3/32 Kirkland Ave, Coorparoo sold under the hammer for $1.305 million.ONE of Brisbane’s more unusual properties has sold under the hammer for $1.305 million.The 1970s ‘Castello Romano’ home at Coorparoo is three levels of Art Deco meets European influence with a generous touch of mid-20th century design.Competing with the interior for attention is the rooftop pool with possibly the best views across Brisbane. The rooftop pool at 3/32 Kirkland Ave, Coorparoo.Five bidders registered at today’s auction of 3/32 Kirkland Ave, which opened with a vendor bid of $1 million. A good indication of the slow pace was a second vendor bid at $1.1 million before the process paused for negotiations. More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours ago3/32 Kirkland Ave, CoorparooHarcourts Queensland chief auctioneer Mitch Peereboom worked some magic behind the scenes to lift the final sale price under the hammer to $1.305 million.“It ducked and weaved but Mitch, my auctioneer, was fantastic,” Harcourts Solutions Inner City’s Gabrielle Baker said. 3/32 Kirkland Ave, CoorparooMs Baker said the buyers are a couple who were very keen on the property from early in the marketing campaign.“They came in the first week we had the opens, I think, and had been back a couple of times since,” she said.“We knew they were committed and we got the result on the day which was amazing.”The sellers were an older couple who, after 17 years, planned to relocate to a new build within Coorparoo. 3/32 Kirkland Ave, CoorparooMs Baker said she got an extra kick out of selling this style of home.“I’ve been doing this for 15 years and seen a few but that one is quite exceptional from an architect’s point of view,” she said.“I wish I had ten of them because I just love it, it’s lovely selling property like that.“It’d be nice to be known as the agent who appreciates architecturally interesting properties.”
However, he emphasised that the growth objective was “not a question of being aggressive” or competing against other countries, but about growing the second pillar and taking a part of the additional assets. The EU’s latest triennial pension adequacy report, published last year, showed that Europe faced “a major challenge… to avoid retirement poverty”, he said.According to PensioPlus, 19 cross-border pension vehicles have been established in the country. Information maintained by FSMA, the Belgian financial markets supervisor, showed these pension funds were active in countries including Cyprus, Greece, Ireland, the Netherlands, Spain and Switzerland.According to FSMA, at the end of 2017 the total balance sheet of pension funds in Belgium stood at €35bn, up 18% from the year before. Asset transfers from foreign pension scheme providers played a big part in this growth.Speaking to IPE’s sister title Pensioen Pro, Neyt said there were a number of countries that could transfer pension funds to Belgium using cross-border rules introduced under IORP regulations. This was despite new restrictions brought in last year in the Netherlands in an attempt to raise the bar for such transfers.Aon last week relaunched a plan to switch the Pensioenfonds Aon Groep Nederland to Belgium – although it must now obtain the backing of at least two thirds of its members. Credit: Joaquin Aranoa Brussels, BelgiumInvestment returnsBelgian pension funds lost 3.2% on their investments in 2018, PensioPlus reported, although this result was more than offset by performance in the first quarter of 2019.The association said stronger financial market conditions at the beginning of this year meant investments run by domestic pension funds had gained 2.2% by the end of February.PensioPlus also suggested that the 2018 result was a snapshot of “little significance”, with pension funds’ investment performance needing to be analysed over the long-term. Over 34 years Belgian pension funds’ invested assets had gained 4.4% a year net of inflation, it reported.Funds were also in a “very strong” funding position as at the end of 2018, PensioPlus said: based on figures from the end of 2017, the short-term funding ratio was 137% and the long-term funding ratio was 114%.Every year PensioPlus surveys domestic pension funds about their investment performance and asset allocation. The latest survey captured 63 workplace pension funds with €22.6bn in assets under management, representing 64% of the sector. Belgium’s workplace pension fund association would like to see the country’s schemes hold a collective €100bn assets under management by 2025 – more than twice as much as they currently manage.Philip Neyt, president of PensioPlus, told IPE the objective was not “far-fetched”. Inflows into Belgian pension funds were still larger than outflows, and there was also scope for the second pillar sector to grow further in the public sector, where many employees – as opposed to civil servants – did not have access to workplace pension funds. In addition, a growing population of mobile Europeans would appeal to pan-European pension funds, which were also attractive to multi-national corporations from an efficiency and oversight perspective, according to Neyt. Belgium has emerged as the primary domicile of choice for pan-European schemes.Neyt said that pan-European pension funds in Belgium currently accounted for around 25% of the sector’s €40bn in assets under management, with the expectation that this would increase to around half by 2025.