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Fitch warns on liquidity risk in European high-yield bond funds

first_imgNeil Woodford, founder and portfolio manager, Woodford Investment ManagementFitch said the Woodford fund had “material” holdings of unlisted equities and that its gating “highlights the dangers of offering high liquidity while investing in less liquid securities, including forced asset sales, material net asset value reductions, gating and potential knock-on effects to the broader financial system”.The UK financial markets regulator has said it would take into account the experience of the Woodford fund when finalising new rules for open-ended funds investing in illiquid assets.On Monday Woodford Investment Management announced the equity income fund would be suspended for a further 28 days. It is working on selling assets and repositioning the fund towards a portfolio comprising larger, more liquid stocks, the majority of them for FTSE 100 and FTSE 250 companies. Bank of England governor Mark Carney gives evidence to the Treasury Select Committee on 26 June 2019Last week Mark Carney, governor of the Bank of England, said funds offering daily liquidity that invest in illiquid assets were “built on a lie”.  The central bank’s deputy governor for financial stability, Sir Jon Cunliffe, referred to the high-yield bond market in his comments about mismatches between redemption periods and the liquidity of underlying assets.Fitch said tighter regulation or severe market stress might be needed to change asset managers’ approach to fund liquidity.  They had opted “en masse” for daily liquidity, presumably on the basis of investor demand, despite this not being required under regulation. UCITS rules allow funds to offer various levels of liquidity, such as dealing as little as twice a month.Fitch on Woodford The European high-yield bond fund sector “appears to be operating with significant liquidity risk”, Fitch Ratings has warned.The five largest such UCITS funds in Europe, which had €43bn of assets under management between them at the end of March, had limited holdings of highly liquid securities despite offering daily dealing, it said.Although there was substantial variation across the funds, on average only 4% of their investments were in cash and 14% in instruments rated single-A or higher; the allocation to triple-A financial instruments was the lowest.Fitch also noted the funds had an average duration of three to four years, depending on the extent to which they included floating-rate securities in their portfolios.center_img The warning follows a number of high-profile liquidity issues in regulated funds. H2O Asset Management – a subsidiary of Natixis – experienced a high level of redemptions after it emerged that some of its bond funds were invested in illiquid holdings.Swiss asset manager GAM is still in the process of liquidating its absolute return bond portfolios after a fund manager’s suspension led to major withdrawals from the funds.Trading in shares of the LF Woodford Equity Income fund was suspended on 3 June after a surge in redemption requests from investors, including Kent County Council’s £6.4bn (€7bn) pension fund. While not a bond fund, the Woodford fund’s portfolio had a significant allocation to small cap, unlisted or illiquid companies.last_img read more

Gold Coast market on a downward slope but don’t panic just yet

first_imgVarsity Lakes is one of the Coast suburbs that’s performing well.Herron Todd White Gold Coast director Tod Gillespie said there were a number of reasons the market was softening, but assured there was no reason to panic.Different lending criteria potentially as a result of the banking inquiry and Chinese buyers disappearing from the market were partly responsible.But he said low consumer confidence was making buyers, particularly locals, cautious.“It’s a combination of the press about the Sydney and Melbourne markets slowing,” Mr Gillespie said.“Generally the Gold Coast market follows.“We’ve just gone through four years of sustained growth year on year so at some point, it has to slow down.”He encouraged anyone looking to buy on the Coast to do their research.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, 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 Rate1xFullscreenElizabeth Tilley talks prestige property07:29 A new report predicts the Gold Coast property market will slow down in coming months.THE Gold Coast property market is on a downward slope, a new report reveals.The latest report by property valuation and advisory group Herron Todd White suggests both the housing and unit markets on the Glitter Strip are “starting to decline”.The findings are based on property market performance in major cities and regions across the country over the first half of the year and where they are likely to go in the next six months.Following a dull period during the Commonweatlh Games, the report said agents indicated the market had improved to level back out.Despite sales dropping over the past year in most areas, some suburbs were still performing well, particularly Varsity Lakes and Mermaid Waters. The Gold Coast property market has sustained strong growth over the past four years.“They have attributed the positive levels of buyer inquiry in these suburbs to a shortage of good quality stock in central areas and asking prices being more affordable in comparison to neighbouring suburbs,” the report said.However, it said agents were finding it tougher to get quick sales for units priced between 500,000 and $1.5 million.“If the apartment is not reasonably priced from the get go, feedback has indicated that it will likely sit on the market for an extended period,” the report said.“There are many new medium to high rise developments under construction between Mermaid Beach and Surfers Paradise at the moment. More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“It will be interesting to see if this will create a huge oversupply in the near future.”The second half of the year is expected to remain stable.“Whilst we don’t expect sales volumes to increase any time soon, steady levels of demand and a lack of listed stock will likely continue in most central suburbs,” the report said.“An unexpected rate rise in the next six months however would definitely make things very interesting.”last_img read more

