Group offers future hope for earthquake prone buildings
Property company Your Property Solutions says it is looking to buy and redevelop earthquake-prone building in the lower South Island off owners who can’t afford to do the work themselves.
Billy McLachlan, pictured, director of Your Property Solutions said the company had completed over 300 refurbishment projects.
Recent projects in Christchurch included strengthening and refurbishing a two-story 1930s commercial building at 268 Lincoln Rd and a 1870s masonry building at 14 Wise St, that had been derelict since 2011 and under threat of demolition. The buildings now housed a music academy, shared office space and a pop-up fashion store, he said.
‘‘After experiencing the devastation of the Canterbury earthquakes, we witnessed a lot of older buildings in Christchurch being unnecessarily demolished, which has resulted in a lot of the character and heritage of our city disappearing,’’ McLachlan said.
‘‘There is so much history within these buildings, and we have a real passion to help save as many of these buildings throughout New Zealand as we can. This is what gives our built environment character and enables the stories of past generations to live on.’’
McLachlan said the company would buy earthquake prone buildings directly, providing owners with a way to avoid the increasing costs and responsibility of either seismically strengthening, or demolishing buildings within the timeframe set by local authorities.
‘‘Selling earthquake prone buildings on the open market is often difficult, with banks unlikely to lend to purchasers looking to buy such properties, so we are offering a direct solution,’’ he said.
McLachlan said all properties up to $10 million would be considered and Your Property Solutions was not reliant on bank finance.
Fellow director Slade Hocking said there were nearly 6000 buildings throughout the country that had been identified as potentially earthquake prone.
‘‘We estimate that 30% to 40% of the commercial buildings in regional town centres throughout the lower South Island could be identified as earthquake prone, with each building typically requiring capital investment in the hundreds of thousands to remediate,’’ Hocking said.
McLachlan said the company had completed over 300 refurbishment projects.
Recent projects in Christchurch included strengthening and refurbishing a two-story 1930s commercial building at 268 Lincoln Rd and a 1870s masonry building at 14 Wise St, that had been derelict since 2011 and under threat of demolition. The buildings now housed a music academy, shared office space and a pop-up fashion store, he said.
‘‘Each building represents a different opportunity and a different set of problems to overcome,’’ he said.
The company would hold roadshows in Ashburton, Timaru, Dunedin and Invercargill on June 26 and 27, for property owners to discuss their earthquake prone properties.