Prestige Property: 17 Truro Place, City Beach, WA
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Prestige Property: 17 Truro Place, City Beach, WA

A contemporary exercise in raw refinement.

By Terry Christodoulou
Fri, Aug 20, 2021 2:14pmGrey Clock 2 min

Located at the highest point of south City Beach comes this inspiring, Hillam architects designed residence atop an expansive 948sqm plot.

The striking, three-storey, 6-bedroom, 7-bathroom, 9-car garage residence is a bold architectural statement utilising a restrained palate of materials including a mixture of raw and polished concrete, natural stone and local hardwoods.

A yellow string bark pathway leads to a ground floor entry foyer which leads to the ground floor living, cabana, bedrooms and gym wing while showcasing the staircase replete with Jarrah hardwood steps and reo bar stair rods.

Upstairs to the first floor, the orientation of the living spaces is designed to absorb the views of the Indian Ocean. The flow continues into the kitchen, family living, butler’s pantry, herb garden, theatre room and connected alfresco entertainment space – alongside private access to the master suite.

The kitchen is fitted with a unique blend of aged chestnut and satin black timbers, concrete and porcelain worktops alongside designed appliances from Sub Zero, Wolf, Siemen and Miele.

The family living space retains the restrained aesthetic with chestnut timber cabinetry, textured concrete and stone mosaics decorating the space. The full-height glazing opens to the ocean views, pool area and balcony entertainment space.

Elsewhere on the first level sees the master suite which is replete with dressing room and an enormous master ensuite complete with a 7-metre long lightwell, Falper sinks and custom cut, bookmatched tiles.

Pietra Oscura Natural matte porcelain tiles ooze luxury across the main levels, with areas of underfloor heating, touch curtains and motorised blinds adding the long-list of mod-cons available.

The ground floor sees a granite alfresco area with pool, spa, and cabana zone as well as a large office enjoys.

Accommodation is providing in the form of three bedrooms that flow to the rear with combinations of ensuite, bathrooms and walk-in-robes while an additional guest suite is available here.

The basement sees yet another guest suite with walk-in-robe, and ensuite alongside a music room, cellar area, and a 9-bay parking garage.

The residence enjoys close proximity to Perth’s beaches, open air cafes while still being 10km from Perth’s CBD.

The listing is with Edison McGrath’s Christopher Dee (+61 413 133 499); POA. edisonmcgrath.com.au



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Thousands of Australian companies on the brink of going into administration as EOFY nears

Along with high inflation and weak consumer spending, there’s another key factor pushing a record number of businesses to the edge

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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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