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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news