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  1. #1

    Default wellington post eathquake inspection due diligence?

    Hi experts,
    I would like to know if I need to do any earth quake related due diligence prior to buying a commercial building in Wellington if a commercial building is advertised as achieving 100% NEBS based on a report in 2012. I am wondering if the shakes a few years would have affected this NEBS rating? Also, I heard depending on who does the report, the NEBS rating might be different. The building had been restrengthen to 100% prior to 2012. keen for your thoughts on this as I as this is my first foray in commercial property investment and want to thread safely.

    If I do have to do due diligence as part of settlement, would IEP be enough?

  2. #2
    Join Date
    Feb 2018
    Posts
    40

    Default

    Yes you should review the IEP report if there isn't one.

    Even there is an IEP report you should engage your own professional CPEng structural engineer to review the report during the DD period.

    The bank would generally require an IEP report as part of the lending as well...
    Property Investment & Development Coach
    www.Garylin.co
    www.facebook.com/RealGaryLin/

  3. #3
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    7,900

    Default

    I don't know the exact situation down there, but yes, it's very likely things have changed since the last earthquake to hit that area.

    I'd be getting a new IEP, or at least some sort of 'look' by a structural engineer.
    Squadly dinky do!

  4. #4

    Default

    thanks everyone, appreciate the tip!


 

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