NBR Radio Property Talk: Leaky building floodgate set to burst
Sally Lindsay analyses the leaky building crisis and what a Court of Appeal decision last week means to thousands of homeowners left in financial ruin after their properties leaked and they had to pay for the repairs themselves.
"The planned Good Cladding class action could become even bigger. Adina Thorn, the lawyer behind the $100 million plus Good Cladding class action expects a lot more people who join her action. This decison is significant because a lot of people have nowhere to turn because they thought they were outside the statutory time limit."
The Companies Office is in the gun for failing to check signatures and addresses on its publicly available information and the Society for Promotion of Community Standards wants something done as Chris Hutching digs into the mess created by one company collapse. "It is hard to track who is behind comanpies these days. People appoint mates are directors or shareholders and lawyers set up nominee companies and you don't really know who is behind things."
Not only has drought affected a $400 million water project but other issues have also halted the scheme. Promoters are having a rethink over the finance and managment of the scheme as Chris Hutching discovers.
And big retail developments are underway and planned in Auckand and Rotorua. Retail has been the darling of commercial property investors in the past couple of years. Sally Lindsay looks at the two new developments.
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