Love nest sells after split

first_imgLions player Dayne Zorko prepares to mark the ball during a Brisbane Lions training session on November 30, 2018 in Brisbane, Australia. (Photo by Jono Searle/Getty Images)The property at 198 Ferguson Road at Seven Hills is now under contract, and sold within a week of hitting the market. More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoThe house in 2016, before the renovationBelle Property Carindale agent Amanda Van de Hoef said the property had attracted a lot of interest as it was a low-set house.“The new owners are a young family,” she said. “Everyone is happy with the outcome.” The original cabinetry remains but the floors have been doneThe sale price is not yet known, but the contract is unconditional. MORE: Brisbane Lions captain offloads home after split The living room before the renovation … Kalinda Salla and Dayne Zorko Source: Instagram The house at Seven Hills is under contractTHE love nest once shared by Brisbane Lions captain Dayne Zorko and his glamourous ex Kalinda Salla has sold. And the kitchen before the renovation … and after the renovationThe couple shared the house before a messy split that was played out on social media. The median house sales price for Seven Hills is $879,000, and the highest price ever paid for a house on Ferguson Rd was $1.435 million in 2017, according to CoreLogic.The three bedroom house is listed in Zorko’s name, with property records showing the midfielder paid $742,500 for the home in 2016. Since then, the house has been painted, new floor coverings and window furnishings have been installed, as well as ducted air-conditioning and Crimsafe security screens on the windows and doors.last_img read more

Chur bro, these are the hottest Kiwis up for grabs

first_imgSonny Bill Williams of the Blues NRL team made a name for himself during a stint in Sydney. Picture: Instagram. MORE REAL ESTATE NEWS Stunning views across the home. Source: Realestate.com.au Luxurious and spacious. Source: Realestate.com.au FOLLOW SOPHIE FOSTER ON FACEBOOK Being able to lock up and go is one of the best things about getting a duplex. Source: Realestate.com.auAgent Drue Matich of Telos Group has it listed as being “a short stroll to the community gardens, heated indoor pool or the beautiful Orewa beach”.“A single car garage with internal access, means no more dashing to the car when the unexpected Auckland rain hits, and giving you storage for the bikes or golf clubs.”Low maintenance, with a heated pool, gym, sauna, five hole putting green and communal gardens in the complex, this could be ideal for travellers — one minute chilling by the pool, “nek minute” off on another adventure with no worries. Dan Carter who was a star player for the All Blacks in the last decade took Kiwi speak to Japan where he played last year. Picture: Koki Nagahama/Getty Images. Property taxes hit record levels Lucy Lawless took the accent to Hollywood as Xena Warrior Princess. They’ve topped South African, Irish, Italian and even Australian, which made up the rest of the top five.If you’re keen on a stint in the Land of the Long White Cloud, grab your jandals (flip-flops/thongs/slippers) and check out some of the most stunning properties listed on realestate.com.au right now. The home is designed like a tropical sanctuary. Source: Realestate.com.au“This house is unlike anything on the market,” was how it was described. “Choose from-overlooking the beautiful beach of Orewa and beyond, or enjoy your own tropical sanctuary with numerous entertaining spaces and a built-in spa pool-all surrounded by exquisite landscaping. You will really feel exotic.”Among its other charms are a cozy media room, separate laundry, double garage with internal access and a tool shed. Luxury Duplex The most “skux” (cool, trendy, hot) of them all has got to be this off-the-plan penthouse in the heart of the unofficial capital Auckland.But you will need some seriously deep pockets to land this one — it’s listed at a mean $23.7m, or about $25m Kiwi dollars.Spread over 556sq m when complete, the four bedroom sky home is expected to be “one of the most desirable addresses in Auckland”, according to a listing by Sotheby’s international realty — New Zealand. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, 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 much do I need to retire?00:58 If that giant price tag has you saying “yeah nah”, a stunning escape that’s not too far north of Auckland might be just the thing. Priced around $1.51m (NZ$1.6m), the four bedroom, two bathroom house is 298sq m and sitting on a large 1,012sq m block of land. Located in Old North Road 28, Orewa, the property has all the makings of a great escape with “sea views, privacy and location”, according to agent Drue Matich of Telos Group. When completed, this is expected to be “one of the most desirable addresses in Auckland”. Source: Realestate.com.au“The true centrepiece of the penthouse, is the stunning courtyard — accessible from all areas of this exclusive residence,” it said. The kitchen is bespoke and style is international luxury. “Imbued with an ambience and mood usually found in the grandest of penthouses in London and New York, this sky garden penthouse will truly lift the spirits of not only those who live here but also those that are fortunate enough to visit this very special place.” Orewa Escape Sky Garden Penthouse has a courtyard open to the elements and accessible from most rooms. Source: Realestate.com.auMore from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours ago Actor Temuera Morrison, who got his break via the cult film Once Were Warriors in the mid-90s, managed to get the Kiwi twang into Star Wars as Jango Fett. Dan Carter representing New Zealand via the All Blacks at the 2015 Rugby World Cup at Twickenham Stadium, London, in 2015. Picture: Laurence Griffiths/Getty Images.The Kiwi accent has just been named the sexiest in the world, so if immersion in the land of ‘fush and chups’ and the All Blacks floats your boat, here are some of choicest places to ‘crash’.According to news.com.au, a poll by Big Travel 7 saw the Kiwi accent emerge as the sexiest in the world, described by the survey as “outrageously charming”. Think Sonny Bill Williams (veteran rugby league star), Lucy Lawless (Xena Warrior Princess), actor Sam Neill, Temuera Morrison (Jango Fett in Star Wars, Once were Warriors), musical group Katchafire and rugby players Dan Carter and Quade Cooper. Located on Old North Road 28, Orewa, Auckland, this home is listed at $1.51m. Source: Realestate.com.au If going further north along the coast sounds too much like the wops (too far from city), a Plantation Terrace could be the go, with a two bed, two bath duplex on the market for just over $1m (NZ$1.085m). Being an apartment means you can lock up and go off with no worries, with this one 128sq m big and on a freehold title. This duplex at Plantation Terrace 14 in Auckland is listed at just over $1m. Source: Realestate.com.au Breathtaking views from the penthouse. Source: Realestate.com.au Property beats the gym any day Worst of downturn could be over Sky Garden Penthouselast_img read more

Luxury Gold Coast estate’s multimillion-dollar sale price just short of suburb record

first_imgThere is plenty of space to entertain.It was also $1.8 million more than the $2.45 million the vendors paid for the property in November 2016.Property records show they made no major upgrades to the house in the almost three years they owned it.More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoIt sold for $3.6 million earlier this month, meaning the vendors pocked $1.15 million. Harcourts Coastal agent Katrina Walsh, who handled the sale, declined to comment on the deal until it settled on August 7. The property, which was designed by Adam Beck and built by Roth Developments, is on a 7402sq m lakefront block. An eight-seat cinema, mosaic-tiled heated pool, a gym, sauna, and grand covered outdoor entertainment area are among the house’s highlights.Inside offers raw stone features, timber accents, natural hues and soaring ceilings while expanses of glass capture the tranquil bush landscape that surrounds the home. MORE NEWS: Palatial home fit for royalty – literally What a view!Vendor Deanne Said, who lived at the five-bedroom, six-bathroom house with her husband and three children, said it offered tranquillity and convenience.“There are so many things I love about the home,” she told the Bulletin when the property hit the market.“One would be the floorplan, it’s very good for entertaining and large families.“Plus the location — it’s so convenient with some of the best schools next door, across the road from a great shopping centre and close to the M1. And there’s tranquillity that comes along with those great benefits.”Its position in Jabiru Estate was another highlight, according to Ms Said.“The security is the next great thing here, it’s very secure in the gated community and surrounded by multimillion-dollar mansions,” she said. “It’s in great company.” MORE NEWS: OTT mansion sells before auction Wide windows capture the picturesque bushland surrounding the home. The perfect spot to relax by the pool. It hit the market in March with a price tag that was tipped to set a record. The Mudgeeraba residence at 19 Boolama Place sold for $3.6 million.A LUXURIOUS Mudgeeraba estate that was poised to break a suburb record has changed hands in a multimillion-dollar deal without setting a new benchmark. The opulent acreage home in Jabiru Estate hit the market in March with a whopping $4.25 million price guide before moving to an auction campaign, CoreLogic records show.A price tag of $3.79 million was later attached to the property in April.The initial price hopes would have knocked Mudgeeraba’s $4.19 million residential record from top spot. A home cinema is among the home’s highlights. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTop tips for sellers in Spring00:50last_img read more

