Piece of land - engage with developers?
| # | Post |
|---|---|
| 1 | Asking this question on behalf of someone. There is a piece of land and a building but due to yellow stickered earthquake related it is not viable to do the strengthening. It is 3 small shops in a very suburban area which the shops are not economically viable. They have approached an architect, there is potential in applying thru the council for a change of use from commercial to residential or residential with a cafe etc on the bottom. If one builds and then after pay tax and sell off the units or rent them out it may not be that worthwhile. They are not able to seek finance anyway due to their age primarily. What they thought about is other than just selling it as it is, they've been told by others they can seek a developer. The developer may build up some floors as apartments maybe and sometimes they may offer the land owner 2 units. Anyone heard of this before? How does one approach someone in this regard? Cheers. rayonline_tm - 2021-07-29 20:25:00 |
| 2 | It could all end in tears. Sell, take the money and run. hammer23 - 2021-07-29 23:11:00 |
| 3 | So what does insurance/council say about this. sounds like this land has no value , which is time to run away. msigg - 2021-07-30 07:09:00 |
| 4 | msigg wrote:
The land is worth about 100k for the 300sqm. Currently 3 small shops, 60sqm each It is only yellow stickered so they have some years before it has to be strengthened or demolished by the deadline. They can still be rented out but it is not a economically viable. Rent is like $200-300 per week per unit that is if they can get a tenant. Many tenants have signed for 1 or 3yr max. The one who went for the 3yr pulled out after 1yr. If you looking at the commercial rates, insurance for the building state as it is now etc ... you are looking at $10k PA for the whole lot as a fixed cost. Earthquake strengthening for the 3 shops sounds like near $1M. Edited by rayonline_tm at 9:29 am, Fri 30 Jul rayonline_tm - 2021-07-30 09:25:00 |
| 5 | msigg wrote:
Where do you get no value from? Yellow stickered means building needs remedial work at some stage. Even red stickers is not a reflection on ground as such. You need the TC rating to get an idea if remedial work is needed for foundations but even TC3 land has value in Christchurch. tony9 - 2021-07-30 16:41:00 |
| 6 | tony9 wrote: Yellow stickered means its an Earthquake Prone Building, which is a nationwide issue, not just Christchurch and nothing to do with the ground. sparkychap - 2021-07-30 16:48:00 |
| 7 | sparkychap wrote:
Did you not actually read my posting? tony9 - 2021-07-30 17:50:00 |
| 8 | tony9 wrote: i may have read some of it! Apologies. sparkychap - 2021-07-30 18:31:00 |
