We are seeing an increasing problem where tenants have installed additions, mezzanines etc without appropriate permits.
We recently sold a property, subject to finance, the property had an office addition constructed internally, it had been there for the past 20 years.
The valuer made a comment in his valuation that the addition may not have a permit.
Following investigations it was found not to have a permit, finance was rejected, the sale fell through.
The vendor has had to obtain a retrospective permit, at a cost close to $10,000.00 in fees and consultants and a 6 month delay.
Whilst improvements installed by tenants may appear to be a benefit, unless they can provide copies of permits and final certificates, they are a liability.
Steven Lawson
Industrial
Commercial
Retail
Commercial
Retail
