Princes Wharf buildings leaking?

[fudosan]

I did my usual round of walk in the CBD today. When I came to the Princes Wharf, I saw a scaffolding system at the building opposite Hilton. Being curious, I approached a guy at the maintenance site. He showed me a large rubbish bin full of rotten wood. He said they were removed from the 7th and 8th floors as water leakage had damaged the walls. He implied all other buildings have the same cladding problem, and whispered to me that it's not in the news yet.

As soon as I returned home, I did a Google search but could not find any news on the leakage issue. Does anyone know about this issue? I recall David Henderson redeveloped Princes Wharf and he used to live in a huge penthouse there. There are several commercial properties in the buildings now on the market for sale or lease. Be cautious if you are going to buy or lease any one of them. Due diligence is warranted.

[fudosan]

Apologize for this personal message.

Heather, my reply repeatedly failed to reach your email address. Unfortunately, I have nothing more to add apart from the question I posted here. Since no one responded to my question, I cannot confirm whether there is a leaky issue or not.

Maybe you can go there and try to talk to the workers if they are still there. If you find out more about this leaky issue, please share with us here on PT.

Thanks.

[fudosan]

Now the news is out.

Contractors who worked on Auckland's luxury Princes Wharf complex say parts are leaking and major faults have been ignored or patched up with cosmetic repairs.

Cladding, decks and joinery are allegedly leaking in the 10-year-old complex made up of six converted cargo sheds.

The claims centre on Shed 21, which houses the five-star Hilton Hotel, and Shed 24, which houses apartments, retail and office space.

Parts of those sheds are currently under repair. Management says the work is minor, but contractors who've worked on the wharf before believe the problems are more serious.

A group of apartment owners from Shed 24 is facing a $1.2 million repair bill and has hired a QC to represent it.

Source: http://www.nzherald.co.nz/property/n...0599823&pnum=0

[kaahu]

I am an owner of an Apartment in the Princess Wharf complex its that bad there that I have nothing to loose but to admit the truth.. I can confirm that the Princess Wharf complex is definitely leaky. The deck of my apartment is ..soft..parts of the wall attached to the deck you can push your finger through..this is true...the walls of the apartment next to me have been completely rebuilt as they were bubbling out, the building repair crew used a jack hammer to virtually rebuild the whole wall to repair it and this was on the inside!...we were told the 'bath' in the apartment above overflowed to find from the owners above there is no bathtub in that apartment?? Our OPEX is obviously being used to pay for the leaky repairs as they have quadrupled over the past year and a half to a whopping $433 per week!! On top of a WASHUP Contribution, Thats OPEX only! we have asked for a repairs and maintenance plan and had absolutely no response from Livingstones at the time and since then Colliers International who have taken over. The place literally falling apart and rusting take a walk and have a good look its seriously a mess. For the life of me I don't know why fellow owners don't come together to approach Colliers about the problem. So you are right PRINCESS WHARF IS LEAKY!

[The_Dog]

my friend owned there from new, but has long since sold and moved out. I seem to recall him saying there were problems years ago. I can't believe this is coming as a revelation now??!?!

[flyernzl]

I worked for a company that was involved with the flooring aspect of that development at the time.

From what I saw then, I swore never to touch any Princess Wharf property at any price.

[KerMacInd]

Wow thats lucky I was looking at buying one of those places and thankfully looked on here before I went ahead with it.

[eri]

on all purchases you need to directly ask the seller or agent

"is this a leaky building?"

if they say

"not to my knowledge"

you say

"would you be prepared to put that in writing?"

[SwissKiwi]

I hear the hotel is also up for sale.

And is now 'leak free'.

[eri]

from the bob dey report

Princes Wharf, Shed 20, 139 Quay St, unit 14, leasehold, 58m², partly furnished one bedroom, deck, rates & operational levy $8061/year, ground rent $5620/year, passed in at $90,000 (Harrison Lingard)

that's $250pw for the ground rent and running expenses for a dodgy old building hanging over the water

not an investment

[SwissKiwi]

It's ridiculous - I don't think there is a buy price for that.

[PC]

Strewth you guys...
"$1,000pw possible rent, +ve cash flow, central Auckland, $500,0000 instant equity, neighbours love to party!'

Just have to think like a spruiker/agent.
Surely some Aussie will buy it on the way back from Tokoroa?

[evie]

Hi there! can anyone provide me some update re PW situation now with the leaky situation? Thanks !!!