Irish regulator publishes draft minimum standards for DB management

first_imgIreland’s pensions regulator has set out clear guidelines for trustee behaviour around risk management, stressing that the proposed list should be viewed as the minimum required of defined benefit funds.The head of the Pensions Authority, Brendan Kennedy, said trustees were faced with “complicated financial responsibilities” and that the guide was meant as a practical guide for the industry.The guidelines set out requirements such as assessing asset value annually and monitoring investment returns and increases in liabilities – insofar as the scheme does not see its liabilities significantly altered before the end of each financial year.Kennedy stressed that all the points highlighted were important to understanding the financial position of individual schemes. “These guidelines are a minimum, and we expect that, in practice, trustees are likely to be doing more,” he said.The guidelines, broken down into categories covering scheme data, governance, regular processes and analysis, called on trustees to assess whether they were taking unnecessary investment risks.It also urged trustees to keep in mind the level of contributions, taken with investment returns, and determine whether these were sufficient to maintain the minimum funding standard over a three-year period.“The funding standard is a statutory measure of solvency whose purpose is to protect members’ benefits,” the guidelines added. “However, it is important to remember it is a minimum standard only.”The draft guidelines – published before the Irish High Court ruled that trustees of the Omega Pharma scheme could call on the sponsor to fund the scheme above and beyond the minimum funding standard (MFS) – highlighted that the MFS was only a benchmark.The Pensions Authority also highlighted the importance of regular impact and risk assessments, while accepting that it was “rarely possible to put a meaningful numerical value on any risk”.The guidance concluded: “It is not possible to generalise about what steps should be taken, but trustees should bear in mind their responsibility to balance the financial interests of all members of the scheme.“Some risks will have different effects on different classes of members. This is a challenge for trustees given their responsibility to balance the interests of all members of the scheme.”The industry has been asked to respond to the guidelines by the end of September.,WebsitesWe are not responsible for the content of external sitesLink to Pensions Authority’s draft guidelines on financial management of defined benefit schemeslast_img read more

PKA acknowledges seriousness of ‘problematic’ private equity investment

first_imgDanish pensions administrator PKA has said financial problems at private equity holding Genan are being “taken seriously” but will not have an impact on promised pension payments.PKA, which manages around DKK200bn (€26.8bn) on behalf of five labour-market pension funds, described the situation at tyre recycling firm Genan as “problematic”.PKA holds around 45% of Genan, having invested around DKK1bn in it.The financial problems at the company resulted in the delay in publishing its 2013 accounts.  Peter Damgaard Jensen, chief executive of PKA, said: “We take this situation very seriously.”However, he said PKA was very well consolidated, that the problems at Genan would have no impact on the pension payments it promised its members. He said the company had just navigated years of a tough financial crisis, which had been much more serious for its solvency. “In that situation, we did not change anything in our pensions – neither will it happen this time,” said Damgaard Jensen.PKA pushed through a number of changes at Genan, it said, including the appointment of a new chairman of Genan Group and Genan Business & Development.A new chief executive and CFO had been appointed, as well as new auditors, it said. Founder and chairman Bent Nielsen stepped down as chairman and retired from management.Over the summer, Genan’s lenders were working to find a solution to the company’s problems, Damgaard Jensen said.“We agree with the banks on the framework for a solution,” he said, adding that there were still some things that needed to fall into place before the parties could reach a final agreement. “We will, of course, do everything possible to protect our investment, but we at PKA also believe in Genan’s business idea, so we are fighting for its survival,” he said. Genan has said it will publish 2013 financial statements later this week.Damgaard Jensen said this “had to happen”, adding that PKA’s patience had run out.“We now want to have clarification so we can move forward,” he said.last_img read more

