“The final decision will be taken at a general meeting and has not been made yet,” she said.Hasling said the supervisory and management boards of PFA Soraarneq had been discussing for several years what should happen to the company in the future to meet the increased demands from customersShe said it looked at various options in this context to secure the future of the subsidiary and the interests of its policyholders.Under current Greenlandic regulations, customers of PFA Soraarneq would have to pay a charge of 45% of their savings to transfer them, and this charge is set to increase to 55% on 1 January 2017, Hasling said.However, the Danish FSA (Finanstilsynet) would not approve a transfer that involved a charge higher than the current level of income tax, she said.“We are therefore in the process of finding a solution to this,” Hasling said.Greenland is an autonomous country within the Kingdom of Denmark.The Greenlandic government has control over many areas including financial supervision and regulation, while Denmark retains control over foreign affairs, defence and monetary policy.Unlike Denmark, it is not a member of the EU.PFA Soraarneq is 76% owned by PFA and 24% owned by the association Foreningen Soraarneq, a group of workers and private-sector employers’ organisations in Greenland.Its headquarters in the Greenlandic capital Nuuk, and it managed total assets of DKK1.06bn at the end of 2015.PFA Soraarneq is the only registered life and pensions company in Greenland.However, there is one Greenlandic pension savings institution that provides pensions for hourly paid workers.Many people who work in Greenland choose to set up a pension in Denmark, Hasling said. PFA, Denmark’s biggest commercial pension provider, has decided to shut down its Greenlandic subsidiary, taking away the Arctic country’s only locally based registered life and pensions insurer.The DKK584bn (€78.5bn) firm said costs for customers of the unit, PFA Soraarneq, were high and set to become even more expensive because of regulatory and legislative changes.Lis Hasling, managing director at PFA Soraarneq, told IPE: “The plan is to transfer customers in PFA Soraarneq to PFA Pension in 2017.”The Greenlandic subsidiary would then close, she said.
KLP said it blacklisted the Hong Kong-based Texwinca, which produces fabrics for the apparel industry, after discovering systematic violations of human rights in its factories in Vietnam.It also cut its holdings in Australian investment company WHSP and US tobacco firm Turning Point Brands due to the companies deriving revenue from coal and tobacco respectively.KLP said that, while it was not obliged to follow recommendations made by the Council on Ethics on the exclusion of companies, it usually did.“The assessment made by the Council on Ethics is thorough and well-documented, and we see no reason to deviate from it. The openness of Norges Bank and the Council on Ethics on which companies they exclude is important,” said Marte Siri Storaker, adviser for responsible investments at KLP’s investment arm, KLP Kapitalforvaltning.She added: “The companies are experiencing greater pressure to clean up when more investors are clear on which guidelines they have to deal with.” Norwegian pension fund Kommunal Landspensjonskasse (KLP) has excluded three companies for violations of human rights and involvement in the coal and tobacco sectors.Based on recommendations made by the Council on Ethics – the advisory body for Norway’s sovereign wealth fund – the NOK675.6bn (€69.6bn) pension provider excluded Texwinca Holdings, Washington H Soul Pattinson & Co (WHSP) and Turning Point Brands.KLP said it had only been invested in two of the three companies when the decision was put into effect on 13 March: it owned a stake worth around NOK2.9m in WHSP and roughly NOK96,700 in Texwinca Holdings.Norway’s NOK8.9trn sovereign wealth fund also had investments in Texwinca and WHSP but divested from them in January.
