Chris Darby. Photo / Dean Purcell
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.