Pension funds must set ‘proactive’ tone over water-risk engagement

first_imgPension funds have been urged to engage with companies on the risk of water shortages, as a report showed that more than one-fifth of companies view shortages as detrimental to growth.According to a report by CDP and sponsored by Norges Bank Investment Management (NBIM), the asset manager of the NOK5.8bn (€678bn) Government Pension Fund Global, the detrimental impact on growth will be felt keenly in emerging markets such as Brazil, China and India.The report said half of the risks identified by the 174 companies, all listed in the FTSE Global 500, were expected to stunt growth within three years.Paul Simpson, CDP’s chief executive, said companies were increasingly understanding the fact that water-related problems can damage a brand. “Over two-thirds of Global 500 companies reporting to CDP this year face substantive water risks – therefore, investing to conserve, manage or obtain water has become crucial for some sectors,” he said.He noted that companies such as Coca Cola and Nestlé had started investing to reduce their water use and improve waste-water treatment.Of those reporting on risks, 43% expect them to materialise within three years, 15% said 4-6 years and 24% expected it to take more than six years.The remaining 15% said they did not know how long it would take them to be impacted.The report, ‘From water risk to value creation’, identified the utilities sector as most exposed to “substantive” water risks, followed closely by the energy sector and those producing consumer products.Cate Lamb, who heads up the CDP’s water project, urged pension funds to put engagement over water management at the heart of any agreement with asset managers.She told IPE pension funds were “hugely critical”, due to their influence on the asset management sector and companies they own.Lamb said the current prolonged drought in California, among the world’s 10 largest economies, had helped raise awareness, as it was a state producing critical commodities, where production changes caused price hikes globally.Similarly, previous droughts in Russia have driven up cattle-feed prices, which in turn has increased the price of leather for shoe manufacturers.  “There is quite a significant opportunity for asset owners to set a more positive, proactive tone among their asset managers by including water-related issues in the request for proposals (RFPs) they issue,” Lamb said.“It’s a topic we hope to work with more pension funds on over the next year, to identify what those opportunities are.”Dutch healthcare sector fund PFZW recently confirmed that strategies to tackle water scarcity would be part of a drive to quadruple sustainable investments by 2020.For its part, NBIM has been heavily involved in the issue of water risk, first discussing the matter in 2009.It more recently called on companies to work on a universal approach to water management reporting.In an effort to make water-related infrastructure more attractive to investors, CDP has also confirmed its involvement in a new working group by the Climate Bonds Initiative.The climate bonds water infrastructure expert committee will – similarly to the groups on agricultural and property bonds launched by the initiative – set out ways for investors to assess the credentials of water-related bonds.Sean Kidney, chief executive at the Climate Bonds Initiative, said the opportunities to invest in the sector were “enormous”.Explaining the need for consistent standards in the sector, he added: “While it may be tempting to define every water project as ‘green’, water investments that don’t take into account climate change, with, for example, its increased volatility of rainfall – dumps and droughts – will come to be seen as both higher risk and not consistent with green.”For more on the Church of Sweden’s approach to managing water risk, see the current issue of IPE,WebsitesWe are not responsible for the content of external sitesLink to CDP’s report ‘From risk to value creation’last_img read more

German pension fund tenders senior secured-loans mandate

first_imgAn undisclosed pension fund based in Germany has tendered a €50m European senior secured-loans mandate using IPE Quest.According to search QN-2221, at least 90% of the portfolio must be senior secured.The client is seeking active managers, benchmarking performance against the euro-hedged CS WELLI.Applicants should have at least €500m in assets under management (AUM) for the asset class and €3bn in AUM as a company. They should also have a track record of at least three years, and preferably five.Interested parties should state performance, gross of fees, until the end of August.The deadline for applications is 3 October.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information direct from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email [email protected]last_img

