Don Jordison currently manages Threadneedle’s property investment team, which manages £6bn in UK property assets.Moira Gorman, Local Authority Client Director at Threadneedle said winning such a high-profile mandate was “testament to the strength of our offering” in UK property and the pooled pensions space.The Hounslow Pension Fund, valued at approximately £690m, has more than 18,750 members. The London Borough of Hounslow has outsourced its property investment management to Threadneedle Investments and allocated £20m (€23.5m) to the TPEN Property Fund, part of Threadneedle’s Pooled Pensions Funds range.Threadneedle’s TPEN Property Fund invests mostly in direct commercial property across the UK.Lorelei Watson, head of treasury, pensions and capital at Hounslow, said the pension fund liked Threadneedle’s active approach to property management and its focus on stock picking, risk management and income yield.“Instead of chasing trophy assets, its investment experts look across sectors and regions to find properties with strong fundamentals and attractive yields,” she said.
The onus is now on sponsors of Irish defined benefit (DB) funds to prove trustee demands for additional capital are unreasonable – a high threshold to overcome, according to lawyers.A recent ruling by the country’s High Court saw the trustee of the Omega Pharma pension fund win requests for a €2.23m sponsor payment prior to wind-up, despite the scheme’s being fully funded under the regulatory minimum funding standard (MFS).According to a note published by law firm LK Shields, the ruling should be viewed as a positive by trustees, as it confirms that courts will force employers to meet demands “provided the amount demanded can be shown to be reasonable”.The law firm referenced a second, recent court case brought by the trustee of the Element Six DB fund that also saw the sponsor compelled to inject cash into the scheme, although in the latter case trustees saw their requested sum almost quartered. “An employer that objects to trustees making a contribution demand will (like members where trustees fail to make such a demand) have to prove the decision of the trustees was one no reasonable body of trustees would have made – a very high standard,” the firm said.It also noted that the Omega Pharma case was also won because the sponsor failed to engage, despite the trust deed granting the trustee significant powers to negotiate and request additional payments.LK Shields said the ruling showed courts would “not be sympathetic to employers that fail to engage with the trustees regarding a scheme deficit”.Consultancy LCP also saw the ruling as significant, saying it would provide active and deferred members “additional comfort”, where the previous wind-up order was found to be “disturbingly weak”.The previous wind-up order, amended last year to remove the absolute priority granted to pensions in payment, could have seen many beneficiaries left with only a fragment of their accrued benefits.LCP urged trustees to review the powers granted them under trust deed.“We would also recommend employers consider carefully the implications of the ruling in terms of their future requirements to contribute,” it said.“Given the important role of the scheme actuary in providing impartial advice to the trustees, it is essential employers seek independent advice in this area.”
Investment returns at Oslo Pensjonsforsikring (OPF), the pension fund for city council staff in the Norwegian capital, slipped to 5.1% in 2015 from 7.5% the year before, but the organisation said it was able to increase its solvency coverage to 211%.Reporting its fourth quarter and full-year results, the pension fund, incorporated as an insurance company, blamed the fall in returns on members’ pension savings on lower interest rates, as well as weak equities markets.Åmund Lunde, chief executive at OPF, said: “Over many years, we have adjusted ourselves to lower interest rates by having strong solidity and a broad spread of investments.”In absolute terms, the pension fund doubled its profit on pension activities to NOK752m (€78.6m) in 2015, from NOK327m. The highest-performing asset sub-classes for OPF were infrastructure and private equity, producing returns of 13.2% and 16.2% for the full year, respectively, though it made a 6.1% loss on its holdings of high-yield bonds.The fixed income portfolio – which made up 51.5% of the overall collective portfolio at the end of the year – generated 2.8% overall during the year, while real assets produced 7%, and ended the year making up 22.8% of the collective portfolio.The equities portfolio returned 7.9%, and accounted for 25.6% of the collective portfolio.Noting that the new Solvency II regulatory regime had come into force on 1 January this year, OPF said that, at 211%, its solvency capital ratio ended last year at twice the minimum allowed, but it also pointed out that, under the transitional rules now in place, its coverage ratio was in fact 362%.Lunde said the pension fund had set itself the target of making the transition to the new solvency regime back in 2010.“Through good results and by building up capital systematically, we fulfil the capital requirements by a good margin,” he said.Total assets in OPF’s collective portfolio grew to NOK72bn by the end of December 2015 from NOK67.6bn a year before.
