Multibillion-dollar surprise for proprietors of heritage sites: lawyers 4 Mar 2013
- Flexible funding a Christmas bonus for landlords Property
- Flexible funding for insulation scheme Property
- New Real Estate Agents Authority will give consumers a better deal Property
- David Lange Memorial Living
- Investing in New Zealand: What are you waiting for? Property
- A question of balance Property
- Apartment living on the Kapiti Coast Property
- Charm and finesse in central Christchurch Property
- Top tips for buying a New Zealand property Property
- A few frequently asked questions Property
Some of New Zealand's historic buildings are about to be hit by a multibillion-dollar bombshell, as the Government forces their strengthening, experts claim.
Marcus Beveridge and Tina Hwang, specialist property lawyers at Queen City Law, say the cost of upgrading around 15,000 to 25,000 heritage structures has been put as high as $100 billion, well exceeding the leaky-buildings crisis.
But Building and Construction Minister Maurice Williamson said charges would be nowhere near the $100 billion mark.
Officials had estimated $1.7 billion under the new proposals, he said, and opponents were suggesting extreme action. That wouldn't be necessary, and not every building would need work, due to exclusions including houses, wool sheds, barns, little-used community halls and perhaps rural churches.
Mr Beveridge and Ms Hwang, who represent many investors and developers, said seismic upgrade of earthquake-prone buildings could cost landlords six times as much as the mid-range estimate for leaky homes.
"The leaky-building saga is estimated to be worth $15 billion and there've been contrary voices on how much the seismic issue is worth," they said. Rotten homes could be fixed in a piecemeal fashion, but weak, dangerous old buildings were much harder to upgrade.
"Leaky buildings had the option of targeted repairs in addition to a full repair. Will a full repair here be required? Would it be economically sustainable? There will be a greater debate over the economics," the lawyers said.
Many tenants were deserting buildings because they were classed as dangerous and insurers were rejecting cover for landlords and tenants.
Chris Darby, Devonport-Takapuna Local Board chairman and Devonport Business Association member, is worried about buildings in his area, saying the ramifications could be far-reaching and tenants were already demanding information.
"Current and potential tenants are increasingly asking agents and landlords about the structural integrity of historic buildings.
"There is cause for concern where the perception is that historic buildings per se are not worth the risk or trouble of buying or leasing."
By Anne Gibson
Source NZ Herald
28 Mar 2017 Environment
27 March 2017 Minister for Climate Change Issues Paula Bennett has announced details of a climate change action plan to be put in... more
28 Mar 2017 Environment
27 Mar 2017 Foreign Minister Murray McCully has today signed two arrangements with China aimed at strengthening cooperation in the... more
1 Mar 2017 Business News
28 Feb 2017 State Services Minister Paula Bennett has welcomed an agreement with unions which will see the Government’s new pay... more
21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES
14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more
11 Nov 2016 Property
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more
8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more
28 Mar 2017 Travel & Tourism
27 March 2017 Customs Minister Nicky Wagner is welcoming a commitment to help strengthen Fiji’s border security. New Zealand... more
1 Mar 2017 Netball
VALE: Tania Dalton 1971-2017 March 1, 2017 The Netball community is deeply saddened to hear of the passing of Silver Fern... more
11 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more
10 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the US election outcome more
8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more
1 Feb 2017 Appointments
30 January 2017 Health Minister Jonathan Coleman has today appointed temporary Chairs to the boards of Canterbury and South... more
1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more