Punter Southall Aspire, financial planning and retirement savings business in the UK, is withdrawing from the country’s master trust market, it announced today.The trustee of the Aspire Savings Trust would now begin due diligence to assess the master trust market to identify a suitable home for the scheme’s membership and assets.As stated in a press release, the move comes as the retirement specialist forms a strategic partnership with Evolve.According to Punter Southall Aspire, the partnership with the workplace pensions service provider was the result of the former’s strategic business review, “which acknowledged the business landscape has changed and that opportunities to scale have reduced”. Punter Southall Aspire would now focus on growing its national retirement and financial planning business.As part of the partnership with Evolve, Punter Southall will be appointed its “at retirement” adviser for existing and new scheme members. Last year Punter Southall was appointed by maritime pension scheme Ensign to offer advice on retirement options to members of its master trust.Evolve has an authorised master trust, The Crystal Trust, that looks after 1,500 employers.Punter Southall Aspire said it would look to develop a packaged health, risk and pension product for the SME market using Crystal Trust.Steve Butler, CEO of Punter Southall Aspire, said: “There are many synergies between Punter Southall Aspire and Evolve.“Our new strategic partnership will enable us to focus on our strengths – providing financial advice and consultancy to support members’ financial planning and helping them make the best financial retirement decisions.”Paul Bannister, CEO of Evolve Pensions, said: “We will be referring all our members to Punter Southall Aspire for ‘at retirement’ advice. In the current economic climate, we feel it is essential members can access financial guidance to help them navigate the complex range of pension options at their disposal and make the best financial decisions to support their retirements.”Under rules set out in 2018, master trusts – multi-employer defined contribution schemes – have to be authorised by The Pensions Regulator (TPR) in order to operate in the UK.According to TPR, the number of master trusts more than halved following the introduction of the new regime. There are 38 schemes that have been granted master trust authorisation, including Punter Southall Aspire’s, according to TPR’s website.Sharon Bellingham, senior consultant at Hymans Robertson, said further consolidation had always been expected in the market under the authorisation regime, and “with that in mind, today’s announcement that Punter Southall Aspire has decided to leave the market is not unexpected”.“Achieving scale is essential in today’s challenging market and it’s clear that some will struggle with commercials likely to be impacted by the recent and substantial falls that we’ve seen, as will the reduction of monies-in as furloughing bites and employers attempt to navigate their way through COVID-19,” she said.“And thinking about the pace of consolidation, what’s clear is that it will be more vigorous than we anticipated a few months ago.”Looking for IPE’s latest magazine? Read the digital edition here.
A family initially from interstate but living in Vietnam bought the house at 103 Amalfi Drive, Isle Of Capri. Sydney buyers bought this Tallebudgera Valley home at 756 Trees Rd as a weekend escape.LJ Hooker Mudgeeraba agent John Fischer said they already had a property at Palm Beach but were looking for a more private retreat in the mountains. “They’ve decided to buy it as a weekender,” he said.The four-bedroom home with self-contained cottage had also been on the market for some time under various agents.Another Isle of Capri property on Amalfi Drive sold to a family who initially hailed from interstate but were living in Vietnam.Marketing agent Eddie Wardale, of Kollosche Prestige Agents, said they planned to move to the Gold Coast for their children’s schooling.The $2.15 million purchase was cemented earlier this month following a 60-day settlement period. A Melbourne-based buyer snapped up the home at 9 Naples Ave, Isle of Capri for $3.9 million.CASHED up interstate buyers are splashing out on extravagant Gold Coast homes, injecting millions into the local property market.A waterfront mansion on the Isle of Capri is one of the latest to be snapped up by a house hunter hailing from across the border.The $3.9 million sale of the home at 19 Naples Ave went unconditional last week.Marketing agents Sam Guo and Julia Kuo said the Melbourne-based Chinese buyer couldn’t go past its water and skyline views.“They liked the position … with a nice view,” Mr Guo said.He said the five-bedroom, five-bathroom home’s central location and proximity to shops was also a major selling point. COAST AMONG MOST EXPENSIVE CITIES TO RENT SA HOTELIERS LIST LUXURY COAST MANSION The property had been listed under various agents since it hit the market in September last year.“We had it for just over two months,” Mr Guo said. More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoIn the Hinterland, a Sydney couple bought a Tallebudgera Valley property for $2.45 million last week.