Despite Doherty’s assurances that the measures were still on the table, consultancy LCP warned that it meant important protections for DB members could be erased as the bill makes its way through parliament.“While many companies may welcome the omissions of particular proposals from the bill, the inclusion of these proposals in the original heads followed by their subsequent removal is most unwelcome and leads to uncertainty,” said LCP. “This uncertainty makes it difficult for trustees and companies alike to manage their schemes.”Although some measures could be reintroduced, LCP added, this was “unlikely” due to parliament’s summer recess, which begins on 22 July.In her speech last week, Doherty said: “The best outcomes are achieved when trustees, employers and members negotiate to reach agreement on what is needed to secure the scheme’s viability. The amendments I will be tabling on committee stage seek to underpin this approach.”Ireland’s DB system has been under intense scrutiny in recent years, in particular following the decision by Independent News & Media to walk away from its DB scheme.In response to Doherty’s introduction of the bill, Labour Party politician Willie Penrose said the current system faced a “significant and worrying crisis” and was in danger of “meltdown”.Giving the Pensions Authority the power to impose a contribution schedule on employers was “one of the most important amendments” put forward, Penrose said.As well as discussing the 12-month notice period and the Pensions Authority’s powers, Doherty said the committee would look at provisions for same-sex couples and civil partners to receive a spouse’s pension. Proposed enhanced protections for Ireland’s defined benefit (DB) pension schemes have been removed from a bill put forward to parliament by Ireland’s minister for social protection.Regina Doherty told Ireland’s parliament, the Dáil, last week that protections included in the bill’s earlier drafts had been removed and would be debated as amendments by the Committee on Social Protection.“Given the complexities involved, it simply was not possible to have these included in the published bill,” Doherty said upon introducing the Social Welfare, Pensions and Civil Registration Bill 2017.The protections included measures to force companies to give 12 months’ notice before ceasing contributions to a DB scheme, and a new power for the Pensions Authority to set a contribution schedule if none could be agreed between an employer and trustee board.
Source: IPEFiona Miller (right) receives the Pension Fund Achievement of the Year award in Berlin last yearIn addition to the COO appointment, the partnership has also named two non-executive directors for its board, chaired by outgoing Railpen chief executive Chris Hitchen.Enid Rowlands is a former trustee of NEST, the defined contribution master trust set up by the UK government to help meet demand for auto-enrolment provision. She has also served on the boards of UK public bodies such as the Solicitors’ Regulation Authority and the General Medical Council.Tanya Castell chairs the Quality Assurance Scheme for the UK’s Institute and Faculty of Actuaries, and is a former pension fund trustee. Her current non-executive roles include positions on the boards of Faster Payments Scheme – set up to improve money transfer speeds between bank accounts – and Scottish Canals. She was awarded an MBE earlier this year for her work to promote diversity in boardrooms.Hitchen said: “In Rachel, Fiona, Enid and Tanya, I now have highly talented board colleagues with diverse and complementary skills. We have a lot of work to do to build Border to Coast into an investing institution which succeeds for the long term, but this is a great place to start.”BCPP’s founding funds include the pension schemes for Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, North Yorkshire, Northumberland, South Yorkshire, Surrey, Teeside, Tyne & Wear and Warwickshire. Fiona Miller will join the Border to Coast Pensions Partnership (BCPP) as chief operating officer in January.Miller has been a driving force behind the creation of the £43bn (€48.2bn) BCPP collaboration and the wider pooling project among local government pension schemes (LGPS). In December she was presented with IPE’s Gold Award for Pension Fund Achievement of the Year for her efforts.She is currently head of pensions and treasury at Cumbria County Council where she oversees the £2.5bn pension scheme.Miller will join CEO Rachel Elwell, who was appointed last month and will take up her role in December. In a statement announcing the appointment, BCPP said it expected to build a team of roughly 70 staff to be based in Leeds. Miller said: “I am pleased to have been given the opportunity to continue to take a leading role in the next phase of the journey that I started with our partner funds over two years ago, which was to create a long-term investment-driven pool, working solely for the benefit our members, sponsoring employers and taxpayers.”