Accounting roundup: BP, Glencore under pressure on climate change

first_imgEnvironmental lawyers at ClientEarth have written to oil company BP and commodity giant Glencore warning of “the risk of investor lawsuits based on statements about future fossil fuel demand in their reporting”.The move is the latest salvo in the campaigners’ battle to force businesses to address climate-related issues in their company reports.ClientEarth lawyer Alice Garton said in a statement: “Fossil fuel majors are facing unprecedented disruption to their business models. By continuing to offer bullish forecasts, BP and Glencore could be setting themselves up for future problems.”ClientEarth wrote to the two firms to warn them of the “potential for future claims but also to encourage investors to engage with the companies and encourage them to move away from self-serving scenarios when reporting on likely future trends for their business”. The campaigners alleged that both BP and Glencore published scenarios for future commodity demand in their latest corporate reports “that paint a picture at odds with expert analysis”.ClientEarth also said the two companies were being “optimistic when compared to competitors’ forecasts”.A Glencore spokesperson pointed to the company’s recent AGM, at which the company’s non-executive chairman Anthony Hayward said: “I think we have come a very long way in the last couple of years.”He argued that Glencore’s coal business was “robust to even the most, I suppose, on the one hand aggressive, on the other hand, conservative views of climate”.Hayward added that Glencore supported the Financial Stability Board’s recommendations on climate change and expected to adopt them.BP did not respond to requests for comment.It comes after shareholders in ExxonMobil this week voted against the recommendation of the oil giant’s board to force more disclosures about the impact of climate change on its future prospects.US president Donald Trump last night vowed to pull his country out of the landmark Paris agreement on climate change.IASB puts pensions accounting work on holdMeanwhile, the International Accounting Standards Board (IASB) has confirmed that it will take no further action on its pensions accounting research project for the time being.The project is currently allocated to the board’s research ‘pipeline’. This means that the board might activate it when it has the resources to do so.IASB director Peter Clark said during the board’s May meeting: “On the research pipeline, we are not recommending bringing anything forward in the next few months.”The IASB’s website also revealed that staff were drafting a final document summarising their work on discount rates under international standards.The document is slated for release within the next six months.New standard for insurance accountingFinally, the IASB has published a new International Financial Reporting Standard (IFRS) dealing with insurance accounting.IFRS 17, insurance contracts is a step change in financial reporting for insurers. It requires them to measure and present their liabilities on a more uniform basis at a current fulfilment value.last_img read more

Chart of the Week: European private debt assets hit record $200bn

first_imgThe European private debt industry has expanded again this year in terms of total assets, despite lower fundraising levels than last year, according to new data.Alternatives firm Preqin released new figures for the sector showing that Europe-focused private debt assets had reached $200bn (€178bn) so far this year. The industry was set to expand further as it benefited from being less crowded than its North American counterpart, the data firm said.The number of active private debt investors targeting Europe has risen to 1,755 so far this year, up from 1,515 in the whole of 2017, according to Preqin’s new data.Last year was a record-breaking year for private debt fundraising, Preqin said, with 56 funds closing having raised $45bn. Total Europe-focused private debt assets under management were higher in the year so far than for the whole of the previous year, rising to $200bn, up from $188bn in 2017.Tom Carr, head of private debt at Preqin, said: “Europe is of abiding interest to private debt investors and fund managers alike – although it is a developed credit market with lots of opportunities for investment, it is not as saturated with industry participants as the North American market.”He said this had created the ideal circumstances for growth in the sector that did not seem likely to recede anytime soon.“With the majority of investors citing Europe as a continued area of interest, we can expect to see capital keep flowing to the region in the coming months,” he said.Of the $200bn of total private debt assets, Preqin said $126bn was unrealised value and $74bn was dry powder.Direct lending assets accounted for almost half of all Europe-focused private debt assets under management as at November 2018, the data showed, totalling $97bn.This was followed by distressed debt with $48bn under management, mezzanine at $32bn and special situations at $23bn.Venture debt, meanwhile, accounted for $1bn of assets under management. So far in 2018, 35 Europe-focused private debt vehicles have closed, raising $27bn.last_img read more

