FY26’s NZ$1.48m long-term maintenance programme accelerated
25 February 2026
NZ$1.48M for long-term maintenance (“LTM”) in FY26, focusing on risk reduction and overdue maintenance.
75% of FY26 LTM budget spent or committed by 31 January 2026.
Major electrical, roofing, and hot water upgrades underway.
Forecast LTM cash balance of NZ$61,045 by 30 April 2026.
Further LTM projects are scheduled to begin in FY27 as funds refresh.
Potential new priorities include water metering and heat pump upgrades.
30-year maintenance plan update required to guide future investment.
Freemans Park’s Body Corporate is pressing ahead with its ambitious NZ$1.48 million Long Term Maintenance (LTM) programme for the 2026 financial year, with 75 percent of the annual budget spent or committed as at 31 January 2026.
Nine months into FY26, NZ$1.10 million has been spent and a further NZ$324,037 has been set aside for works underway or contractually committed, leaving NZ$46,953 remaining in the current financial year’s budget, subject to available cashflow.
This reflects Freemans Park’s strategy of reducing deferred maintenance and proactive maintenance to reduce risk across the 201-unit development.
Key works completed in recent months include new lino flooring in four buildings, maisonette balcony proof-of-concept tile works, fuseboard upgrades in around 50% of units in Freemans Park, and the ongoing delivery of the major electrical improvement programme – including a NZ$19,000 sub-mains cable upgrade at 55 Hepburn St which was delivered at no cost to owners through a negotiated contractor rebate.
By the end of April 2026, all 201 units will have upgraded electrical earthing, alongside more fuseboard improvements, roof mould treatment, additional building switchboard upgrades, hot water system replacements, footpath works at 59 Hepburn Street, and an upgrade of the 60/62 Wellington St shed.
Looking ahead, major cabling, roofing safety systems and gutter upgrades are set to commence from 1 May 2026, using FY27 funding. Larger-scale priorities include water metering, fire improvements, solar-ready roofing, and façade works, which will be progressed under a refreshed 30-year maintenance plan.
The Body Corporate Committee believes the accelerated LTM programme strengthens asset value and reduces long-term risk exposure. To provide owners with a greater understanding of the LTM works programme and guide future investment, a new 30-year LTM plan will be prepared for owners before the end of May 2026.