Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


The Terrace Project: An Update

The Terrace Project: An Update


The Terrace project in the heart of the CBD of Christchurch is a major undertaking for Hereford Holdings and Antony Gough.

“We always knew it would be because it is one of the first big ones in the private sector in new post- earthquake world of Christchurch. Any commercial development in the CBD is challenging in the new post- earthquake era,” says Antony Gough.

“There is continued serious interest from potential tenants. Because of that we need to constantly check that what we are proposing will work for them including the staging of the project and timing. And as with any development, we need to constantly look at costs and identifying any opportunity to make the project more financially robust.”

“There is no debt on this project to date.”

“There have been some additional costs in this first stage and signs that the project could cost more than originally estimated. Now is a logical point to pause, look at the design options again against market demands and also supply chain costs, options and efficiencies.”

“As everyone knows, I have a huge personal commitment to the CBD of Christchurch and I’ll always be one of our city’s biggest fans and supporters – I love the place and want to see us thrive again and we will. I was big and brave and bold enough to kick off this project but I am also big enough to say, actually stage one won’t be completed by Christmas necessarily.”

“I know that it is the right thing to do to pause, take another look at all aspects of the project before starting the next stage. This is normal business practice and is particularly important in the Christchurch market which is very dynamic and has many complicating factors to be considered at all stages such as tenant mix and supply chain costs.” There will be no pause though on Antony Gough’s passion and vision for the city and in particular forThe Terrace project - a world-class development that is leading edge in terms of design and safety and is also financially robust.

[Ends]

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Three Months On: Quake Reciovery In Kaikōura And Elsewhere

Three months after the magnitude 7.8 earthquake on 14 November, encouraging recovery progress is being made in affected communities. More>>

ALSO:

Jetstar, Qantas For Govt Transport: Government Still In Talks With Air NZ

The government is still negotiating with national carrier Air New Zealand in a cross-agency air travel contract that will add a number of new airlines to the list of approved flyers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news