We identified an opportunity to combine a high profile corner site with a neighbouring building to give a 551m2 new development site. If you live in Wellington you would know earthquake strengthening of buildings is a very hot topic. The importance of this even more so for older, character buildings that have ornate parapets or stone detailing to the façade. The cost of strengthening is often uneconomical and with ongoing pressure to meet unreinforced masonry (URM) and yellow sticker deadlines set by local and national government property owners find themselves under increasing financial pressure.
We worked with both property owners to find a solution. The complication was the multiple existing tenants in each building had long leases in place and there were no re-development clauses in them. Negotiations with the existing tenants took place over several months and agreements were struck with them all to surrender their leases. We packaged the 2 properties with the new opportunity to gain vacant possession and presented It to the market.
Within weeks contracts had been exchanged with a local developer and both vendors were very satisfied with the overall result.
Earthquake Prone Building? Uneconomical to Repair? Leases with No Re-development Clauses?
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