SkyNeedle in South Brisbane has official sod turning for first stage

first_imgDeveloper Pradella has started construction on the first stage of a $125 million dual tower community centred around the city’s iconic SkyNeedle.CONSTRUCTION on the first stage of South Brisbane’s dual tower $125 million SkyNeedle project has kicked off, centred around the city’s iconic Sky Needle.SkyNeedle, an 88 metre pillar, was a key feature of Brisbane’s World Expo in 1988, and remains a prominent marker on the city skyline.Last Thursday, Pradella director Kim Pradella joined Brisbane Lord Mayor Graham Quirk to officially launch the start of construction on the first tower, comprising 110 of the total 237 apartments in the project, which will incorporate a refurbished SkyNeedle as part of its design.SkyNeedle in South Brisbane.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoPradella has appointed RCC Builders to build SkyNeedle Apartments. The two-stage project will be complete with a cafe at the base of the second tower and a tropical garden oasis with a pool and barbecue terrace for the exclusive use of residents.More than 70 per cent of apartments in the first stage have already sold for a total of $38 million, with remaining one-bedroom apartments priced from $428,000 and two-bedroom abodes available from $544,000.“Brisbane is evolving into a new world city and it’s important that as we usher in this next chapter of growth, we recognise the foundations this fantastic city was built on by preserving monuments of the past, like the SkyNeedle and the old gas and light station,” Mr Pradella said.“SkyNeedle has already attracted strong interest from both owner occupiers and investors not only from Brisbane, but also nationally and internationally, who are ready to be a part of what will undoubtedly be one of Australia’s most unique and identifiable addresses.”Lord Mayor Graham Quirk said the SkyNeedle had been a much-loved icon of Brisbane for nearly 30 years and it was exciting to see it returning to its true home in South Brisbane to be restored to its former glory as part of a high-quality residential project.last_img read more

Goldman Sachs AM plans ‘big push’ into UK fiduciary management

first_imgGoldman Sachs Asset Management has set its sights on capturing 10% of the flows into the UK fiduciary management market for its Global Portfolio Solutions division (GPS), which currently manages worldwide assets worth $22bn (€16.3bn).The firm, which manages £25bn (€29.7bn) across all UK institutional assets, sees fiduciary management – where an asset manager, consultant or other agent takes the reins of strategic advice, investment implementation and risk management alongside its institutional client – as a fast-growing part of the UK pensions market, albeit still in its early stages.David Curtis, GSAM head of UK institutional business, told IPE: “Although the trend has yet to be established, we think fiduciary management and delegated solutions will be a major part of the UK market going forward.“Over the course of next year, fiduciary management is going to be a major business initiative for us.” The firm claims to be one of the first asset managers to have established a fiduciary management capability, having worked with clients according to the model since 1995.The vast majority of the GPS assets come from US institutional investors, but the firm said it aims to increase its fiduciary management assets by capturing 10% of the flows into both the US and the UK markets.A September publication from human resources group Aon Hewitt, ‘Delegated Investment Survey 2013’, found that 36% of the 275 UK defined benefit (DB) scheme respondents, representing some £130bn of assets, had appointed a delegated investment provider, up from 18% in its 2011 survey.Aon Hewitt estimates that 5% of all UK DB schemes have moved to a fiduciary management approach and expects 25% to have employed a fiduciary manager within the next five years.While Curtis acknowledged activity among larger UK schemes seems modest, he noted that fiduciary managers have enjoyed considerable success winning mandates from schemes at the £50m mark and below.“That trend is moving up the food chain – my sense is that there are a lot of schemes in the £100m-150m range that are looking, and that’s where we want to start offering our services and where we are planning a big push,” he said.Recognising that the UK’s powerful investment consultants, offering their own fiduciary management or ‘implemented consulting’ solutions, could pose a significant barrier to entry, Curtis emphasised that scheme trustees should be aware of the challenges of implementation and not assume fiduciary management services are a natural extension of the traditional consulting role.However, GSAM has had its own problem as a fiduciary manager, in the key European market of the Netherlands.Its relationship with transport workers’ scheme Vervoer ended badly in 2012, with the fund suing for damages in an ongoing case in the English courts, alleging unreasonable delays to investment implementation and subprime crisis-related losses.The Dutch fund has since dropped some of its claims against GSAM.Curtis declined to comment on this relationship or the court case, but he did underline the importance of clients genuinely “wanting to engage” with the fiduciary management concept.“This is not about outsourcing, it’s about the client engaging with its service providers in a different way from how they previously engaged,” he said.“It’s an opportunity for the fiduciary manager to do the day-to-day work so the client can concentrate on the strategic work – and your client needs to be present at the table with you on that strategic work, or else the project fails.”last_img read more