Graham Quirk works hard for first auction win

first_imgGraham Quirk had lots to say about Brisbane during long pauses between bids at Saturday’s auction. Picture: Steve Pohlner.And while he is on their team in a voluntary role, there was no International Olympic Organising Committee to sweeten the bidding here, so he was forced to place another vendor bid of $700,000.“Just to keep things rolling and what we’ll do now is bid in $10,000s,” Mr Quirk said.At this point, the Googan family asked about auction practices.“The vendor can bid as long as you can,” Karalis Real Estate’s lead agent Michael Sunderland explained to the family.“In NSW it’s one only, but in Queensland it’s as many times as you want.”Soon after this, Lily threw up paddle number eight and entered her first auction with a bid of $720,000 and what followed was a series of three quick-fire bidding volleys over five minutes between Lily and the Googans, during which the price got to $796,000. The largely local crowd gather to see Graham Quirk’s first auction, at 6 Archiva St, Mount Gravatt East: Picture: Steve Pohlner.“G’day, I’m lucky to have you all here,” Mr Quirk said, before reporting in for duty.“I’ve got the gavel, let’s hope I can bring it down.” Part way through the auction, a real estate agent’s mobile phone started ringing to the sound of Fatboy Slim’s Weapon of Choice. Nobody was shocked by the tone of Graham Quirk’s voice. Picture: Steve Pohlner.The opening bid of $500,000 came from Peter Lukose, who was prepared to go to $650,000 but no further as his wife had not seen the house he was bidding on.“He’s 101 per cent for me,” Mr Lukose said of Graham Quirk’s first day on the job.“He’s a little bit tricky, going to the market, then winding us up, that’s a trick.“But the way he presented, just very nice, because he know every piece and corner of Brisbane.”Bidding against Mr Lukose was Peter Googan and his family from Holland Park.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoThe winning bidders James & Mae Googan, with their children Liam, 3yrs & Flynn, 6yrs. Karalis Real Estate agent Michael Sunderland (left) stood beside them during the auction. Picture: Steve Pohlner.“I think he was a little bit nervous,” Mr Googan said afterwards.“We didn’t know who he was to be honest.“We’re originally from Sydney and we came here about a year ago, but it wasn’t until we showed the listing to other people at work and they knew who he was. They were really excited. They were surprised, they thought he was still mayor I think.”Mr Quirk recommended $50,000 bids to start and found the going tough so at $550,000 with Mr Googan in front he was forced to place a vendor bid of $600,000.Mr Googan replied with $650,000 and then there was another long pause, during which Mr Quirk launched into a city sales pitch that would have made Queensland’s Olympic bid organisers proud to have him on their team. We’re not sure how much he’s charging for his auctioneering duties but Graham Quirk’s number plate might give us a hint. Picture: Steve Pohlner.“This is your virgin auction,” said Mount Gravatt East resident Dale Hanley, who was propped up on a pre-war shooting stick on the front lawn as part of the 80-strong neighbourhood welcome party for former Lord Mayor Graham Quirk. Racing champ to sell Brisbane house Graham Quirk congratulates the winning bidders. Picture: Steve Pohlner.“I’d give myself a seven out of 10,” Mr Quirk said afterwards.“I’ve got a lot of improvement that will come very quickly because today was a bit of an unnatural environment with the media around,” he said.“Not that that’s an unnatural environment for me but it still is in this set of circumstances.” He also had his Racing Queensland board member badge pinned to his jacket, but it would still take the best part of half an hour before the gavel came down on 6 Archiva St, Mount Gravatt East at $796,000, with two vendor bids, three active bidders, and not a single pause to negotiate.center_img Brisbane’s million-dollar suburb boom MORE REAL ESTATE STORIES Graham Quirk wore his Racing Queensland badge during the auction and was heading to the races for the afternoon. Picture: Steve Pohlner.It was 12.52pm, and the hottest part of the day, when Mr Quirk asked for the crowd’s indulgence to seek instruction from the vendor about whether the property was on the market, but there was no escaping the spotlight or the heat.“I’ve done it for you,” Mr Sunderland said by the auctioneer’s ear.“Oh, well, you’re ahead of yourself,” replied Mr Quirk.“Well ladies and gentlemen I’ve just had word … that this property is now on the market.”There were no further bids and the property went to the Googan family. FOLLOW DEBRA ON TWITTER Graham Quirk at his first auction as a professional auctioneer on Saturday. Picture: Steve Pohlner.A COUCH cushion in the house said ‘enjoy today’, but there were nerves all around as rookie bidders stood in front of a rookie auctioneer who just four months ago was the Lord Mayor of Brisbane.last_img read more

