Residents of a central Auckland leaky apartment building are facing a $17.5 million repair bill and are desperate to have it resolved.
But a stoush has broken out with a property development company over who should pay what and the project has hit a wall.
The Herald understands that leaks were first discovered around balcony areas at the Luna Apartments in the Auckland suburb of Grafton in 2011.
An initial quote of $3m was given to repair the building, which apartment owners would pay for.
But in November last year, residents were hit with a bombshell when they were told that the entire building would need to be re-clad at a cost of at least $17.5m.
Architects designed a “curtain” structure that would cover all but one side of the building in glass. The Herald understands that the average cost to residents would be $150,000 each.
The apartment’s body corporate held its AGM on Wednesday night, where the majority of residents voted in favour of the plan.
But real estate private equity firm Lamont & Co, which owns 53 carparks in the complex, opposed it. Lamont would have been required to pay $800,000 under the proposal.
Because Lamont has separate titles for each of its carparks, its had 53 votes out of a total of 175.
Lamont, which is owned by brothers Tim and Andrew Lamont, are due to later this year start work on 75 apartments, SKHY, situated next to Luna Apartments.