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

Dynamic New Zealand writers to feature at this year’s Edinburgh International Book Festival

20 Jul 2017 Arts
Dynamic New Zealand writers making waves at home and abroad will present their work and participate in this year’s Edinburgh... more

$9.4m to support students with English as a second language

26 Jun 2017 Education
22 June 2017 Students learning English as a second language will benefit from a further $9.4 million being made available under... more

Business

Rocket launch a huge step for New Zealand’s space industry

25 May 2017 Business News
25 May 2017 Minister for Economic Development Simon Bridges has congratulated the team at Rocket Lab on the successful launch of... more

Increased investor confidence welcomed

29 May 2017 Business News
29 May 2017 Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the Financial Markets Authority annual survey results... more

Living

NZ's Sola Rosa heading "Back to You" in London - interview with Andrew Spraggon

6 Jul 2017 Entertainment By Charlotte Everett
Sola Rosa Soundsystem heads back to London with a show on 27 July – NZNewsUK London Editor Charlotte Everett caught up with... more

Spirit of “Mateship” prominent at London ANZAC commemorations

25 Apr 2017 ANZAC By Charlotte Everett
All photos copyright Peter Livingstone Photography. Lead image: HRH The Duke of York (far right), with the Hon Alexander Downer (far... more

Property

New Zealand Housing Affordability Measure released

10 May 2017 Property
10 May 2017 The Ministry of Business, Innovation and Employment’s (MBIE) new Housing Affordability Measure will allow the market... more

NZ house prices gain 11% in October

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

Migration

Suspension of decision making authority

25 Apr 2017 Migration
24 April 2017Immigration Minister Michael Woodhouse is taking steps to improve Immigration New Zealand’s decision making... more

Recognised Seasonal Employers employ more Kiwis

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

Travel

International visitors projected to spend $15 billion

12 May 2017 Travel & Tourism
12 May 2017 New Zealand’s tourism sector is forecast to grow significantly over the next seven years, with international... more

Tourism spending continues rise in 2017

10 May 2017 Travel & Tourism
27 April 2017 Tourism spending by both international and domestic visitors continues to grow strongly in 2017, Acting Tourism Minister... more

Sport

SPECIAL LIMITED OFFER: Barbarians v NZ, Twickenham 4 Nov - £55 tickets, All Blacks Supporters Bay

20 Jul 2017 Rugby
In 2009 the Barbarian team had a phenomenal line up of world class players; Matt Giteau, Victor Matfield, George Smith, Jamie Roberts,... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

Law Commissioner appointed

29 May 2017 Appointments
29 May 2017 Former Secretary for Justice Belinda Clark has been appointed as Law Commissioner, Justice Minister Amy Adams announced... more

Spencer to be Acting Governor of Reserve Bank

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

Recruitment

Online job ads continue growing strongly

26 Jun 2017 Recruitment
23 June 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith says the latest Jobs Online report shows strong growth... more

New employment resource for young people

1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more

s