Fireman’s pole gets you from bed to kitchen in seconds

first_img MORE REAL ESTATE STORIES This eclectic house at 29A Kivas St Tarragindi features a fireman’s pole and some odd collectables.THERE is a fireman’s pole off the master bedroom that takes you to the dining room of this unique Brisbane house with multiple living areas and artificial grass on a 405sq m block.The property at 29A Kivas St, Tarragindi has just hit the market and will go to auction later this month. The house at 29A Kivas St, Tarragindi.Harcourts Property Centre’s Trent Powles says the five-bedroom house takes innovation ‘to a whole new level’. FOLLOW US ON FACEBOOKcenter_img “If you appreciate the eclectic style and fabulous design of the Teneriffe Woolstore apartments but are looking for land and a more residential feel, you have come to the right place,” he said in the property listing. The main living area with the spool seat and landing pad for the fireman’s pole.To test out the fireman’s pole, you cross the polished concrete floor and climb the sold mesh staircase to the second level where a security gate encases the top of the pole. The entrance to the Fireman’s pole is just outside the master bedroom in the stairwell.The red cushioned landing at the bottom of the pole doubles as a stool in the open-plan living area of this industrial designed home.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago“They say in real estate to look for a unique point of difference when purchasing a home … well this innovative one of a kind residence takes that to a whole new level.”The home also features a tiled inground saltwater pool, bespoke hoop pine doors, and recycled flooring. The tiled pool area with artificial turf.“If you’re concerned about the upcoming water restrictions, you need not worry here, there’s not a blade of grass in sight.”The property will go to auction on January 25 at 12pm.last_img read more

Three homes for wine buffs, one’s a winery

first_img“There’s a vineyard manager and a wine-maker and cellar door staff. You could learn on the run.”The region has had good soaking rain in recent weeks and the tourist haven, under three hours from Brisbane, is showing signs of recovery after the dry summer months.“And if we run out of water, there’s plenty of wine,” he said.In the heart of Brisbane, more than 400 bottles of Queensland’s finest wines would fit comfortably in the basement cellar of Karinya, the 2019 Queensland Master Builders award-winning house at 36 Sexton St, Petrie Terrace. 36 Sexton St, Petrie Terrace in Brisbane can fit 400 wine bottles in its cellarMore from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours agoThe cellar has a curved ceiling, stone walls and built-in storage with backlighting to help identify your favourite drop fast.The four-level home has 380sq m of living space on a small site and is listed for sale through Clark Partners Real Estate for offers over $1.7 million. 13-17 Binda Place, Sorrento, on the Gold Coast, has a cellar set up for wine tastingsOn the Gold Coast, limestone floors flow under the cellar, office and library of 13-17 Binda Place, Sorrento, which is being sold by Nick L Zhang of Amir Prestige.An antler chandelier is the centrepiece of the cellar which is set up for wine-tasting and storage. A barrel-tasting table sits under the centrepiece, wine-tasting benches, and room for glasses and wine.The 2372sq m waterfront property also has a resort-style pool, and tennis court. 129 granite Belt Drive, Thulimbah, is owned by a syndication of wine lovers but is up for saleWine-tasting and tourism are on the turn in Queensland this weekend with up to 70,000 people heading to Stanthorpe in the Granite Belt region for the annual Apple and Grape Festival.In celebration of the classic Queensland crush, we’ve found three properties for sale that take wine-tasting to new depths, and yes, we’ve even found a winery on the market in case you’re considering a lifestyle change. The first Summit Estate winery was built in 2006A syndicate of Brisbane wine lovers currently own Summit Estate Wines at 291 Granite Belt Drive, Thulimbah, which is on the market for $875,000 plus stock and equipment.The first lines of grapes were planted on the 6.69 hectare property in 1997. The first wine was produced in 2000 and the winery was built in 2006.“You wouldn’t need to know anything,” Stanthorpe’s Cec Mann Real Estate Property Services agent Scott Mann said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:36Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:36 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhat do QLD buyers want?00:36last_img read more

Kosmos hits ‘major’ gas discovery off Senegal

first_imgYakaar discovery Kosmos estimates that Yakaar-1 discovered a gross Pmean gas resource of approximately 15 trillion cubic feet (Tcf), in-line with pre-drill expectations. Preliminary analysis of gas samples conducted on the rig suggest the well encountered a gas with a condensate-to-gas ratio (CGR) in the range previously encountered at Tortue and Teranga, approximately 15-30 barrels per million standard cubic feet. An appraisal program is being planned to delineate the Yakaar discovery.After completion of operations on the Yakaar-1 well, the Atwood Achiever drillship will mobilize to the Tortue-1 well to conduct a drill stem test (DST) on the Tortue discovery, enabling the beginning of Front End Engineering Design (FEED) in the second half of 2017, Final Investment Decision (FID) in 2018 and first gas in 2021.Kosmos and BP each presently hold an effective 30% participating interest in the Cayar Offshore Profond license as a result of their respective ownership in the joint venture company, Kosmos BP Senegal Limited. As previously announced, BP has entered into an agreement to acquire an additional 30% participating interest from Timis Corporation, subject to government approval. The national oil company Société des Pétroles du Sénégal (Petrosen) holds 10%.Bernard Looney, BP Upsteam chief executive officer, commented “Yakaar-1 follows the earlier exploration success that led to the Tortue discovery and further confirms our belief that offshore Senegal and Mauritania is a world-class hydrocarbon basin. This discovery marks an important further step in building BP’s new business in Mauritania and Senegal. We look forward to results from the additional exploration wells planned for 2017.”BP said that the joint venture will be drill stem testing the Tortue discovery in mid-2017 and will now drill 3 additional exploration wells over the next 12 months offshore of Senegal and Mauritania.Acreage offshore Senegal is proving to be a prolific hydrocarbon province with several discoveries made by oil companies including the SNE discovery – the world’s largest offshore oil discovery in 2014.Offshore Energy Today Staff Atwood Achiever drillship; Image source: BPOil and gas exploration and production company Kosmos Energy on Monday announced what it claims to be a “major” gas discovery offshore Senegal.According to the company’s statement, Yakaar-1 is the first well in a series of four independent tests of the basin floor fan fairways, outboard of the proven slope channel trend opened with the Tortue-1 discovery.The company said that the well, located in the Cayar Offshore Profond block approximately 95 kilometers northwest of Dakar in nearly 2,550 meters of water, has been drilled to a total depth of approximately 4,700 meters by the Atwood Achiever drillship.The company further said that the Yakaar-1 intersected a gross hydrocarbon column of 120 meters (394 feet) in three pools within the primary Lower Cenomanian objective and encountered 45 meters (148 feet) of net pay.Well results confirm the presence of thick, stacked, reservoir sands over a very large area with very good porosity and permeability, Kosmos added.Andrew G. Inglis, chairman and chief executive officer, said: “Kosmos has a 100 percent success rate in the basin with six consecutive successful exploration and appraisal wells drilled to date, confirming that our geologic model and geophysical tools are well calibrated. Yakaar-1 discovered a major gas resource.“Together with the Teranga – 1 discovery made last year, we believe this resource will support a second cost-competitive LNG hub. The result also confirms our view of the potential scale of the petroleum system offshore Mauritania and Senegal, in particular the basin floor fan systems which have now been further de – risked, with the well demonstrating that reservoir and trap both work in these previously untested fairways.”last_img read more

NextDecade, Port of Cork to develop Ireland’s FSRU project

first_imgUS LNG export player NextDecade signed a memorandum of understanding with the Port of Cork Company to set up a floating storage and regasification unit and associated LNG import terminal infrastructure in Ireland.Under the terms of the MOU, the potential development at the Port of Cork would receive LNG from NextDecade’s planned Rio Grande LNG project in South Texas, increase and diversify Ireland’s supply of natural gas as a result, a joint statement reads.The MOU commits the parties to undertake exclusive negotiations to develop the LNG import project in Ireland’s Port of Cork, a sheltered, natural deepwater harbor capable of handling large liquids and cargo ships of all sizes.NextDecade believes the Port of Cork facility could support imports of up to 3 mtpa from Rio Grande LNG.In December 2016, NextDecade signed a heads of agreement with FSRU provider FLEX LNG for the joint development of a full value chain infrastructure solution utilizing FSRU and dockside regasification import technology.FLEX LNG will be supporting NextDecade to provide a fully integrated regas import solution for the proposed LNG terminal at the Port of Cork.The company is also in discussions with European energy companies to enter into long-term purchase contracts for delivery of LNG at the Port of Cork.Additionally, NextDecade will manage the shipping from its proposed RGLNG export facility at the Port of Brownsville in South Texas to the Port of Cork.last_img read more