Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Report Offers Building Owners More Certainty About Standards


Report Offers Building Owners More Certainty About Standards

Building owners now have more certainty about earthquake-prone building standards and acceptable levels of stability and safety, according to Property Council New Zealand.

Today’s release of Volume 4 of the Canterbury Earthquake Royal Commission’s final report on building failure during the Canterbury earthquakes and the Government’s draft proposals to improve the earthquake-prone building system provide some welcome recommendations, after months of analysis and industry consultation.

Property Council’s chief executive Connal Townsend said the Ministry of Business, Innovation and Employment [MBIE] consultation document focuses on acceptable levels of risk and protecting people from harm.

“Consequently, it recommends ensuring all buildings are assessed and where necessary, strengthened to meet 33 per cent of New Build Standard within a 15 year timeframe. The document appears to balance practical solutions with the highest safety benefits.

“The Government’s extensive consultation has resulted in a policy where tenants will ultimately influence building standards by demanding high standards of earthquake strengthening. An improved risk assessment of a building during an earthquake includes a new graduated scale that will allow the public to be much better informed about a building’s level of resilience. Owners of low resilience buildings can be forced into remedying or removing it.”

Mr Townsend said the Government’s proposed timeframes for strengthening took into account that hundreds of thousands of buildings in New Zealand could not be strengthened overnight. “A lack of skilled engineers and legal issues to do with lease agreements are just two issues which tend to affect progress.”

Under the proposed changes, local authorities would have five years to complete a desk top assessment of buildings. “Once we know the scale of work needed to upgrade building stock, we will have a better understanding of the cost. What we do know is that this will cost our industry - our country - billions of dollars to address.

“The Government conservatively indicates a $1.68 billion cost to strengthen all buildings under the proposed system. This will largely fall on building owners - already bearing huge costs because they cannot claim tax depreciation for a building structure.

“Owners of heritage and character properties in particular, will find the cost of earthquake strengthening prohibitive. If we want to prevent owners from walking away, leaving properties vacant and tenantless, the Government needs to address this imbalance in the tax system.”

END.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news