1 00:00:00,080 --> 00:00:02,719 Speaker 1: Now, the owner of two of Wellington's most infamous earthquake 2 00:00:02,759 --> 00:00:05,800 Speaker 1: prome buildings, says the new strengthening rules which are announced 3 00:00:05,800 --> 00:00:08,559 Speaker 1: this week aren't going to make them changes reno plans. 4 00:00:08,600 --> 00:00:12,360 Speaker 1: El Aharni is developing Reading Cinema on Courtney Place and 5 00:00:12,440 --> 00:00:14,680 Speaker 1: the Amora Hotel, which have both been shut for years 6 00:00:14,720 --> 00:00:18,480 Speaker 1: because of earthquake damage, and he's with us now eyel Hello, Hello, Hello, 7 00:00:18,720 --> 00:00:20,560 Speaker 1: Why have you decided to stick to the old rules. 8 00:00:23,120 --> 00:00:26,160 Speaker 2: Well, we're lost sticking to the old rules the new look. 9 00:00:26,239 --> 00:00:28,639 Speaker 2: First of all, I have to say I only know 10 00:00:28,760 --> 00:00:30,800 Speaker 2: about the changes from the media and from a bit 11 00:00:30,800 --> 00:00:34,120 Speaker 2: of a brief so so I'm not that familiar. You know, 12 00:00:34,159 --> 00:00:35,680 Speaker 2: I'm not sure if I got it all right, But 13 00:00:36,920 --> 00:00:40,280 Speaker 2: they haven't. They changed the requirement of that. You don't 14 00:00:40,280 --> 00:00:43,879 Speaker 2: need to strengthen answer phone buildings if you don't want to. 15 00:00:43,920 --> 00:00:48,720 Speaker 2: But the markets, we believe the market and us will 16 00:00:48,760 --> 00:00:53,400 Speaker 2: require more resilient buildings, so we will. You know, In fact, 17 00:00:53,440 --> 00:00:56,200 Speaker 2: the Reading Cinema, we've already committed to some tenants to 18 00:00:56,240 --> 00:00:57,840 Speaker 2: go there, and they all ask us to bring the 19 00:00:57,840 --> 00:01:02,280 Speaker 2: building to a better rate than just over the aspect 20 00:01:02,400 --> 00:01:08,399 Speaker 2: on threshold and also the insurance. You know, we all 21 00:01:08,840 --> 00:01:11,040 Speaker 2: needed to have insurance, and the insurance doesn't see a 22 00:01:11,040 --> 00:01:14,600 Speaker 2: building with low seismic rating. And also we've we've been 23 00:01:14,600 --> 00:01:17,440 Speaker 2: through a few esquets and we know that the rating, 24 00:01:18,200 --> 00:01:21,000 Speaker 2: the strengthenings actually improved the performance of the building in 25 00:01:21,040 --> 00:01:22,680 Speaker 2: an ethic and we spent we're going to spend a 26 00:01:22,720 --> 00:01:24,920 Speaker 2: lot of money on this building, put a new feet out, 27 00:01:25,760 --> 00:01:28,160 Speaker 2: and you know we don't want to spend all that 28 00:01:28,240 --> 00:01:31,280 Speaker 2: money and have another small ethpec and we all have 29 00:01:31,360 --> 00:01:32,200 Speaker 2: to do it all again. 30 00:01:33,120 --> 00:01:35,680 Speaker 1: Yeah, I understand that. So so what do you what 31 00:01:35,680 --> 00:01:38,440 Speaker 1: do you think insurance is going to expect? Is insurance 32 00:01:38,520 --> 00:01:43,600 Speaker 1: going to look at the new rules and simply accept them? 33 00:01:43,840 --> 00:01:46,920 Speaker 2: Well, I don't think the rules. Look as I said, 34 00:01:46,920 --> 00:01:49,440 Speaker 2: I'm not an engineer, and I don't think the rules 35 00:01:49,480 --> 00:01:52,760 Speaker 2: has changed. You still, you still have a building which 36 00:01:52,800 --> 00:01:54,480 Speaker 2: is weak and a building which is strong. I mean, 37 00:01:54,520 --> 00:01:58,760 Speaker 2: insurance won't have a strong building to protect the insurance. 38 00:01:58,840 --> 00:02:01,920 Speaker 2: So whether the government doesn't force you to bring it 39 00:02:01,960 --> 00:02:04,680 Speaker 2: over thirty four percent or not, doesn't I don't believe 40 00:02:04,680 --> 00:02:06,560 Speaker 2: it we're going to make any difference to the insurance. 