ESG roundup: Amundi recommends adding ‘improvers’

first_imgSASB is consulting on proposed revisions to two of its foundational standard-setting documents“In September 2019, the Standards Board began projects to revise and update the 2017 Conceptual Framework and Rules of Procedure,” SASB said.“The Board’s decision to undertake these projects was based on the outdated organisational mission statement contained in the existing documents, as well as the Board’s view that the existing documents do not reflect SASB’s global perspective and that they contain outdated assumptions, definitions, and data.”A consultation by the Global Reporting Initiative (GRI) on changes to its “Universal Standards” closes on 9 September. According to the GRI, the “refresh” of the standards includes new disclosures on responsible business conduct, due diligence, human rights and governance; and greater clarity and new guidance on the key concepts of reporting such as ‘impact’ and ‘stakeholder’.In July SASB and the GRI announced a collaboration to show how their respective standards could together form the basis for a globally accepted system or sustainability reporting.Cbus joins net-zero asset owner clubThe Australian building and construction industry pension fund has joined the UN Net-Zero Asset Owners Alliance, the first Australian asset owner to do so. The Alliance now counts 29 members.“Cbus recognises that to decarbonise the global economy in line with the Paris Agreement requires collective action,” said Cbus Super CIO Kristian Fok.The superannuation fund this week also announced it would be targeting an ambitious 45% reduction in absolute portfolio emissions by 2030, and that it had “locked in” a commitment to achieve net zero emissions by 2050.Under a new climate change “roadmap”, Cbus would be developing pathways to achieve its portfolio targets for each asset class, it said.Looking for IPE’s latest magazine? Read the digital edition here. According to Elmgreen and Iaccarino, identifying and extracting value from companies on an upward ESG trajectory was possible as ESG implementation tended to be a slow-moving dynamic.“Investing in ESG-improvers will have a positive fallout on our world in our view,” they added. “In addition, these companies could benefit from the tidal wave of assets waiting to be invested in strong ESG stewards.”€33bn in orders for debut Germany green bondGermany issued its highly anticipated inaugural green bond yesterday, a €6.5bn 10-year deal that drew more than €33bn in orders, according to the country’s federal finance agency.The 0% Green Bund was priced at 104.717%, slightly higher than the secondary market price of the standard bond that is paired with the green bond under the sovereign’s ‘twin bond’ concept. In connection with that the sovereign will increase the size of the conventional twin bond, which was issued in June, on its own books.Welcoming the sovereign’s green bond as a “milestone” for the green bond market, Bram Bos, lead portfolio manager for the asset class at NN Investment Partners, said the asset manager considered the twin bond approach ”a much better option than the concept currently being explored by the Danish government, which is looking to issue separate green labels or stickers which could be attached to any conventional bond”.He said NN IP missed a ’do no harm’ assessment in the government’s green bond framework, but that there were positives, such as the ambition to only allow green hydrogen production in the eligible use of proceeds.Germany is planning to issue a full green bond yield curve. Its next issue is lined up for the fourth quarter, with the finance agency saying that Green Bund would probably come with a five-year maturity.Germany is the third triple-A rated country to start issuing green government bonds, after the Netherlands in 2019 and Sweden earlier this week. Money in passive sustainable funds more than doubles in three yearsThe number of sustainable index mutual funds and exchange-traded funds globally more than doubled over the past three years, as did the money invested in them, according to Morningstar.The firm counted 534 such funds as of 30 June this year and collective assets under management of $250bn (€208bn). New fund launches reached a record 98 over 2019, with 2020 looking set to surpass this based on 84 new entrants in the first half of the year.However, the fixed income segment remains undercultivated, Morningstar said, with European investors having 53 passive bond funds to choose from.As for fees, passive sustainable funds tended to charge higher fees than their plain-vanilla peers but in some European markets investors could choose from an expanding range of options with little or no fee premium.SASB opens for comment on revision proposalsThe Sustainability Accounting Standards Board (SASB) is consulting on proposed revisions to two of its foundational standard-setting documents, issued in early 2017.It said the revisions were designed to further clarify and explain SASB’s approach to standard setting, including its principles, processes, and practices, and were not changing its fundamental approach to, or processes for, setting SASB standards. Investors should look to add to their portfolios corporates that are improving when it comes to environmental, social and governance (ESG) matters, Amundi has said in a research note for clients.“With ESG investing becoming increasingly relevant, it will be key for active investors who look to generate excess returns to detect those opportunities where the ESG premium is not yet priced in fully,” wrote Kasper Elmgreen, head of equities, and Piergaetano Iaccarino, head of equity solutions.“A way to do it, in our view, is moving from a static best-in-class approach to a dynamic and forward-looking one, seeking tomorrow’s ESG leaders.”Targeting what the Amundi specialists referred to as ‘ESG improvers’ could mitigate the risk of an ESG bubble that was possibly emerging from investors’ increasing focus on ESG, they wrote.last_img read more

