One-third of leaky building complex needs bulldozing

Wednesday 15 December 2004

A third of the 153-unit Sacramento housing complex in Botany Downs, Auckland, is so rotten that it must be bulldozed and rebuilt.

By The Landlord

The biggest leaky building lawsuit to be laid will return to court early next year.

Owners are claiming $19.2 million, of which $4.7 million is sought to demolish and re-build 51 units at the cost of $93,000 each.

Sacramento owners' lawyer Paul Grimshaw said a third of the complex was so rotten that demolition was the only option - "It's beyond repair."

Residents need $6.6 million to re-clad their units, which were built in 1999 and 2000.

Many homes need re-roofing and to have extensive repairs made to rotten timber framing.


Read More - Opens in a new window
Commenting is closed

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Mortgages

LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer