“The funds are to be allocated to other asset classes in which the fund invests, especially those areas where we are under-allocated.”The spokesman declined to provide any further details on which asset classes would benefit, which managers would lose mandates or why the fund had taken the decision.Hedge fund allocations have been placed under much scrutiny in recent months following the high-profile decision of the California Public Employees Retirement System (CalPERS) to divest its $4bn (€3.5bn) allocation over concerns about fees, complexity and inability to scale up to CalPERS’s size.In Europe, the €156bn healthcare workers pension fund in the Netherlands, PFZW, also divested on the grounds that hedge funds no longer match its investment policy.However, the WMPF’s move also comes at a time when local government pension schemes (LGPS) face increasing pressure to reduce investment costs, with hedge funds attracting more expensive management fees.The UK government is currently consulting on whether to force the 89 LGPS to invest in alternatives via a collective investment vehicle, thus removing the ability of individual funds to choose their own hedge fund strategies.It would also remove the ability to invest via funds of funds, deemed expensive by the central government.Read Christopher O’Dea’s analysis on the fallout between hedge funds and pension schemes following the CalPERS’s decision The £10.1bn (€13.3bn) West Midlands Pension Fund (WMPF) has announced it is divesting £200m from its hedge fund portfolio and will shift allocations to underweight assets.The pension fund provides retirement income for public sector workers in the West Midlands, including Birmingham and Wolverhampton.It allocates to a range of strategies and, aside from traditional equity and fixed income portfolios, has more than £600m in absolute return strategies across a range of specialist investment managers.However, a spokesman for the pension fund said: “[The WPMF] is in the process of selling its hedge fund allocation amounting to just over £200m.
OEF’s investment objective is to achieve 5% growth per year in real terms, with lower volatility than experienced solely by investing in public equity markets.As of the end of December 2015, 46% of the portfolio was held in global equities, with 23% in private equity, 10% in non-directional assets and 8% in property. Global equities returned 7.5% for 2015 compared with 7.7% the previous year.OEF said it closely evaluates conditions across geographies and sectors for contrarian ideas, and in early 2015, it significantly reduced global equity exposure, from 52% at end-2014.It said it took this decision against a backdrop of global equity markets that had risen significantly since the global financial crisis and where, in the context of a highly supportive monetary environment, equity valuations had grown markedly.It added: “We have not sought to forecast a decline in equity markets but instead assessed the balance of risks and returns to be less favourable for this asset group.”According to OEF’s annual report, its regional tilts also delivered results.US equity exposure was reduced and European and Japanese investments increased, based on the relatively better outlook for those regions on an equity market basis.OEF said it benefited considerably from this, especially with investments in Japan.While property and cash holdings (15% in total) are all held within the UK, 37% of assets are in North America, a further 15% in the UK, 14% in emerging markets, 11% in Europe (excluding the UK), and 8% in Japan and Asia-Pacific.Private equity was the highest-performing asset class, with a 22.1% return, compared with 25.4% for 2014.The private equity allocation has increased to 23%, from 17.7% at end-2014.The report said: “This growth has been driven both by strong performance and by increased capital investment by the managers. The portfolio is maturing, showing strong returns and realisations to date, and is invested in a range of geographies, sectors and specialisms.”One recent investment was a stake in Oxford Sciences Innovation, an unlisted UK company providing capital and scaling expertise to businesses that commercialise Oxford University science-based research.The company launched in May 2015 with six cornerstone investors – including the Wellcome Trust and Invesco Asset Management – committing £210m between them, towards an initial £300m-worth of fundraising.OEF’s property portfolio returned 7.8% for 2015, a significant driver being its actively managed rural estates.However, following the implementation of a direct commercial property strategy, two direct holdings were also acquired in 2015.Commercial property is intended to form most of the long-term target allocation of 9%. The Oxford Endowment Fund (OEF), a £1.9bn (€2.2bn) pooled fund run on behalf of Oxford University and a number of individual colleges, has reported a 7.6% investment return for the 2015 calendar year.This takes its annualised net return for the five years to the end of 2015 to 8.1%.The return for calendar 2014 was 9.1%.Together with the £460m Oxford Capital Fund, which provides expendable capital over the medium term (typically for building projects), OEF is run by Oxford University Endowment Management (OUem), a wholly owned subsidiary of the university.
The Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD) today announced what it says are “ambitious but also practical” recommendations for reporting by organisations – companies and investors – on financial aspects of climate change, although the “bite” of the voluntary disclosures has been questioned.Established in December 2015, the industry-led task force today officially announced its full set of recommendations for information that financial and non-financial “organisations” should disclose to improve understanding of the potential financial implications of climate change and the transition to a “lower-carbon” economy.A consultation on the draft recommendations runs until 12 February.The recommended disclosures are intended to “elicit decision-useful, forward-looking information” on climate-related financial impacts to help “investors, lenders and insurance underwriters to appropriately assess and price climate-related risks and opportunities”. As already foreshadowed, the task force has made recommendations for disclosure structured around four thematic areas: governance, strategy, risk management and metrics and targets.The four overarching recommendations are supported by more specific recommended disclosures that build out the framework, and the task force has also developed supporting guidance.One of the key recommendations, according to the task force, is that organisations conduct forward-looking scenario analysis to assess and illustrate the potential impact on their business.The idea is that the recommended disclosures can be adopted by companies of all types and should be included in mainstream financial filings. It referred to its recommendations as “a foundation” for improved reporting that “aim to be ambitious but also practical for near-term adoption”.Reporting will evolve and mature over time, it said.Speaking about the draft recommendations, FSB chair Mark Carney said: “The disclosure recommendations will give financial markets the information they need to manage risks, and seize opportunities, stemming from climate change. As a private sector solution to a market issue, the Task Force has focused on the practical, material disclosures investors want and that all capital-raising companies can compile.”Many supportive comments from task force member firms and NGOs were compiled in connection with the report’s recommendation today.Eloy Lindeijer, CIO at major Dutch pension investor PGGM, said: “Once implemented, the recommendations will greatly improve transparency and support more informed asset allocation decisions. Institutional investors need this to play a stronger role in financing the energy transition.”Stephanie Pfeifer, chief executive at the Institutional Investors Group on Climate Change (IIGCC), said the group welcomed the TCFD’s recommendations, as they would ultimately help investors to “better assess, price and manage the risks and opportunities of transition to a sustainable, low-carbon, global economy.“Material climate disclosures must become a routine part of annual reporting practice if institutional investors are to make robust decisions that accurately reflect physical risks posed by climate change and transition risks arising from swift adoption of clean and efficient technologies.”Some critical points were raised, too, however, with Mark Wilson, chief executive at Aviva, suggesting that the disclosure will lack “real bite” by being voluntary.“I am calling to go one step further,” he said. “We should give the disclosure real bite by making these recommendations mandatory, not voluntary. Only then will climate risk become integral to corporate governance and how we all do business.”Speaking at the IPE conference in Berlin earlier this month, Russell Picot, special adviser to the taskforce, said there was merit in “allow[ing] the marketplace to experiment first” before hard-coding requirements. Developing disclosures that are voluntary was in the task force’s mandate from the FSB from the very beginning.Law firm ClientEarth, meanwhile, warned that regulators and companies may use the TCFD recommendations on climate risk disclosure to avoid compliance with, and enforcement of, existing laws.Senior lawyer Alice Garton said: “These recommendations should set the standard for compliance with these existing laws. It shouldn’t be an ‘either/or’ choice, but there’s a very real danger some companies and regulators will treat it as such.”The task force arguably appears to pre-empt this point.In its report, it said companies in most G20 jurisdictions were already required to disclose material risks in their financial filings and that the recommended reporting framework “should be useful to organisations in complying more effectively with existing disclosure obligations”.
