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Auckland s Connaught apartment building repairs $25m and climbing 30 Apr, 2021 05:00 PM 5 minutes to read A minimum $25m repair bill expected at The Connaught. Photo / Brett Phibbs A high-rise Auckland apartment block which is home to many university academics is suffering from building defects which will cost a minimum estimated $25 million to fix. Owners of the 14-level Connaught apartments in the block at 14 Waterloo Quadrant near the High Court describe how the costs are mounting, with one saying repair costs had doubled lately. The body corporate . is currently recommending a comprehensive redevelopment of the property to address maintenance issues a rebuild that has already doubled in estimated costs in just two years, to more than $25m, with no apparent end in sight, one owner said. ....
Scene One apartment owner gets 133% rent shock 5 Apr, 2021 12:00 AM 5 minutes to read Which one will leave you financially better off? OneRoof.co.nz finds out. An Auckland apartment owner is frustrated and angry about a 133 per cent leasehold ground rent rise and is pleading for lower charges. Richard Cordell owns a one-bedroom 47sq m level-seven unit in the waterfront Scene One between Beach Rd and Quay St. His ground rent from 2011 until May this year was $5898/year. Richard Cordell, paying more than $22,000 in ground lease backrent. Photo / Dean Purcell But due to rapidly escalating land values and seven-yearly reviews on the block with more than 100 apartments, that now jumps 133 per cent to $13,700 annually until 2025, he said. ....