenting on the move by the committee of MPs, Luke Hildyard, policy lead for stewardship and corporate governance at the UK pension fund association, said: “Numerous credible commentators from institutions such as the Bank of England, Cambridge University and many leading financial services firms have highlighted the major economic impact of climate change and the serious long-term threat that it poses to pension funds’ investments.“It’s definitely an issue that trustees should be making time to discuss and seeking advice on.”Rachel Haworth, senior policy officer at campaign organisation ShareAction, welcomed that the Environmental Audit Committee was “taking decisive action to assess how far pension funds are taking account of climate risk”.“We applaud the government’s intention to introduce robust regulations that are as effective as possible in delivering the necessary changes,” she added.Others, however, pushed back against claims that trustees were misunderstanding their fiduciary duties. Rosalind Connor, partner at ARC Pensions Law said: “The widespread misunderstanding of trustees’ duties may extend to others involved in this debate.”She suggested that, often, statements about the need for trustees to understand their duty to invest in green assets for financial reasons were motivated by something else.“The concern that is really underpinning this is that trustees are not investing in a way that is good for the environment,” she said. “That is not the pension trustees’ duty under the present law.”She said it was because trustees understood their obligations that pension fund investment was not flowing into “greener” investments, not because they didn’t understand them.“If MPs want trustees to invest in more sustainable investments, they should investigate changing the law to make this a requirement. It is not accurate to blame the trustees when they are simply complying with their obligations.”The pensions minister’s letter can be found here.
EU leaders are meeting in Sibiu, Romania on 9 May“As business and investor leaders who aspire to build the climate neutral economy of the future, we urge you agree the necessary policy foundations and set the direction of travel that will provide us with the clarity and confidence to act.”The letter is understood to be the result of an initiative instigated by the Corporate Leaders Group, a group of European industry executives working together under the patronage of the Prince of Wales, but it also received backing from investors.These include the chief executives of Nordic pension investors such as Alecta, Folksam and Ilmarinen, and those of asset managers Aegon, DWS, Earth Capital and Impax.Alex Wynaendts, CEO at Aegon Asset Management, said: “As a signatory to the Paris Pledge for Action and considering our strategic focus on supporting the energy transition, we ask EU leaders to urgently execute on the measures against climate change as agreed upon in Paris.”The Institutional Investors Group on Climate Change (IIGCC) put its name to the letter as a “supporter”, and Rachel Ward, head of policy at the group, explained that the letter was “a clear marker of the significance of climate change in the context of wider EU priorities that will be discussed during the Sibiu Summit next week”.Today’s letter is not the first time the private sector has called for heads of government to do more to facilitate the transition to low carbon energy. The IIGCC’s Ward told IPE there was “certainly an awareness of the risk of ‘statement fatigue’, which is why timing is so important”.“[Statements] will only be produced at key milestones where there is a clear window of opportunity to influence discussions and decisions,” she added. “The EU Sibiu Summit is certainly a moment to remind policy makers that climate change remains a priority.”A copy of the letter can be found here. Investors and corporates have joined forces to call for EU political leaders to endorse a long-term decarbonisation strategy to achieve climate neutrality by 2050.This would provide businesses with the “confidence and clarity” needed to make investments that could help bring about a European economy with net zero emissions, the groups said in an open letter.The letter was addressed to EU heads of state ahead of a gathering of national leaders in Sibiu, Romania next week.In the letter, the signatories explained that they had already invested in the energy transition because it made “business sense”, but that “businesses and investors cannot do this alone”. “A clear, coherent vision from European governments and institutions for climate neutrality by 2050 at the latest will give us the long-term guidance we need to invest,” the letter stated.
