Owners short selling properties in face of quake costsSUPPLIED Cr Darren Ludlow. Rattled owners are ditching commercial properties in the south cheaply in the face of onerous earthquake strengthening costs, Invercargill city councillors have been told. At an Invercargill City Council regulatory services committee this week, councillors heard public submissions on its earthquake prone priority buildings discussion document. The problems arose because the costs of upgrading buildings could be "massive" compared to the rents and values of many buildings. The committee deferred making a decision on the priority building area, with an altered map covering a smaller area to be tabled at the next full meeting of council for consideration.

Source: Stuff February 28, 2018 04:30 UTC