19 Twenty Fifth Ave, Palm Beach 32 Windward Place, Jacobs Well. 16 Tara Tce, Carrara. 16 Tara Tce, Carrara. 19 Twenty Fifth Ave, Palm Beach 19 Twenty Fifth Ave, Palm BeachA CHARACTER Queenslander, hilltop home and modern mansion are among the standout properties going under the hammer this weekend.The only problem is that they are scattered across the Gold Coast so house hunters will want to make sure they consider each carefully.A Palm Beach house is one of the first to go to auction on Saturday.The traditional Queenslander at 19 Twenty Fifth Ave has undergone a huge transformation to bring it up to a more modern standard. 19 Twenty Fifth Ave, Palm BeachBut owners Marcel and Jayne Maujean went to great lengths to keep its beach house charm, which was what initially drew them to the property four years ago.Despite the hard work, Mr Maujean said they were very pleased with the result, particularly the main bedroom, which has a 100kg barn door and study nook.Bidding on the four-bedroom dual living house will kick off at 10am.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoAt Carrara, another dual-living home on a hill will also go under the hammer at 10am.Marketing agent Lisa Hale, of McGrath Palm Beach, said the house at 16 Tara Tce had generated a lot of interest over the past three weeks. 16 Tara Tce, Carrara.“We’ve had probably six to eight people through at each open home,” she said.“The renovations that (the owners) have done are really fantastic.”Mrs Hale said prospective buyers liked the quality of the three-bedroom house, which had a self-contained studio on the ground level.Later in the day, a waterfront mansion at Jacobs Well will go to auction at 2.30pm.LJ Hooker Sunnybank Hills principal Peter Florentzos, who is handling the Windward Place house’s marketing, expected a big crowd on the weekend. 32 Windward Place, Jacobs Well.“We’ve had 20 groups through over the first couple of weeks,” he said.He said the list of reasons people liked the home at Calypso Bay so much was endless.“It’s the location, the beautiful openness and glass, and that it’s overlooking the water,” he said.“It’s a top quality home with all the extras.“The lifestyle is a breath of fresh air.”A media room, pool and jacuzzi are among the four-bedroom home’s standout features. 32 Windward Place, Jacobs Well.
Demand for residential land on the Coast is outstripping supply with about 1600 lots across 30 projects on the market.“Because of those three zones you have greater movements in price.”Southeast Queensland’s median lot price is $272,000, while the Brisbane LGA median is $375,000.Logan’s median lot price is $231,000.Mr Keane will today share his insights into the southeast Queensland greenfield market at The Lay of the Land conference at the Brisbane Convention and Exhibition Centre. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, 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 Rate1xFullscreenDifferences between building in new or established estates01:50 Buyers are looking for land elsewhere because the Gold Coast doesn’t have enough.A SHORTAGE of greenfield development sites on the Gold Coast is pushing cashed-up buyers north to Logan.Colin Keane, director of Research4, revealed demand for residential land on the Coast was outstripping supply with about 1600 lots across 30 projects on the market.“There will be new projects of course but there is a sense of urgency for these,” he said.“There needs to be new projects on the ground running to keep affordability in check.“If that doesn’t come about then the Logan market will have a greater compelling story or a shift in demand form the Gold Coast to Logan.” MORE: New title win for ‘the Hornet’ “You could probably put that down to speculation around the Commonwealth Games,” he said.“It is also impacted by the type of land being developed — land near the water will have a higher price point and a little bit more fluctuation.”He said the Gold Coast land market was divided into three parts — west of the M1, east of the M1 around Pimpama and then Coastal waterfront land. Land shortage on the Gold Coast is pushing buyers further north.Mr Keane said for affordability to be maintained in the greenfield market, a certain number of projects needed to be operating.“If you have a drop in the competitive environment then price movement will go up,” he said.Since 2017, Mr Keane said residential land on the Gold Coast had shot up by 20 per cent to a median price of $315,000.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMORE: Beachfront home a real prize winner