41 00:02:07,040 --> 00:02:10,560 Speaker 1: Yeah, so the insurance, I mean, obviously for some smaller buildings, 42 00:02:10,639 --> 00:02:12,400 Speaker 1: it will have an impact, right, because if you have 43 00:02:12,480 --> 00:02:15,240 Speaker 1: a building under under under three stories, you're you're not 44 00:02:15,240 --> 00:02:17,880 Speaker 1: really required to do anything. Do you think insurance is 45 00:02:17,880 --> 00:02:18,760 Speaker 1: going to be okay about that? 46 00:02:23,200 --> 00:02:28,640 Speaker 2: Well, I think it depends on the top of the building. Again, 47 00:02:28,720 --> 00:02:32,280 Speaker 2: if it's non reinforced building, I believe the insurance will 48 00:02:32,280 --> 00:02:35,760 Speaker 2: still want you to do some work on it. Yeah, 49 00:02:35,800 --> 00:02:38,839 Speaker 2: I don't believe the insurance. Look, it's it's a it's 50 00:02:38,880 --> 00:02:41,880 Speaker 2: a it's a government arbitrary decision whether you need to 51 00:02:41,880 --> 00:02:43,760 Speaker 2: fix the building or not. I don't think it makes 52 00:02:43,760 --> 00:02:46,600 Speaker 2: any difference to the insurance. They're still going to have 53 00:02:46,639 --> 00:02:48,520 Speaker 2: a look at their risks, what happened to the building 54 00:02:48,520 --> 00:02:49,800 Speaker 2: and how much is going to stand on it if 55 00:02:49,880 --> 00:02:50,720 Speaker 2: if something happens. 56 00:02:50,720 --> 00:02:52,639 Speaker 1: By the way, when need your buildings opening. 57 00:02:55,040 --> 00:02:57,560 Speaker 2: Well we you know, we will hope for the reading 58 00:02:57,600 --> 00:02:59,480 Speaker 2: to open at the end of next year. The more 59 00:02:59,760 --> 00:03:02,400 Speaker 2: is going take longer, but probably a year after. 60 00:03:02,760 --> 00:03:07,440 Speaker 1: So twenty six and twenty seven, Yes, that's fantastic. Mean 61 00:03:07,800 --> 00:03:09,880 Speaker 1: this is going to be significant, isn't it? Because those 62 00:03:09,880 --> 00:03:12,960 Speaker 1: are two buildings in a very crucial part of Wellington 63 00:03:13,000 --> 00:03:15,919 Speaker 1: that have really shut down that part of It's had 64 00:03:15,960 --> 00:03:17,840 Speaker 1: an effect, hasn't it on that part of town. 65 00:03:20,080 --> 00:03:22,880 Speaker 2: I look, there's a lot of empty buildings, but these 66 00:03:22,880 --> 00:03:27,000 Speaker 2: two stand out, so people perceive them to be to 67 00:03:27,040 --> 00:03:30,440 Speaker 2: make a big difference. Maybe the reading does. I don't 68 00:03:30,480 --> 00:03:33,400 Speaker 2: know about them more. Yeah, yeah, hey, I'm a raised 69 00:03:33,520 --> 00:03:34,800 Speaker 2: a very significant building. 70 00:03:34,800 --> 00:03:37,080 Speaker 1: But yeah, absolutely, Eale, thank you so much for you 71 00:03:37,120 --> 00:03:40,960 Speaker 1: time appreciated. E La Heroni, who's a property owner in Wellington. 72 00:03:41,080 --> 00:03:43,440 Speaker 1: Hither I'm in insurance. I'm a broker and the new 73 00:03:43,520 --> 00:03:45,520 Speaker 1: rules will have no impact on insurance and trying to 74 00:03:45,560 --> 00:03:48,960 Speaker 1: place insurance for buildings that are constructed under a certain percentage, 75 00:03:49,000 --> 00:03:50,760 Speaker 1: they are going to fall over in strong quakes and 76 00:03:50,840 --> 00:03:52,320 Speaker 1: insurance will judge this accordingly. 77 00:03:53,040 --> 00:03:56,240 Speaker 2: For more from Hither Duplessy Alan Drive, listen live to 78 00:03:56,320 --> 00:03:56,840 Speaker 2: news talks. 79 00:03:56,880 --> 00:04:00,000 Speaker 1: It'd be from four pm weekdays, or follow the podcast 80 00:04:00,160 --> 00:04:01,160 Speaker 1: on iHeartRadio.