Brenda Kramer, responsible investment adviser at €218bn Dutch pension investor PGGM, has been named as one of the 35 members of the European Commission’s sustainable finance technical expert group.The group will develop a classification system, or “taxonomy”, that will be used to determine if and to what extent an economic activity is environmentally sustainable.It will also help develop a category of low-carbon indices and support the Commission in the creation of an EU standard for green bonds and in improving disclosure of climate-related information.Commission vice-president Valdis Dombrovskis said: “[The] launch of the technical expert group is another step in our ambitious timetable to lay the foundations for a more sustainable financial system. “I am committed to a swift follow-up on their expert advice, in line with our action plan on sustainable finance and following our legislative proposals last month.”Kramer is the only member identified by the Commission as coming from the “pensions” stakeholder group. Steffen Hoerter, global head of ESG, Allianz Global InvestorsOther asset managers in the group are: Steffen Hörter, global head of ESG at Allianz Global Investors; Helena Viñes Fiestas, head of sustainability research at BNP Paribas Asset Management; and Manuel Coeslier, an equity portfolio manager at Mirova. Nathan Fabian, director of policy and research at the UN Principles for Responsible Investment, has also been appointed to the group, from the Commission’s perspective as a representative of civil society.Like some of the other members, Fabian was a member of the High Level Expert Group whose advice the Commission leant on to develop its sustainable finance action plan.Banks, data providers, insurers, and stock exchanges are among the other organisations represented in the group.The Commission said it received 185 eligible applications. Appointees were selected on the basis of their personal expertise, contribution to work relevant to sustainable finance, and “the prominence of their affiliation in this area”.It also ensured a geographical and gender balance in the group’s membership, it said.The technical expert group will start its work next month and is due to finish by 30 June next year, with a possible extension until the end of 2019.The full list of members can be found here.
The UK’s asset management trade body has called for the country’s financial markets regulator to “immediately” drop the methodology it has mandated for the calculation of transaction costs for defined contribution (DC) workplace pension schemes.The Financial Conduct Authority (FCA) should take “immediate unilateral action” to suspend the use of the methodology and replace it with a “half-spread measure”, according to the Investment Association (IA).The calculation was introduced as part of the EU’s Packaged Retail Insurance-based Investment Products (PRIIPs) regulation. Chris Cummings, the trade body’s CEO, said: “The FCA rightly called for evidence of investor detriment caused by the new rules. It has been delivered. The case is now proven and it’s time for action. “We have offered pragmatic solutions to ensure customers are provided cost information that is reliable, clear and meaningful in order to make informed investment decisions because the asset management industry is committed to delivering crystal clear cost transparency.”The association was responding to an FCA request for “input” on firms’ and consumers’ initial experiences with requirements introduced by the EU PRIIPs regulation, which came into force on 1 January this year.Separate FCA rules, also effective from January this year, mean asset managers must be able to report transaction cost information to the governance bodies of DC workplace pension providers. The regulator mandated a “slippage cost” methodology based on the approach applicable under the PRIIPS regulation.The IA said it was particularly important that the FCA not implement PRIIPs rules outside of its original remit, given that transaction cost information was beginning to be disclosed directly to pension scheme members. In February the Department for Work and Pensions brought in new rules requiring cost and charges information relating to DC workplace pensions to be made publicly available.‘Flawed’ methodology The slippage methodology calculates implicit transaction costs by comparing the price at which a transaction is executed with the mid-market price when the order to transact is authorised, which is sometimes also referred to as the arrival time.According to the IA – which has flagged concerns about the methodology for some time – the slippage cost approach was flawed and resulted in the “widespread incidence of zero or negative transaction costs under slippage, which in turn reflects a wider distortion in all results”.A fundamental issue, according to the asset management trade body, was that market movement was being introduced into the results.In the IA’s view, implicit transaction costs should instead be calculated using a “half-spread measure” – the price halfway between the price at which a security or stock could be bought (offer price) and the price at which it could be sold (bid price). The difference between the bid and offer prices is the spread.