Among other measures linked to housing was $282.4m to go into 10,000 home care packages and supplements for dementia and cognition — which should allow more older Australians to remain in their own homes for as long as possible.Mr Frydenberg steered clear of hot potato issues of negative gearing and capital gains tax concessions though there was expected to be a bit of a wealth effect on four million households earning below $120,000, with tax cuts. 4Among the $100b infrastructure commitment for Queensland was $287.2m to build the Cairns Ring Road and $100m for the Gladstone Port Access Road Extension. The Toowoomba to Ipswich Corridor in Brisbane’s west has a $60m allocation as part of the Roads of Strategic Importance Initiative (ROSI). A Gold Coast to Brisbane fast rail service could be a game changer for SEQ.In the medium term, “faster rail studies” were also a standout feature, she said. “If you can get a half-hour train ride from The Gold Coast to Brisbane that would be amazing.” Brisbane skyline seen at sunset from the suburb of Balmoral. Picture: AAP Image/Darren England.A South East Queensland megacity could be a reality within a generation, with the Federal Government committed to a City Deal before the end of the year, according to Budget 2019-20.In its Budget 2019-20 package, the Scott Morrison government reaffirmed its commitment to a City Deal for SEQ that would be “the most ambitious to date, covering the entire region rather than a single metropolitan area”.Boosting regions via infrastructure spending was a key focus on the 2019-20 Budget, which avoided any direct incentives for homeowners and the housing sector.Negotiations on the deal were to begin “later in 2019”, according to the “Building Stronger Regional Communities” Budget statement by Deputy Prime Minister Michael McCormack and Regional Services Minister Bridget McKenzie.The area could see billions poured into it, if the funding that’s gone into Western Sydney as part of its City Deal is a good indication — including $5.3 billion into Western Sydney Airport and $3.6 billion for the Western Sydney Infrastructure Plan. Townsville has been a beneficiary of its own $380m City Deal including $100m for the North Queensland Stadium. The City Deal for South East Queensland was described as “the most ambitious to date”.The housing downturn was named as one of the biggest risks in the 2019 Federal Budget, but Federal Treasurer Josh Frydenberg chose a hands-off approach to tackling the issue — pouring a record $100 billion into transport infrastructure to provide stimulus.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoHousing was named 40 times in the Budget’s Economic Outlook due to rising concern that deteriorating conditions in the domestic market and falls in building approvals will spill over into next year’s national growth forecast of 2¾ per cent.The Budget Overview said “uncertainty about the outlook for the housing market, in particular the extent to which housing prices fall, poses a downside risk to the forecasts for both dwelling investment and consumption”.“A more subdued outlook for household income, or a further tightening in credit conditions, could constrain household spending amid high levels of household debt. In contrast, faster than-expected wage or employment growth could lead to household consumption growth being stronger than forecast.”Realestate.com.au chief economist Nerida Conisbee said when it came to housing, it was the regions that would benefit the most in Queensland.“The Budget will benefit regional Queensland. There’s a population plan to get people to move to regional areas, to get more immigrants into regional areas, that’s good. There are more scholarships to get students into regional locations,” she said.
You’ll want to gallop in for a gander at these Gold Coast properties which are geared for horse lovers.ARE you a horse enthusiast who has said “giddy up” to your house hunting endeavours but need a property that is more than a one trick pony? We have found the best Gold Coast homes which have trotted onto the market that are geared towards horse lovers but also offer a perfect spot to hit the hay each night. MORE NEWS: Extravagant castle going under the hammer MORE NEWS: New Aussie city makes global property rich list 190 Glenmore Drive, Bonogin, might be a property you ‘canter-ford’ to miss! 41 Equestrian Drive, Maudsland 36 Tarata Rd, Guanaba The aptly named property has been described as “hot to trot” and is tucked away in the Maudsland Hinterland. No expense was spared on the equine facilities with a dressage arena, four-bay electric horse walker, five stables and two tack rooms. The 3.3ha property sits at the Coomera River’s edge and also features a two-bedroom house.It’s on the market with a $980,000 price tag through Coomera Realty’s Tyler and Geoff Benson. 779 Tallebudgera Creek Rd, Tallebudgera Valley, is set to head under the hammer on September 7. This is where you can retire to and hit the hay each night.