A government proposal to ease capital requirements for pension funds’ environmental sustainable investments in Sweden’s latest batch of IORP II legislation has been given the thumbs down by the country’s financial watchdog.In its response to the consultation on draft legislation amending Sweden’s main IORP II act, which came into force at the end of last year, the FSA said: “The proposal that the societal interest in environmentally-sustainable investments should be taken into account in the capital requirement calculation should be recast.“It is not appropriate to further reduce the capital requirement for such investments until it has been shown that they routinely imply a lower financial risk,” the FSA (Finansinspektionen, FI) said in its written response to the memorandum “En översyn av regleringen för tjänstepensionsföretag” (A review of the regulations for occupational pension companies), which has been out for consultation with a deadline of yesterday.The memorandum contains several amendments to the main IORP II act, taking account of four parliamentary demands for solutions to contentious aspects of the law – which had been rushed though at the end of last year to avoid EU penalties for lateness. The memorandum produced by the Financial Markets Department includes the proposal that the capital requirement for market risk included in the risk-sensitive capital requirement should include a subgroup for risk related to “approved infrastructure investments”.The proposal goes on: “The public interest in achieving environmentally sustainable investments must be taken into account when calculating the capital requirement for approved infrastructure investments.”The FSA said it endorsed the first part of this proposal, but interpreted the second part as meaning environmental sustainability should be a criterion for approving infrastructure investments – and that the capital requirement for these approved assets should be lowered from the current level.“FI does not consider that the capital adequacy rules should be adjusted in order to promote goals other than protecting policyholders and safeguarding financial stability, regardless of whether the business is about sustainability or anything else,” the authority wrote.Capital requirements rules should not be a political instrument, it said, but should be consistent with valuation principles for balance sheets and reflect the real risks faced by occupational pension companies.“It is therefore not advisable to lower the capital requirement to strengthen the incentives for investment in infrastructure,” the FSA said.In its consultation response, the authority also singled out two other parts of the draft legislation for criticism, rejecting the idea of reducing risk-sensitive capital requirements by a further adjustment amount, and calling for further investigation into the proposal to allow occupational pension companies’ safety reserves to be included in the capital base.In December, the governor of Denmark’s central bank, the former ATP chief executive officer Lars Rohde, at the IPE Conference spoke out against the idea of supporting green growth by reducing banks’ capital charges for climate-friendly lending.Looking for IPE’s latest magazine? Read the digital edition here.
Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality LevelsAudio TrackFullscreenThis is a modal window. The Video Cloud resource was not found. Error Code: VIDEO_CLOUD_ERR_RESOURCE_NOT_FOUND Session ID: 2020-09-28:ad56ce6b14ea46aff6ffee5 Player Element ID: vjs_video_1192 OK Close Modal DialogBeginning 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 Rate1xFullscreen00:00FROM homes tucked into pockets of rainforest on the edge of the Barron River to the most prestigious of Cairns mansions sitting high above the city, Caravonica has a range of charming properties.Just a short 15-minute drive from the city, Caravonica lies in the foothills of Mt Whitfield and the Macalister Range and is close to Barron Gorge National Park and Lake Placid. Situated next to Kamerunga, Caravonica is characterised as a rural area but a $200 million high-end residential project, with an aged care portion and a flagship 2.2ha lagoon pool is set to transform the area totally.Cane fields abound in the suburb which is home to about 1200 residents. The Northern Cycleway is also set to take in Caravonica and Redlynch within weeks as an extension is completed.The original pathway runs from the Cairns Esplanade to Freshwater.Sales of three luxurious million-dollar properties dominated the Cairns property market during May.One of those was 57-59 Fig Tree Dr, Caravonica (above) which sold for the first time in 30 years for $2.1 million.The sale of the Caravonica mansion was a record for the suburb and for the illustrious Fig Tree Dr. Almost 80 per cent of households in Caravonica are family homes, with 21 per cent of residents aged under 15. The area is just a short drive from two large shopping centres at Smithfield and Redlynch and lies about 11km from Cairns City. Caravonica is a fairly sought-after location, with houses here staying on the market for only 28 days on average. Conveniently nestled in an affordable and scenic location with a school close by, Caravonica is popular among young families.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoCaravonica State School was founded in 1927 and caters for about 600 students from Prep through to Year 6. Caravonica State School has a history of success. Such is its popularity, a new carpark and intersection was installed this year to accommodate the high volume of traffic. It is also an Enrolment Managed School meaning students must live in the catchment area.Caravonica is also home to one of the terminals of the Skyrail Rainforest Cableway, Tjapukai Aboriginal Cultural Park and the Australian Armour and Artillery Museum, making it a hotspot for tourism as well.A BMX circuit, basketball court, multi-use playing fields and an expanded dog off-leash area are included in a staged improvement plan for a Caravonica Park. The plan takes in the Barron Waters/ Burrawungal Park and the adjoining Impey St and Barrine Court Parks.
