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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news