Prestige Property: 41 Royal Albert Crescent, Sovereign Islands, QLD
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Prestige Property: 41 Royal Albert Crescent, Sovereign Islands, QLD

An opulent waterfront slice of Sovereign Islands.

By Terry Christodoulou
Fri, Nov 19, 2021 11:42amGrey Clock 2 min

This ultra-sleek residence in Queensland’s Sovereign Island is more reminiscent of homes found in the Hollywood Hills or in the Keys of Miami.

Here, no expense has been spared in creating 1231sqm of living space across four levels. Here, the residence sees 5-bedroom, 5-bathroom, 10-car parking constructed of solid concrete and fitted with bespoke finished throughout.

Inside, one is greeted by the soaring, coffered and recessed ceilings, lashing of Calacutta and Pietra Grey marble and custom lighting fixtures throughout.

A salient figure in the home, the kitchen features a backlit 5-metre marble island bench and is fitted with acclaimed Gaggenau appliances alongside a well-appointed butler’s pantry.

This space flows out to the dining room which features a 6.6-metre ceiling.

Elsewhere the home features a coordinating marble bar which – via 10-metre cavity slider doors – opens to reveal integration to the outdoors.

Here, one finds the infinity-edge pool overlooking the canal alongside the built-in BBQ, wine bar and showroom style, pillarless ten car garage.

The home also sees a number of mod-cons including a gold-class cinema complete with Dolby Atmos surround sound, an Epson 4K projector, tiered seating and a CinemaScope screen

There’s also a top floor entertainment lounge that captures almost 360-degree views (including Gold Coast skyline), with a full bar, powder room and terrace,

Of the accommodation, the home hosts five superb bedrooms. The master suite is an exercise in pure indulgence, replete with a marble ensuite, decadent dressing room – fitted with custom joinery and backlit marble centre island – rivalling the finest luxury boutiques.

Downstairs the home offers a gymnasium, wine bar and indoor sitting area and canal-front terrace.

The home boasts savant smart home automation for lighting, security, cameras, air-conditioning, blinds while an internal lift services all four levels.

The home is listed with Michael Kollosche (+61 411 188 815). POA; kollosche.com



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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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This stylish family home combines a classic palette and finishes with a flexible floorplan

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