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Earthquake issues or leaky building??

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  • Earthquake issues or leaky building??

    hi
    We are entering a due diligence period for the potential purchase of a retail unit in the North Shore which is part of a complex of around 5 units with a body corp. It is tilt slab construction in 1998. Should we be concerned about earthquake ratings or leaky building? Should we get it appraised? If so who would you recommend that is reasonable and quick?
    The property file and LIM are on order.
    The body corp pre disclosure statement make no mention of earthquake rating but does state that there are no leaky building claims.
    Thanks all for your opinions and advice

  • #2
    1998 will be 100% in Auckland.

    Appraised? You mean should you get a valuation? Well this depends on how experienced you are, but man you'd be brave not to get one.
    Squadly dinky do!

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    • #3
      thanks Davo. What do you mean by 100%? Earth quake prone or proof? Also i meant should we get a geotech and/or leaky building survey/appraisal ?

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      • #4
        OK, so yes, I think you should get all the reports you can.

        It will be 100% proof i.e. no problem for you in that regard.

        Can't say about leaky stuff because that depends on the kind of construction.

        You should get a building report - and get them to look at the leaky stuff as part of that.
        Squadly dinky do!

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        • #5
          thanks again.

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          • #6
            Ridge and Masons apartments in Albany are 3 level tilt slab construction. The Ridge apartments have just had the work done and the Masons are being done at present. The Masons apartment complex is visible from the northern motorway (almost opposite Albany bus depot). Even tilt slab cannot be voided.

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            • #7
              hi, do you mean that they required earthquake strengthening? do you have any idea how old they are?

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              • #8
                No they leaked, inside and outside. Completed 2004/5.

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                • #9
                  Meehole, if you are still around, for goodness sake do get a thorough test by someone like Prendos, or Maynard Marks or one of the well known companies who have experience in leaky building checks.
                  And there's no point in just having the tests done on the apartment you are purchasing. I had an apartment checked by a Building Inspection Company when I purchased in 2003 (built in 2000).
                  I was assured there were no problems or possibility of problems, and indeed I have not had any. However my apartment was part of a Body Corp and in due time it was discovered that there were water tightness issues
                  with other apartments. Being part of a Body Corp, what affects some, affects all and you have to pay an equal share in the repairs. This was not something anyone warned me about when I purchased.

                  1998 is during the time when it all these faulty buildings were being constructed.

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                  • #10
                    Thanks Marief, Maynard Marks are already doing remedial works on one of the blocks right now. The other was done by another company. $60k cost to each owner I believe whether your apartment had work done on it or not.
                    Went to look at some being built here in Stanmore Bay but the developer is the same one that was responsible for these other 2 blocks in Albany. Should be disclosure will be plenty of people get sucked in to buying these ones I dare say.

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