Deliveroo argued that the “mandatory participation rule” did not apply and that there is no obligation to pay. It sees itself as a technology company that offers a platform – via a mobile phone app – for takeaway orders. Deliveroo must enrol its employees in the Netherlands into the transport sector scheme Vervoer, a court in Amsterdam has ruled.Vervoer, which runs €28bn on behalf of transport sector workers, had asked the court for a statement confirming that Deliveroo had been within the scheme’s coverage since its foundation in 2015, and as such was obliged to pay employer contributions.This way, the pension fund was attempting to prevent employees from claiming pension rights years later under a Dutch rule that allows some people to claim benefits even without contributions.Deliveroo has stated it will appeal. During this time, the company does not have to pay overdue contributions. Source: DeliverooDeliveroo is in dispute with Dutch transport sector scheme Vervoer regarding pension contributionsHowever, the subdistrict court in Amsterdam ruled that the core activity of Deliveroo was to deliver meals from restaurants. The company also profiled itself as such, the court said, while previous contracts with restaurants also mentioned “sales and delivery services”. The court made short shrift of Deliveroo’s own profiling as a technology company. Customers placing their order in a digital environment was only a means to have the meals delivered, it ruled. In most cases Deliveroo takes care of the meal delivery itself.The judge also took into account the number of deliverers Deliveroo worked with for a long time, in relation to its office staff. In 2017, for example, the company had 1,117 deliverers under contract and 100 people in its main office. According to the court, the office staff should also be enrolled in Vervoer as their main duty was to support the delivery of meals. Deliveroo disagreed with the court’s decision that former employees should be covered by the pension scheme.Until Monday it had not been made public that the transport fund had taken legal action against Deliveroo. In February the pension fund told Dutch pension industry publication Pensioen Pro that it would not be making a statement on matters that concerned individual employers. However, according to Monday’s ruling, the pension fund reported to Deliveroo in 2017 that it was obliged to pay contributions. The meal delivery company objected but Vervoer still sent a bill for €632,372 for the period up to and including 1 July 2018, based on the employee data provided. Deliveroo only paid €400 of this.Deliveroo’s drivers were employed directly until 2017, after which their contracts were converted to so-called partner agreements. From then, they were classified as self-employed. Since 1 July 2018 no delivery staff have been working at Deliveroo under full-time employment contracts. In his ruling on Monday, the judge stated that the mandatory participation rule of pension fund Transport would not exclude self-employed people, though the fund requested not to rule on the status of those contracts. However, earlier this year, another judge did just that: in a lawsuit between trade union FNV and Deliveroo, the court ruled that the meal delivery service should still treat its delivery staff as employees and not as self-employed persons. Deliveroo has also appealed in this case.Vervoer declined to comment to Pensioen Pro regarding whether it intended to collect contributions from Deliveroo for self-employed workers.The rise in the number of self-employed workers has led to concerns in the Netherlands, the UK and other countries about their ability to save for a pension.Further readingAuto-enrolment: A call for clarity Jenny Condron of the UK’s Association of Consulting Actuaries makes the case for expanding auto-enrolment to areas such as the self-employed sectorDutch construction scheme targets self-employed workers BpfBouw, the €56bn Dutch pension fund for the country’s building industry, wants to boost its membership by attracting self-employed workers
Church Commissioners for England, Centraal Beheer, Newton, MSCI, Folksam, Lincoln Pensions, SGSS, Carlyle Group, Kames Capital, DWS, Epoch Investment PartnersChurch Commissioners for England – The Church of England’s investment arm has expanded its engagement team with the appointment of two analysts. Olga Hancock is a qualified environmental lawyer with more than 15 years’ experience in environmental and human rights law and joins as senior engagement analyst. She was most recently the pro bono lead at international law firm Simmons & Simmons.Harry Ashman was most recently a sustainability manager at Capgemini Group and joins as an engagement analyst. Both analysts report to Edward Mason, head of responsible investment at the Church Commissioners, which manages £8.2bn (€8.8bn) in endowment and pension funds on behalf of the church. The asset owner also announced it had appointed Hermes EOS as their new external engagement provider.Mason said the appointments sent “a clear signal that the Church Commissioners are deeply committed to active ownership and our belief that strong long term returns on investment and better, fairer and more sustainable outcomes for society go hand in hand”. Centraal Beheer APF – Janwillem Bouma has been nominated as chief executive of the €3bn consolidation