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 ago 190 Glenmore Drive, Bonogin 2 Slingsby Rd, Tamborine Mountain If you and your horses are looking for a character-filled home 2 Slingsby Rd, Tamborine Mountain, might be the one. It’s a perfect spot for horses and families. The coastal acreage property has plenty of space for you and your furry friends but is still close to top schools, shops and beaches. Sprawled across a 8824sq m block, the property offers ample horse facilities, including an 18m round yard, an insulated stable block, a tack and feed area and float storage. The property, with a four-bedroom house, is on the market via Ilona Barry and Alana Ogilvy of LJ Hooker Mudgeeraba through an expressions of interest campaign. 36 Tarata Rd, Guanaba, is another impressive horse property on the market. The picture perfect Guanaba estate offers a range of extras equine enthusiasts need, including four paddocks with stables and yards. The charming house sits at the end of a tree-lined driveway and enjoys views of the paddocks and lush pastures with jacaranda trees. There’s also a caretaker’s hut in addition to the five-bedroom house. Alex Hayes of LJ Hooker Nerang is marketing the property. The property has a $1.329 million price tag. 779 Tallebudgera Creek Rd, Tallebudgera Valley The selling agents say they aren’t “horsing around.” This charming property will be a horse lovers’ paradise thanks to its restored 1892 Queenslander house and impressive backyard with equestrian facilities, an in-ground trampoline, veggie garden and fruit trees.The country retreat boasts three stables, a tack room, open stable and a full-sized dressage arena. The character-filled three-bedroom house, with high ceilings, polished wooden floors and stained-glass windows, also has an entertainment deck that takes in views across the entire property. A $1.329 million price guide has been attached to the listing held by Petra Szydlowski of Belle Property’s Robina. The 1.84ha block backs onto the Tallebudgera Creek and offers a large family home as well as horse facilities. “The grounds are complete with two fully fenced horse paddocks … (and) horse stables, tack shed, wash bay and store making the property ideal for the discerning horse lover or those wanting to give their kids an opportunity to learn how to ride and keep animals,” the listing reads. The backyard also offers a fruit orchard and chicken coop for the full country-living experience. LJ Hooker Burleigh Heads’ John Fischer and Matthew Manby are set to take the property to auction on September 7. 41 Equestrian Drive, Maudsland, is a hot to trot property.
This Noosa Waters home is as comfortable for two guests as it is 200.Aussie “A-listers” are eyeing off Noosa’s most expensive waterfront property on the market, which comes with a nightclub and two private jetties.With a price guide of $15 million, the property at 32-36 The Anchorage, Noosa Waters, is likened to a 6-star resort and is attracting local and international interest. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:22Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:22 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 Rate1xFullscreenBells and whistles, plus some03:22 Queensland Sotheby’s International Realty and Reed & Co Estate Agents are co-marketing the property, a holiday home owned by late businessman Donald Hay, who died from melanoma in July aged 76. Simply stunning.The home is as comfortable for two guests as it is 200, Mr Reed said.He said an “amazing mix” of clientele had shown interest in the home including groups of friends and family who would collectively buy it as a holiday retreat. “We’ve also had international interest, including expats from the UK,” he said Host your own party at the nightclub.The 13-bedroom, 12-bathroom property called Hayven is on a 2976sq m block and was originally for sale via tender late last year.Queensland Sotheby’s International Realty principal Paul Arthur said the property had “bells and whistles, plus some”.“The nightclub has an audio visual area that would be amazing for a young family or adults looking to play young,” he said. Room to host a Barty party too.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 The perfect pad for a big pool party.The house can sleep up to 32 guests and features on-site caretaker’s quarters, a maid’s quarters, a 25m pool, a championship tennis court, two jetties, a nightclub, media room, gym, steam room, a four-car garage and a guest wing with eight bedrooms. There is also a lift, wine cellar and 50m automated doors to the waterfront. That is one big walk in robe next to the ensuite. Inside The Anchorage, Noosa Waters. One of the home’s 13 bedrooms. Another of the stunning abode’s bedrooms.Mr Arthur said he had been approached by Aussie A-listers who had some significant property portfolios around the world, however he remained tight-lipped as to who they were.Reed & Co principal Adrian Reed said the property had “every facility you would expect for a high-end luxury home”.“It’s got it all,” Mr Reed said.