Why you shouldn’t try and sell your home yourself

first_imgHow do you market your property? The major listings portals don’t accept ads from sale-by-owner clients, so you’re limited to the For-Sale-By-Owner websites, which are less well-known. And creating a listing that showcases your property to its best vantage point is a skill. What other marketing channels will you consider? Which are best suited to your property and your target buyer? And how do you intend to get the best value for money with each ad that you buy? Marketing is complicated and often an agent will have a support staff that will help with the marketing decisions. This is a commonly misunderstood part of the property sale process, with many sellers eventually seeking advice and support from an experienced sales agent to find out where their marketing campaign went wrong and why there are no qualified leads. Pricing your home is complicated Finally, there are myriad decisions that an agent will make as part of the process of selling your home. An agent has usually made these same decisions thousands of times before and have a lot of experience in selling properties. They’ll understand the market better than most because that’s where they operate every day. It’s easy to make a mistake when you’re navigating a completely foreign situation. Some people who choose to sell their property themselves will have some experience in selling a property before. Even then, there are risks, because the legislation is likely to have changed, the real estate landscape is different and there are so many more options today than there were even five years ago. Think carefully before you choose to sell your property yourself. If you choose to forego the expertise of an agent, at least make sure you have a legal expert or a legal practitioner on hand who can help with the legal issues. Do you know how to manage the contract part of the process? What happens if your buyer wants to make changes to the contract? Are you familiar with the legislation and do you know enough to navigate the legal issues yourself? You don’t know what you don’t know More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020How much should you list your home for? Price it too low and you’ll miss out on potentially tens of thousands of dollars. Price it too high and it will sit on the market and become stale, with no serious offers being made. It’s hard to get buyers to take a fresh look at a home that has sat on the market for a while, even after a price reduction. Potential buyers may wonder what is wrong with the home, and why it’s still sitting on the market weeks or months later. Negotiating is challenging Worried real estate agent and house for saleWhen you are thinking about selling your home, the idea of paying fees to an agent could seem like a good way to save some money. Many who consider selling their home themselves reason that nobody is more motivated to sell the property than they are! They also suggest that they know the property better than the agent and are the best equipped to answer potential buyers’ questions. So what do you need an agent for? I’m so glad you asked! It’s time consuming Do you back yourself against potentially very skilled negotiators? You never know who your buyer is going to be but if you use an agent, you know that you’ve got someone at the table representing your interests who has likely negotiated many contracts before and potentially negotiated many buyers higher than the point they started at. There are legal risks When you sell your property, you are in charge of everything. That means everything. And even if you’re the kind of person who is really organised, this doesn’t mean you’re the kind of person with plenty of time on your hands to do all the jobs that need doing. The list of tasks is extensive. Marketing last_img read more