vehicle of Centraal Beheer, a subsidiary of Dutch pensions insurer Achmea. He is to succeed Huub Hannen as of 1 November.Between 1987 and 2018, Bouma held several management positions at energy giant Shell, and was director of the company’s two Dutch pension funds since 2010. Last year, he started as a partner at Dutch consultancy Montae. Bouma is also chairman of the European industry organisation PensionsEurope.Centraal Beheer APF has more than 50,000 participants and an annual contribution volume of €170m.Newton Investment Management – The BNY Mellon subsidiary has hired Andrew Parry, Hermes Investment Management’s former head of sustainable investing, as its own head of sustainable investment. He will join Newton on 14 October and report to Curt Custard, its chief investment officer.Parry left Hermes earlier this year “to pursue a new opportunity”. Most recently at Hermes he was developing the firm’s impact investing capabilities and aligning its funds with the UN Sustainable Development Goals.Newton’s Custard said: “Andrew’s experience in responsible and sustainable investment will be hugely valuable as we continue to develop our offering in response to our clients’ needs.”MSCI – Fredrik Magni has joined the index, data and research firm as head of Nordic coverage, having previously been head of equities for the region at Morgan Stanley.Before joining Morgan Stanley, Magni was head of asset management at Swedish pension buffer fund AP6, the private equity specialist fund that forms part of the country’s first-pillar system. He has also worked as a fixed income trader at Volvo Group Finance. Folksam – Charlotta Carlberg has been appointed chief executive of Folksam Försäkringsaktiebolag, a wholly-owned subsidiary of the life and pensions arm of Swedish insurance group Folksam.At the subsidiary, which provides unit-linked insurance, Carlberg will replace the current chief executive Thomas Theiler, who is leaving the role to become head of the anti-money laundering department within the fund’s life arm, Folksam Liv. Carlberg currently works for Folksam Liv as chief compliance officer, and previously worked for auditing firm KPMG within compliance with Solvency II. Both Carlberg and Theiler will take up their new roles on 1 October.Lincoln Pensions –The specialist covenant advisory firm has appointed Vanessa Emens as chief operating officer. She was previously at a start-up life insurer, and has also worked at Acenden Mortgage Services, part of Northview Group, where she was head of operations and responsible for delivering customer service capability for a number of clients.Societe Generale Securities Services (SGSS) – The custodian has appointed Matthew Davey to the newly created role of head of coverage, marketing and solutions for the UK. For now he will also continue to carry out his responsibilities as head of business solutions at SGSS, a position he has held since December 2016. Carlyle Group – The US private equity and alternative asset management firm has hired Phil Davis as head of sustainability for its activities in private equity, real assets and global credit for the EMEA region. Davis was previously an assistant director within PwC ’s sustainability and climate change team. He joined the consultancy in 2008.Kames Capital – The UK arm of Aegon Asset Management has confirmed the departure of CEO Martin Davis, which it said was by mutual agreement. Stephen Jones has been appointed interim chief executive and will take on those responsibilities in addition to his role as chief investment officer for Aegon Asset Management (AAM) Europe and Kames Capital. Bas NieuweWeme, AAM’s global CEO, would take over Davis’ responsibilities as head of AAM Europe, also on an interim basis.DWS – The €719bn asset manager has hired Peter McGloughlin as head of UK and Ireland insurance. He joins from private credit specialist Eatonville Capital Partners where he was managing director.McGloughlin is also a former executive director of BNP Paribas’ UK insurance and pensions solutions business, where he worked with institutional clients on allocations to alternative fixed income, yield enhancement, derivative hedging and capital optimisation. He has also worked at Lloyds Banking Group and analysis firm Reech Capital.DWS said it was seeking to expand its insurance sector coverage, having also recently recruited Clara Fiedrich as a specialist to cover the German insurance sector. It ran almost €200bn of assets on behalf of insurers as of 30 June 2019.Epoch Investment Partners – The £29bn (€33bn) equity investment specialist announced late last week that William Priest was to step down from his role as CEO from 1 April 2020, to become the company’s executive chairman alongside his existing roles as co-chief investment officer and portfolio manager.Philipp Hensler, currently Epoch’s president and chief operating officer, will take over as the firm’s CEO. He joined the firm last year from Vontobel, where he was president and CEO. He has also held senior positions at Oppenheimer Funds at DWS.Priest, a co-founder of Epoch in 2004, said: “Best practice suggests a separation between the ‘business of investing’ and the ‘business of the investment business’. This evolution of duties will allow me to focus solely on the former function. I will continue to lead the investment team and focus on our clients’ portfolios.”
