|
Getting your Trinity Audio player ready...
|
- Glen Low, Partner at Franklin Law
Significant changes are on the horizon for New Zealand’s seismic risk management system, with a new review set to be released soon. Many commercial property owners have been raising concerns about keeping up with regulations related to earthquake-prone buildings, and this review aims to tackle those worries.
Since 2017, property owners have been required to ensure their buildings meet the New Building Standard for earthquake safety. However, many have found it financially challenging to comply with these regulations, leading to numerous properties still needing remediation. This has sparked important questions about safety and compliance.
The upcoming review will delve into the effectiveness of the current seismic risk management system, focusing on both costs and benefits. Key aspects include an evaluation of the financial implications of mitigating earthquake risks, as well as an understanding of how much the community is willing to invest in safety initiatives.
The review will propose regulations that balance safety concerns with the economic pressures facing property owners, while also exploring new assessment methods that cater to regional differences and the specific needs of critical facilities.
It’s also crucial to address the financial barriers that property owners face in managing seismic risks. The review will seek to identify these challenges and suggest innovative support mechanisms and incentives that can ease the burden.
As for the review process itself, it will unfold in three stages. First, a high-level assessment of the current system will be conducted. Next, public consultations will gather feedback from those directly affected. Finally, recommended changes will be implemented through new legislation, overseen by a steering group that includes government officials, industry experts, and property owners.
As the final report approaches, it is anticipated to generate considerable interest and could bring about significant changes in compliance strategies for commercial properties in Pukekohe. Property owners should be proactive in preparing for potential shifts in regulatory expectations and reconsider their approach to seismic risk management.
For commercial property owners in Pukekohe, staying informed and engaged throughout this review process is crucial. The outcomes could significantly impact compliance obligations and overall business operations. By being proactive and adapting to the changing landscape, property owners can ensure both safety and economic sustainability for their investments.
Glenl@franklinlaw.co.nz
(09) 552 0854