Where I live: Tracey Horton loves life on the Gold Coast

first_imgFirst-time Australian author, Tracey Horton has taken out the 2018 Exceptional Woman of Excellence Award at the 2018 Women Economic Forum in New Delhi, India. Our current home is in Mudgeeraba which we chose for location to our now grown family and that quietness of the suburb. DREAM QUEENSLAND HOME Fairytale cottage hits the market Brisbane’s hottest suburbs revealed Musician Adam Brand (pictured at the CMC Music Awards on the Gold Coast) now owns Tracey Horton’s first home. Picture: Mike Batterham It is on acreage out the back of Tallai or Tallebudgera, on about 2ha, with room for parties and play. More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours agoMusician Adam Brand purchased Tracy Horton’s first home (there have been a few owners in between) for $530,000 in September last year. It is believed he has since renovated it.Here is a fun fact — we sold it and those people recently sold it to country music star Adam Brand and he has renovated it. RELATED: A motivational speaker and life coach, Ms Horton’s self-published first offering, The Unhappy Smile has achieved critical and commercial success internationally.She shares her property dreams with The Courier-Mail.center_img FIRST HOME MORE: Carla Tooma loves life on the Gold Coast CURRENT HOME We bought our first home in Runaway Bay for $140,000. It was close to family who already lived here. FANTASY HOME I would have two — one would be on the beach at Lennox Heads and the other at Malibu, in the United States.last_img read more

How the other half live: Roadtesting one of Brisbane’s most iconic riverfront mansions