Skandia Denmark and SEB Pension Denmark used to be among firms bidding for the contracts, but these businesses have now merged with AP Pension and Danica Pension respectively.The other three commercial providers still active are Velliv, PFA and Topdanmark.Andersen said the development was apparent from Aon’s experience as an intermediary. “When we do tenders it is critical if we do not get a variety of bids since clients tend to ask for different things,” he said.“When we negotiate with the same providers over and over again, they tend not to give their best every time if they know with high probability that they will win,” he said, adding that this situation had been going on for the last year or so.PKA, Sampension not yet ‘scary’ enoughTwo of Denmark’s traditional labour-market pension funds, PKA and Sampension, have been actively pitching for new contracts outside their core areas in recent years.Recent successes for the newcomers include PKA winning two pension contracts from retail chains Synoptik and Neye from rival Velliv, and Sampension snapping up pension contracts for the Army Constables and Corporals Association (HKKF) from Velliv and Nordea.Asked whether the business push by these pension funds had helped ease the dearth of competition, Andersen said the entrance of PKA and Sampension had definitely been positive.“But they still need to learn to be in a commercial market and with all that that takes,” he said.“I don’t think the prevalent commercial providers are scared by these two pension funds yet, and we need to see some clients actively moving to these two providers.“If we get a handful of pension funds in the commercial market, we might see change, but it takes a lot of time, and it will not alleviate the market in the short run,” Andersen said.From a broker’s perspective, he said, it was always good to have more providers to choose from, noting that this could be from pension funds, but also from foreign carriers going into the Danish market.“Furthermore, a more transparent price setting will give the possibility of unbundling savings and insurance, and that could also be a game-changer in relation to the competition,” he said. Competition to grab workplace pensions contracts in Denmark has deteriorated recently after two of the previous seven commercial bidders for the work were swallowed up by rivals, according to one of the sector’s main brokers.Aon in Denmark says it has witnessed the development over the last year or more.Jannik Andersen, head of broking and solutions within Aon’s retirement and health solutions in Denmark, told IPE he thinks there is a lack of healthy competition in the Danish occupational pensions market at the moment.“Going from seven to five commercial providers is critical itself, and we have experienced in the last 12 months that providers do not want to bid on certain clients – specifically in certain industries with low wage earners and businesses dominated by young women,” he said.
82 Dunlop St, KelsoTHIS Kelso home would be perfect for a family wanting plenty of space to spread out while not being too far away from the action.The five-bedroom, two bathroom home at 82 Dunlop St is on 1.4ha with the opportunity to subdivide four extra blocks. It’s on the market for mid to high $600,00’s.RE/MAX Townsville selling agent Michele Hyde said acreage is popular with families seeking a semirural lifestyle. “We’ve had interest from people who are interested in subdividing the block as well as people who just want a great house on a big block,” she said. 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 2020“The thing about a property like this is you’re not far from anything, yet you have the feeling of being in the middle of nowhere. It is your own rural paradise. People are realising you can have this amazing rural lifestyle with still a fairly quick commute to the city.”The house itself is huge with large living areas and bedrooms and verandas all around.There is also a 160sq m shed which could be used as a workshop or oversized garage.The gardens also include a resort-style pool, stable and double carport. 82 Dunlop St, Kelso, will be open for inspection on Sunday from 12.30pm to 1pm. For more information call Michele Hyde on 0403 345 545.
TAKE A LOOK: Inside 19 Orion Avenue.AFTER renting for a few years in a home that was on one of the smaller residential blocks in Kedron, Amanda Brooks wanted space for her family.The expansive home at 19 Orion Ave in Eatons Hill seemed to have all the room they wanted.Plenty of space.The four-bedroom home sits on a 1031sq m block in a quiet cul-de-sac near a park and the South Pine River.“We wanted a bit more roomfor the growing family, and we’ve got a couple of dogs as well,”Ms Brooks said.Modern living.The large yard gave her enough room to start experimenting with growing their own food.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe garden now includes a lemon tree, chilli bush, banana tree and even an avocado tree, which is due to fruit within the next year or so.“I got it when it was in a pot and they take about five or six years to fruit,” she said.Inside, the home is centred on a large open plan living area with a dining room, living room and kitchen with high, cathedral ceilings.“It is very communal,” Ms Brooks said.Hidden in plain sight.The home embraces natural colours with exposed timber in the high ceilings, timber flooring in the kitchen and sunlights in the ceiling to bring in natural light.In the backyard, there is an inground swimming pool that is given extra privacy as it backs on to the bottom of a rock face.“It gives it a bit of texture and colour,” Ms Brooks said.3D floor plan.In the family’s time at the home, Ms Brooks said they had updated a lot of the rooms of the home, with new granite benchtops and a new dishwasher in the kitchen, new tiles in the bathroom and ensuite and new curtains and blinds.With the family selling up to move to NSW, she hoped a young family would move in to the home.The home is on the market now through Re/Max Albany Creek.