SOLD: This Raby Bay property achieved the highest price seen in the enclave since 2010.Property analyst and developer Chris Anderson and his wife Virginia have sold their Raby Bay home for the highest price achieved in the waterfront enclave in eight years. Property analyst and developer Chris and Virginia Anderson’s Raby Bay home sold for $5,250,000.According to CoreLogic, the Andersons purchased the 929sq m home on 1426sq m waterfront land in 2014 for $4.5 million and sold the home at 8 Sentinel Court, for $5.25 million. The closest price achieved in the past eight years was for a property just down the road, at 28, which went for $5 million in 2012. “When a rare property like this becomes available buyers respond.“It was sold to a local family from Raby Bay who were just upgrading – a young family with toddlers.Mr Anderson said he was pleased the property had sold to another family.“Between the elegance comes functionality and the overall lifestyle advantages to Redland city and Raby Bay,” he said. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, 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 Rate1xFullscreenWhy location is everything in real estate01:59 The fact that it came with its own private beach resulted in more than 70 people inspecting the home.First National Real Estate agent Ryan McCann sold the property and said the home’s size and the fact that it came with its own private beach resulted in more than 70 people inspecting the home.“There’s no doubt the top end of the market in Redlands is moving and moving quickly,” Mr McCann said. The sale was the highest price recorded in the Raby Bay market in eight years.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“The price I feel reflects where we see the Redland market going. “More and more people are looking to the Redland City and the Redland coast lifestyle as a real alternative, but they still want all the convenience, so properties like this are now back in vogue.“I think there’s only 16 properties in Queensland that offer this type of beachfront living and it’s hats off to the architects and original owners, as it is a solidly built home that takes full advantage of its position.”Mr Anderson said they planned to move into a penthouse at their next development Toondah Outlook, due for completion in March 2019.“We’re like many others our age and older, in so far as we have a family that has grown and moved on or are in the process of moving on,” he said.“So it is time for us to look at the options and Toondah Outlook is a very special place with the room we want, the views and the comforts we’re used to.” The beachfront property sold for $5,250,000.The home features a seven car garage, gym with its own bathroom, guest quarters, a private marina berth, a backyard boat launch ramp, 7m vaulted ceilings with floor-to-ceiling glass walls and almost 15m of frameless glass bi-fold doors. The home features 7m vaulted ceilings with floor-to-ceiling glass walls and almost 15m of frameless glass bi-fold doors.The home features a seven car garage, gym with its own bathroom, guest quarters, a private marina berth, a backyard boat launch ramp, 7m vaulted ceilings with floor-to-ceiling glass walls and almost 15m of frameless glass bi-fold doors.Mr Anderson said he did not expect the property would sell so quickly and had to make plans on where to live in between now and March next year.“We estimated to the agent that we were planning to auction here in October/November and I think he worked through his base of inquiries from the last lot and got on the phone,” he said.“He actually bought the buyer here and sat down and did the deal here over a cold drink.“We have another smaller penthouse in one of our developments, which we’ve been using as a display that we will be moving into,” he said.“That one there is actually for sale, that’s the uncertainty for us, we could move in there and it could be sold in three weeks.” >>FOLLOW EMILY BLACK ON FACEBOOK<<