Total spend: About $100,000 The Marer family at the home at 45 Wellington St, Virginia, they have renovated. Picture supplied.ALEKS and Andrew Marer are not big cricket fans, but don’t tell their neighbours.When the couple moved in to the 90-year-old character home in Virginia eight years ago, they had no idea of its history.The quintessential Queenslander was the childhood home of the late cricket great Ken ‘Slasher’ Mackay, who played 37 tests for Australia and scored more than 1500 runs. “In the area, it’s quite well known for its history,” Mrs Marer said.“The neighbours, who have been here for a while, still remember it as the Mackay residence.” BEFORE: The front of the house at 45 Wellington St, Virginia, before the renovation. AFTER: The front of the house after the renovation.It all started in the backyard of the home, which Mackay shared with his five brothers and sisters.“When we were researching the house, the family told us that Ken was the eldest sibling and every Christmas there would always be cricket in the backyard, and that there was lots of cricket talent in the family,” Mrs Marer said.‘Slasher’ wasn’t the only sporting legend to grace the home. Greg Norman got his start at the Virginia Golf Course across the road. And the ‘Shark’ and fellow golfer Wayne Grady were frequent visitors to Wellington Street in those days. BEFORE: The kitchen at 45 Wellington St, Virginia, before the renovation. AFTER: The kitchen after the renovation.But for the past seven years, the Marers have made the home their own — lovingly restoring it and adding a modern touch — all while celebrating many milestones.“Andrew proposed to me here and we brought both of our children home from the hospital here, so it will be very sad to actually leave,” Mrs Marer said.“But we’ve just outgrown it.”The couple have lived in the house the entire time, even with the added challenges of Zadie, 10 months, and Lyla, 3. “It was definitely liveable. The kitchen and bathroom were dated, but they were still liveable, which is why we were able to do it in stages,” Mrs Marer said. “The kitchen and bathroom happened pretty quickly because we were having to go to my girlfriend’s house to shower all the time. “And we wanted to do it before Lyla was born because we needed a bath.” BEFORE: The main bathroom at 45 Wellington St, Virginia, before the renovation. AFTER: The main bathroom after the renovation.It also helped that Mr Marer, the owner of eclat building co., was a Master Builders award winner. The kitchen and bathroom have been freshly renovated with high level finishes and quality fixtures and fittings. Natural timber joinery and marble have been used to complement the brass and copper tapware.The Marers made a financial decision not to raise the house, despite it not being legal height underneath.Instead, they worked with the existing height to turn the downstairs area into a second living/entertaining space. BEFORE: The kids’ bedroom at 45 Wellington St, Virginia, before the renovation. AFTER: The nursery after the renovation.They built in the area, installed wall linings, flooring, a plasterboard ceiling, and created room for a kitchenette, laundry, powder room and living room opening out to a resort-style pool.“We just wanted to make it more usable down there,” Mrs Marer said.They undertook a lot of landscaping to make the most of the yard space with the house being on a slightly smaller block size of 396 sqm. BEFORE: The backyard at 45 Wellington St, Virginia, before the renovation. AFTER: The backyard after the renovation.Upstairs, 3.3m high ceilings are flanked by VJ walls and an open plan living area opens out on to a new deck, taking full advantage of the home’s northern aspect.The configuration is mostly the same, apart from a few walls being knocked out to open up rooms and make the main bathroom larger.“We tried to keep it really open,” Mrs Marer said. More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoBEFORE: The living room at 45 Wellington St, Virginia, before the renovation. AFTER: The living room after the renovation.Every wall and window was repainted, mostly in white and neutral cream tones, which create a light and airy feel, and complement the light timber floors and minimalistic aesthetic.Mrs Marer admitted the style of furniture and trends had changed over the eight years since they had moved in, so staging the renovation allowed them to update some features along the way.“When we first moved in, the furniture and decor was very different to what it is now,” she said.“We sort of found our groove along the way.” BEFORE: The deck at 45 Wellington St, Virginia, before the renovation. AFTER: The deck after the renovation.And what do they both think of the end result?“I guess it’s kind of a modern take on the Queenslander. Maybe more Scandi, Boho — a bit of an eclectic mix,” Mrs Marer said.“We have transformed the house to create a more modern and open living space, while keeping a lot of the charm which has filled the home since it was built in the 1930s,” Mr Marer said. BEFORE: One of the bedrooms at 45 Wellington St, Virginia, before the renovation. AFTER: One of the bedrooms after the renovation.The property is scheduled for auction on July 11 and is being marketed by Keith Mahon and Chrese Morley of Harcourts Clayfield. RENO FACT CHECK Time taken: 7 years