It also showed that particular government bonds, credit and equity were managed internally.Approximately 30% of the 47 participating schemes carried out at least part of their fiduciary management in house, up from 17% in 2017. Half of them deployed external fiduciary managers, but only for some mandates.The research showed that a large number of different fiduciary managers were hired, with NN Investment Partners being the most used this year. MN came second, while Achmea Investment Management and TKPI shared third place.More than three-quarters of participants indicated that the main reason for hiring a fiduciary manager was getting access to broader expertise and specialist services, as well as workload relief.The most important criteria for manager selection were listed as the quality of risk management and the like-minded corporate culture that pension funds and managers share.According to the research, 70% of respondents considered it highly unlikely that a pension fund’s board would give up too much control by fully outsourcing its assets to a fiduciary manager.The survey included 49 respondents, representing 47 pension funds with assets ranging from €350m to €250bn and totalling €635bn. An increasing number of Dutch pension funds is reverting to in-house asset management, in particular for equity and bonds, the annual survey of Dutch pension funds published by Pensioen Pro has suggested.It found the amount of externally managed assets dropped by €169bn to €916bn this year, as part of a trend that started in 2018.The percentage of schemes that at least in part internally managed assets jumped from 16.7% in 2017 to 34% this year, it showed.The survey also disclosed that 85% of pension funds with in-house management have investment expertise on their board or administrative teams, or are being advised by their own investment committee, whereas 64% used an investment consultancy.
Kieran Thomas and Sarah Mathiesen are the first residents to move into Railway CottagesHOUSE prices in Railway Estate have gone up by more than 8 per cent in three months as the suburb continues to generate buyer interest.The city fringe suburb, which is also on the doorstep of the under-construction North Queensland Stadium, recorded an 8.4 per cent rise in house prices in the three months to June 2018.In the last financial year Railway Estate had a 10 per cent rise in median house prices which the median house price has increased from $281,000 in June 2016 to $309,000 in June 2018.It comes as the first resident move into Railway Estate’s new residential development Railway Cottages.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 2020Home in the boutique estate on Twelfth Ave have been built in a Queenslander style on the outside with modern interiors to fit.Townsville couple Sarah Mathiesen and Kieran Thomas are about to become Railway Estate residents and move into their new three-bedroom home after being the first to snap up one of the Railway Cottages.They said after living in South Townsville for the past five years they knew they wanted to stay close to the city. “We tossed up with buying an old Queensland and renovating it but we didn’t want to inherit anyone else’s problems but we weren’t big on the masonry block modern homes so this worked really well,” they said. “The proximity to the city definitely factored into our decision to buy here and now we’re also closely watching the stadium. To be close to the Civiv Theatre is also a really big bonus of living here.”Ellis Developments is reporting increase in the estate is increasing each week with buyers drawn to the traditional style of the cottages as well as the location.Houses in Railway Estate take on average 40 days to sell, well below the Townsville average of 66 days.Explore Property Townsville agent Annette Rowlings who specialises in city fringe areas said both rent demand and investor interest in Railway Estate were on the rise.“We’re still getting local Townsville buyers but now we’re also seeing investors whereas 12 months ago we weren’t so I think demand is back.”
Rental vacancy rates are rising.Rental market vacancy rates rose last month, hitting properties in inner-city areas and holiday localities hardest.According to SQM Research, a market analyst, the national rental vacancy rate recorded a large jump from 2 per cent in March to 2.6 per cent in April.In Brisbane, vacancies rose from 2.1 per cent in March to 2.8 per cent in April, with the total number of vacancies reaching 9,555, up from 7,299. Property analysts say rising unemployment combined with a drop-off in international students and overseas migrants in the wake of COVID-19 restrictions have contributed to the rise.The shutdown of Australia’s tourism industry has led to a surge of short-term holiday rentals onto the long-term rental market, also impacting vacancy rates. However, economists maintain the rental market is strong enough to withstand short-term fluctuations. Economic stimulus combined with an easing of restrictions will also allow Queenslanders to book overnight accommodation from June 12, which will help to keep the rental market stable. Real Estate Institute of Queensland CEO Antonia Mercorella said there was more movement in areas reliant on tourism lettings.Year-on-year an upward trend on vacancy rates continues, with the national average coming in 3 per cent higher in April than at the same time last year.Louis Christopher, the managing director at SQM Research, said the one-month jump as one of the largest rises ever recorded. “The blowout in rental