Flyover drops apartment value 100k

04:33, May 26 2014

A pair of Wellington apartment owners have seen $100,000 wiped from the value of their property by the mere suggestion of the Basin Reserve flyover.

Lillian Day and Tony Sampson, who own a unit in Grandstand Apartments on Kent Tce, said they were bracing for an even worse financial hit if a proposed two-lane flyover, 20 metres north of the Basin, got the green light.

They told the flyover's board of inquiry hearing today their apartment would be just eight metres from the road when it was complete in 2017.

That fact, coupled with the prospect of 30 months of construction, had made the place near impossible to sell, they said.

The value of their apartment had already dropped $100,000 below what they paid for it in 2007, despite having recently spent $40,000 on renovations.

Day said the couple were opposed to the flyover, but if it went ahead then they wanted some form of compensation.

"Our main concern is that we'll lose our tenants, and that is the income that goes towards paying our mortgage."

The "beautiful" view of the Basin Reserve from their apartment would be replaced by concrete, she said.

A proposed "green screen" of vines, which will be built between the flyover and Grandstand Apartments, would also block what little sun still entered the building, creating mould issues.

Day also criticised the New Zealand Transport Agency over its dealings with Grandstand Apartments.

She understood the cost of double-glazing the entire apartment building was about $350,000 yet the agency had only offered to partially do the job for $250,000.

"This is just a band-aid that the NZTA is putting forward ... we think this is an absolute joke and, thankfully, many of the owners thought so too."

Day said she had worked for government agencies that had built new schools and hospitals for about $20m.

Educating children and saving lives were much better things to spend money on than a flyover, she said.
"Spending $90m to save 90 seconds travel time is in no way value for money ... It is a convenience outcome, it's not life-changing."


The Dominion Post