Prestige Property: 74 Bacton Road, Chandler, QLD
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Prestige Property: 74 Bacton Road, Chandler, QLD

Lose yourself to this home’s boundless features.

By Terry Christodoulou
Fri, Aug 27, 2021 3:04pmGrey Clock 2 min

A lot of what’s written about property is a litany of superlatives. While here at Robb Report we’re acutely aware of that, what is on offer here in the leafy outskirts of Brisbane is an unrivalled lifestyle offering set amongst the bushland of Bacton.

Large is an understatement with the home located on one hectare and offering a total of 2850sqm of living areas. This is comprised of the main residence – complete with 6-bedroom and 6-bathrooms – as well as a separate 2-bedroom, 2-bathroom guest residence, entertainment house and accommodation for up to 35 cars.

Firstly, the main residence’s first floor sees its own 2-car garage private study and formal lounge upon entry. From here, the home opens up to the free-flowing kitchen, family dining, terrace and alfresco space.

The kitchen is the heart of the home and sees a marble breakfast bar, Gaggenau appliances and a concealed butler’s pantry with temperature-controlled wine storage.

Also on this level – adjoining the family dining room – is a bedroom, with ensuite, music room, games room, home theatre, gym, indoor sauna and spar.

Upstairs is where the bulk of the accommodation is found, with the five remaining bedrooms of the main residence located and all complete with ensuites. The master suite has access to its own large balcony, luxurious ensuite – complete with Italian imported bathtub – and ‘his’ and ‘hers’ dresser.

The home is an entertainer’s dream, combining fun with luxury and sheer size. As we head outside of the main residence, past the alfresco dining area replete with an indoor Japanese Teppanyaki BBQ, we are greeted with the expansive pool and outdoor spa area.

From here, the yard steps down to the pool terrace and outdoor amphitheatre and cinema – a truly unique addition to the home, alongside yet another BBQ zone. Also here is a full-size tennis court which doubles as a basketball court and soccer field.

Further comes the home’s garage area, which is capable of housing 35 cars. It’s off the garage that the large ‘arcade’ is found alongside a mancave, gold simulator and bar. Above the garage sees two offices, kitchenette and bathroom.

Elsewhere on the property comes a two-bedroom flat, with kitchen and bathroom alongside yet another gym.

The home boasts plenty of technology, with a number of screens and smart features controlled throughout the house by a Savant system alongside 35 security cameras monitoring the property.

The home is with Heath Williams of Place, New Farm (+61 403 876 115); POA. Eplace.com



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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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