first_imgA grand staircase leads to the upper level.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoBack in the main house, I climb the magnificent staircase to discover four bedrooms, including the master suite, which happens to be mine for the next 48 hours.It also happens to be almost as big as my entire house. Padding my way through the bedroom on plush carpet, I make way into the luxurious marble ensuite where a giant spa bath awaits.I should mention I had buyer’s remorse for about six months after we bought our humble worker’s cottage and compromised on the one thing I now miss daily — a bath tub. So, perhaps not surprisingly, I was in that tub in no time. I have to crane my neck to look at the soaring ceilings decorated with intricate roses and a huge French chandelier.To my right is the grandest ‘Gone with the Wind’-style staircase I’ve ever seen and there is nothing but marble beneath my feet. The formal sitting room. Picture: suddenly feel very underdressed. But the view is beckoning, so out to the timber decks I go to take in the cool breeze and stunning vista. The University of Queensland is directly in front of me and to my right and left, the winding river stretches as far as the eye can see.I sit here for a while, captivated by this scene and inspecting the ornate, powder-coated aluminium lattice that adorns the veranda balustrades.It strikes me that although I am only minutes from the city centre, there is nothing but peace and quiet.I could definitely get used to this. Is it too early to open the bottle of bubbles I’ve brought with me? This magnificent house at 50 Dauphin Tce, Highgate Hill, is on the market. Picture: The property is just as impressive in the day time.It’s not yet midday, so I refrain and instead make my way to the other side of the house where there is a much more ‘lived in’ living, dining and kitchen area.It’s clear this is where the owners spend most of their time. The circular, granite kitchen is practical and neat, with a huge island bench and plenty of storage. MORE: Agent puts money where mouth is I warm myself by another fireplace in this large, open-plan area with its polished, hardwood floors (made of timber from the old Brett’s Wharf no less) — all while admiring a glass atrium framing the rainforest outside.It is through this wall that I spot what the owners call ‘the treehouse’ — a separate, self-contained guesthouse spanning two levels joined to the main house by a large deck.A quick look inside takes me back to childhood, playing in a cubby house in the trees; except my cubby house didn’t have its own kitchen, bathroom, balcony and bedroom. The house is imposing when viewed from below.Brisbane really is at its best when seen from the river. As we glide along, we pass the homes of many of the city’s highest profile residents.Among them, former Olympic swimmer Susie O’Neill’s riverfront home and developer Mark Stockwell’s palatial residence.So, this is how the other half live. The river views from the home’s wide verandas.But believe it or not, the house is only two decades old — despite its period features and the fact it looks like it’s straight out of the Great Gatsby era.“It’s the kind of house Walt Disney would have built if you asked him to build a Queenslander,” owner Dr Chris Bradshaw tells me.“It’s like living in a luxury resort every day.”The history of the site weighs on me as I contemplate what to do with my time.I don’t even know where to start, so I turn right and find myself in a ballroom-sized, formal lounge and dining room, complete with a grand piano, marble fireplace, antique furniture and drapes I’m told are worth hundreds of thousands of dollars. The view from one of the verandas. Picture: hour or so later, it was time to pop that bubbly and watch the sky change colour as dusk turned to dark. What better way to do that than from my very own observatory tower?That’s right, a few steps outside the master suite lead me to an actual, five-storey tower, with a spiral staircase leading to the highest point of the house, from which the domed roof opens up to reveal the night sky and a view that would make even the most avid stargazer jealous.It’s impossible not to feel like a princess up here — or perhaps, Rapunzel. Let your imagination run wild … The view from the observatory tower.Before I know it, we’re back at ‘Nareke’, and alas, my time here is up. I write about a lot of dream homes, but to actually live the dream for a weekend is something else.With the banking royal commission and uncertainty around the federal election outcome behind us, Brisbane’s prestige property market is in a sweet spot.Agents say buyers have a renewed sense of urgency to act now, but top quality properties are few and far between.50 Dauphin Terrace is one of those properties. center_img The home comes with its observatory tower. Surrounded by its own private rainforest, with not a neighbour in sight, the house sits on nearly 4000 sqm of absolute riverfront land, only 2km from the CBD.This site was once the home of General Douglas McArthur, who was a highly decorate soldier of both world wars, during the Pacific Campaign in World War 2. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:21Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:21 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 Rate1xFullscreenImagine spending a weekend in this dream home!02:22 A peek through to the master bedroom of the house.Skipping down the paved, winding paths, through manicured gardens, I find myself at the boat house, which is kitted out with kayaks.A private pontoon is below me, next to a remote-controlled boat lift (the only one of its kind on the Brisbane River the Bradshaws tell me).Looking above from this viewpoint, the house is truly breathtaking.The Bradshaws are waiting for me on the boat, so off we go. The view from the river of 50 Dauphin Tce, Highgate Hill.This is my home for the next two days — 50 Dauphin Terrace, Highgate Hill — a three-storey, seven-bedroom, four-bathroom Victorian-style mansion perched high on a hill overlooking the Brisbane River. The entrance to 50 Dauphin Tce, Highgate Hill. Picture: I walk away from the house, along the paved winding path flanked by manicured gardens, I realise this truly is one of Brisbane’s best kept secrets. Driving out of the regal gates in my humble Honda hatchback — in desperate need of a wash — reality hits and I realise the fairytale is abruptly over.‘Nareke’ at 50 Dauphin Tce, Highgate Hill, is for sale by negotiation through Christine Rudolph and Matt Lancashire of Ray White – New Farm. The property comes with a 23m gas heated pool.When I wake up the next morning, I’m in an unbelievably comfy bed; refreshed and ready to explore some more. Downstairs, I discover a completely separate apartment with a brand new kitchen, living room, two bedrooms, a bathroom, a laundry and a 2000-bottle, temperature-controlled wine cellar. Now I know the owners weren’t joking when they said they needed to call each other on their mobiles to find out where they were because the house was so big!The apartment opens out to a large timber deck and a 23m gas-heated swimming pool, overlooking the river. I’m tempted to take a dip, but it’s such a nice day, why not take the boat out? Courier-Mail journalist Elizabeth Tilley was given the keys to one of Brisbane’s most iconic mansions for a weekend. Picture: Peter Wallis.AS I walk through the front door, I can’t help but detect a certain swagger in my step.So, this is what it’s like to feel a million bucks.I’ve been given the keys to one of Brisbane’s most iconic, riverfront mansions for the weekend — and I plan to make the most of it.What first hits me as I enter the home is the sheer size of the place. RELATED: Inside look at Coast’s $7m homelast_img read more