REIQ Gold Coast zone chairman Andrew Henderson. Picture: Jerad WilliamsMore from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoREIQ Gold Coast zone chairman Andrew Henderson said the prediction of two years of developable land left on the Gold Coast was generous.“I’d be surprised if there is even two years left,” he said.“Every time I drive to the northern Coast, there seems to be very big changes in a short period of time. When you’re on the M1 you don’t notice it that much, but jump off and drive around you notice how many houses are being built out there.” MORE NEWS: The home that will save lives NRL star’s apartment goes viral Aerial view of Broadwater Parklands, SouthportJames Taylor, @realty CEO, said it was no surprise the Gold Coast was one of the highest demand property markets in southeast Queensland.“The Gold Coast market has held its value as other areas across Australia have declined, and this can be attributed to strong demand for housing, due to the fact the city is able to cater to multiple markets within a relatively small geographic footprint.” These are the Gold Coast’s cheapest beachside suburbs Property experts predict the Gold Coast has two years left of land supply left.THE Gold Coast is about to run out of land with property experts tipping the city has only two years supply to meet demand.The lack of land is pushing developers to subdivide to create more homes across the Glitter Strip.New data from independent property consultant Michael Matusik shows the Coast needs 4896 new homes each year to keep up with current homebuyer demand, yet has only 1160 hectares available within the next 10 years — enough space for 10,184 dwellings. Expect to see more subdivision on the Gold Coast in the future.Mr Henderson said infill would end up the only option for the Coast.“The Gold Coast is so popular and people want to move here so we have to be able to provide somewhere for them to live,” he said.“Infill is probably the most sensible approach. We have a lot of the older suburbs which have bigger blocks and are very comfortable to subdivide.”Marketing Projects SEQ director Kyia Anderson said infill would be the way of the future with buyers willing to sacrifice a backyard for a premium location.“We’re seeing a lot more homeowners and buyers changing that idea of owning house and land to now looking at terrace homes or even looking at apartments in low to medium-density apartment blocks in popular suburbs,” Ms Anderson said. Aerial view of Carey Park at Southport, an area proposed for a new Casino for the Gold Coast. Picture Glenn HampsonThe Coast has one of the lowest rates of developable land in Queensland, second only to the Noosa region with 1.3 years. Brisbane is not far behind with almost three years of developable land.The Bulletin last month reported the Gold Coast City Council had approved more than 23,000 developments in five years, and industry figures said it showed no signs of slowing.
Timber floorboards flow through the home.The couple lived in the house for about six months, gaining an understanding for how the property functioned before they started swinging sledgehammers.The transformation from there took about two years, with the couple laying new spotted gum timber floorboards, renovating the laundry, kitchen and bathrooms, replacing plumbing and electrical, and giving the house a fresh lick of paint. The kitchen is modern and sleek.The Thomas’s even knocked out a wall to create an open-plan living area.“It’s created the open plan flow,” Mrs Thomas said.“It’s got some big windows so you can see the view and its more of a big entertainment zone now.”All of the home’s living is on the upper level, with the entry opening to a hallway which leads to an open-plan kitchen, family, dining and living room.These spaces open out onto a deck, which overlooks tree tops, which is one of Mrs Thomas’s favourite spaces. The bathroom has received a recent facelift.“The house is set up so you look out over the trees and it back onto a bit of bush, so you get lots of wallabies and kookaburras.“Sitting out on the back deck in the afternoon is beautiful.” More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoWho can resist a mini bar? The exterior of 3 Gyles Court, Cornubia.They had refurbished one property before, but 3 Gyles Court was on a much larger scale.“We were looking for a property to renovate and when we saw this house, the size of the home, the rooms, the position and the outlook, we saw potential for a beautiful home,” Mrs Thomas said. Sitting outside is one of Mrs Thomas’ favourite spots.Towards the end of the house are four bedrooms, including the master, which has a walk-in wardrobe and ensuite.There is also a bathroom, separate powder room and a laundry.The property is being marketed by Kati Hempenstall of Belle Property Cornubia — Shailer Park. The bedroom is spacious.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, 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 Rate1xFullscreenStarting your hunt for a dream home00:51 Check out that leafy outlook!Peta and Steve Thomas were looking for a project when they bought their Cornubia property about three years ago.