Multibillion-dollar surprise for proprietors of heritage sites: lawyers   4 Mar 2013

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

Add a comment

Bookmark and Share

News

A democratic path forward to mandate a plan for #Brexit

26 Jun 2016 Opinion
Opinion - Alastair Thompson   A democratic path forward to mandate a proper plan for #Brexit - a proposal. By Alastair ... more

Minister to attend WW1 commemorations in Europe

24 Jun 2016 News
New Zealand Government Hon Anne Tolley Minister for Social Development 24 June 2016 Media Statement Minister to attend WW1... more

Business

NZ stocks turn as referendum result keeps investors guessing

24 Jun 2016 Business News
Article - BusinessDesk NZ stocks turn as UK referendum result keeps investors guessing By Paul McBeth June 24 (BusinessDesk) - New... more

NZ dollar drops vs. Australian dollar

7 Jun 2016 Business News By Johnathan Underhill
Article - BusinessDesk NZ dollar drops vs. Australian dollar on lack of RBA rate cut By Jonathan Underhill June 7 (BusinessDesk) -... more

Living

The Infinite Air: new book about Jean Batten celebrates NZ aviator's life

27 Jun 2016 Arts
** WIN one of two copies of the novel - visit our Competitions page for more details ** JEAN BATTEN was born in New Zealand in 1909,... more

INTERVIEW: NZ electronica pioneers Pitch Black in London

27 Jun 2016 Entertainment By Charlotte Everett
Pioneers of New Zealand's electronica scene, Pitch Black are celebrating the impending anniversary of their inaugural... more

Property

Record annual profit for Kiwi Property

16 May 2016 Property
By Jonathan Underhill May 16 (BusinessDesk) - Kiwi Property Group, the country's biggest listed property investor by market value,... more

Record annual profit for Kiwi Property

16 May 2016 Property
Portfolio gain, rental income growth delivers record annual profit for Kiwi Property By Jonathan Underhill May 16 (BusinessDesk) -... more

Migration

Kiwis could be affected by tighter UK rules

30 Mar 2016 Migration By Audrey Young
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more

Immigrants' attitudes to corruption worries SFO

17 Feb 2016 Migration By Sophie Boot
Feb. 17 (BusinessDesk) - New Zealand's record inbound migration has undermined the country's squeaky-clean reputation because of an... more

Travel

More funding for the New Zealand Cycle Trail

3 Jun 2016 Travel & Tourism
New Zealand Government   Rt Hon John Key Prime MinisterMinister of Tourism 3 June 2016 More funding for the New Zealand... more

Jucy plans to expand pod-style hotel chain to Australia

16 May 2016 NZ Tourism
Article - BusinessDesk Monday 16 May 2016 12:20 PM Jucy plans to expand pod-style hotel chain to Australia in 2017 By Fiona... more

Sport

Misfortune strikes All Blacks centre Moala

26 Jun 2016 Rugby By Daniel Gilhoolyd
more

Richie McCaw: 148

22 Jun 2016 Sport
Upstart Press   Richie McCaw: 148 148 tests 131 wins 110 times captain of the All Blacks 2 Rugby World Cup triumphs 12... more

Columns

Gordon Campbell on our refugee response, and a TPP rewrite

14 Jun 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on our paltry refugee response and a brazen US rewrite of the TPP First published at... more

Gordon Campbell on Muhammad Ali

7 Jun 2016 Opinion By Gordon Campbell
As with Bob Dylan, Muhammad Ali changed the times in which he lived so thoroughly that anyone coming along afterwards will probably... more

Kiwi Success

New Ambassador to Belgium named

23 Jun 2016 Appointments
New Zealand Government Hon Murray McCully Minister of Foreign Affairs   23 June 2016 Media Statement New Ambassador to Belgium... more

New appointments to Vulnerable Children’s Board

12 May 2016 Appointments
New Zealand Government Hon Anne Tolley Minister for Social Development 12 May 2016 New appointments to Vulnerable Children’s... more

Recruitment

Zero-hour contracts gone, PPL extended

10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more

Scheme helping to staff hard to fill positions

28 Feb 2016 Recruitment
New Zealand Government Scheme helping to staff hard to fill positions Health Minister Jonathan Coleman says an incentive scheme... more

s