vacancy rates for the major CBDs suggests a mass exodus of tenants occurred over the course of March and April. This may be attributed to the significant loss in employment in these areas plus the drop-off in international students.” Real Estate Institute of Queensland director Antonia Mercorella said Brisbane’s rental market was in a fairly healthy state but some regional areas were hurting more than others. “Beyond Brisbane there has been movement within those regions more dependent on tourism letting, such as the Gold Coast and Noosa, where vacancy rates have had a more pronounced increase,” Ms Mercorella said. “This was to be expected with short-term rentals shifting onto the long-term rental market, creating higher rental inventory.”Meanwhile, Simon Pressley, the head of research at Propertyology, a market analyst, said landlords were suffering in areas of Brisbane reliant on student accommodation and tourism. More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoPRD Realty chief economist Asti Mardiasmo says a resilient market should see it through the fluctuations.Mr Christopher said that if the trend for vacancy rate rises continued, a drop in asking rents could follow, which was good news for tenants, but not for landlords.National combined rents are recording a 12 month decrease of 3.1 per cent. The average rental asking price on a house in Brisbane this week is down by 0.2 per cent on the same time last year, however, asking prices for units are up 1 per cent.While some anticipate this will lead to a mass exodus of investors from the market, Ms Mercorella said there were little signs of it at present.“The Brisbane market isn’t showing any indications of properties hitting the market en masse, particularly rental properties. While individual investor’s circumstances may see some making the decision to sell based on their financial and/or personal circumstances, with the market exhibiting relative stability as we navigate this pandemic, we anticipate a stable rental sector.”PRD Realty chief economist, Dr Asti Mardiasmo, said the rental market’s strength pre-COVID-19 would help it withstand the current short-term fluctuations, but areas reliant on tourism and education would feel the impact more strongly.
Main river cash splash pushes $80 million The brief called for an open plan design.The ground floor is dedicated to open plan living with the lounge, dining and office zones wrapped around a grassed courtyard.Rest and relaxation dominate the upper level where the spacious master suite has a walk-in robe, ensuite and a private balcony.There is no shortage of wow moments either — a glass-walled walk-in wine cellar displays 1200 bottles, each bedroom boasts its own view and a gas fireplace runs the length of the living room. The design makes the most of the riverfront position.Having remained on the Gold Coast during the COVID-19 period, Mrs Hall is spending time with family before returning to Sydney.“It’s just a very comfortable and practical house to live in,” she said. “If you put the fireplace on at night, you don’t even need heating during the Queensland winter. Come summer, when you can open up the doors and let the breeze flow through, it’s just superb.“We get so many comments, not just about the house, but the furniture too. They delivered everything we wanted and more.”Glenys Pitkin is taking expressions of interest for 8840 The Point Circuit, Sanctuary Cove until September 11. Ex-Wallaby’s star move to help locked down residents FOLLOW JANELLE ESTREICH ON INSTAGRAM 8840 The Point Circuit, Sanctuary Cove.Once the design and build phases were complete, the team handed the baton to interior designer Jill Chilton.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“We had one day there where we were given a whole array of furnishings and finishes to choose from,” said Mrs Hall, who was also having an apartment built in Manly. “By the time it was all finished, I couldn’t remember what we were getting!” When it came time to sign off the investment project, the review was glowing. “They turned to Matt and I and said, ‘You guys nailed it,’” Mr Keil said. “I’m just glad they loved every single facet of the home.” The brief was to create a modern and open design that capitalised on a north-facing position in a subtropical climate.“We set out to create something unique,” said Mr Keil, whose design won a new residential house category at this year’s Building Designers Association of Queensland Design Awards. “Given that the owners were open, design wise, we wanted to create a landmark that stood out, one that people notice and talk about. In this area, there is nothing like it. ”Facing north west down the mouth of the Coomera River, the layout of the house was heavily influenced by the aspect. “The home is designed to protect itself from the west and share light from the north in through the guts of the house,” Mr Keil said. Expressions of interest are being called for 8840 The Point Circuit, Sanctuary Cove.IT’S the kind of project that designers and builders dream about — having free rein to create a luxury house in a prime location with a generous budget. Based in NSW, owner Penny Hall handed over full control of the Sanctuary Cove new build to Reece Keil, of Reece Keil Design, and Matt McLennan, of Bespoke Projects & Developments. “They were both amazing because we did it all from Sydney and would check in occasionally,” Mrs Hall said. “It was all very stress free.” The 1200-bottle glass-walled wine cellar is a standout feature. MORE: Prestige buyers trade the beach for the bush