• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 9 of 9

Thread: EQ Repairs

  1. #1

    Default EQ Repairs

    Hi, we are in the process of EQ strengthening our hotel, can these costs be applied to the tenant?

  2. #2
    Join Date
    Mar 2007
    Posts
    111

    Default

    No - these are structural costs so cannot be passed to the tenant.

    If the strengthening will take considerable time, you may have to consider compensating the tenant for loss of business. Best is to involve the tenant in the process and keep them updated.

  3. #3

    Default

    this assumes you have a ADLS standard lease? and that their standard terms apply?

  4. #4
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,017

    Default

    I think with these costs, it's like "sucking a big kumara" as we used to say in Manurewa.

    In that, you have to pay for the strengthening costs, but you don't really get any more rent. So your building is worth only slightly more.

    The reason to do it is a) You have to in some areas if the building is quite weak and b) Tenants won't lease your building unless you do.

    So you get to rent your place, but not necessarily for more rent than you were getting before... is this right?
    Squadly dinky do!

  5. #5

    Default

    in respect to the first it depends on the area.

    In respect to the second tenants are imposing unnecessary cost on LL such as as requiring 67%NBS when the law is only requiring 34%minimum as if this makes them safer? Insurers are also interferring when the freality of Chhch was that even 100%NBS damaged buildings needed to be demolished as the damage was still uneconomic to repair.

  6. #6

    Default

    Hi Davo36,yip sounds like we have to suck the kumara......we have the next 7-8 years for it to happen, so hopefully they might change the rules before then?

  7. #7

    Default

    Yip, standard ADLS lease, they are looking for compensation for closing down part of the hotel, just working through that at present.

  8. #8

    Default

    why dont you defer the work until the lease expires or negotiate to your advantage. What region are you in?

  9. #9

    Default

    We are in the Canterbury area,lease doesn't expire until 2032, what can you negotiate to your advantage?


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Tenancy during major repairs
    By samm in forum Tenant Stuff (NZ)
    Replies: 14
    Last Post: 10-06-2017, 07:30 PM
  2. end of tenancy repairs
    By house_dweller in forum Tenant Stuff (NZ)
    Replies: 3
    Last Post: 19-11-2012, 08:11 AM
  3. how much should we pay for repairs?
    By lascar in forum Tenant Stuff (NZ)
    Replies: 20
    Last Post: 04-10-2012, 09:05 PM
  4. Repairs and mtce - Accountants please
    By foss in forum Finance, legal and tax (NZ)
    Replies: 3
    Last Post: 10-08-2011, 05:41 PM
  5. Damage repairs
    By Sharon in forum Tenant Stuff (NZ)
    Replies: 1
    Last Post: 23-01-2011, 04:50 AM
  6. Who pays for repairs
    By ang in forum Tenant Stuff (NZ)
    Replies: 7
    Last Post: 27-10-2009, 04:28 PM
  7. Flooring repairs
    By starlyte in forum Property Improvements (NZ)
    Replies: 5
    Last Post: 21-07-2009, 04:35 PM
  8. Carpet repairs?
    By steevg in forum Property Improvements (NZ)
    Replies: 0
    Last Post: 25-05-2009, 08:37 AM
  9. Tax refund for repairs
    By fiveyears in forum Finance, legal and tax (NZ)
    Replies: 6
    Last Post: 28-05-2007, 04:08 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •