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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news