Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Centreport Reaches Settlement on Commercial Properties


Centreport Reaches Settlement on Commercial Properties

CentrePort and its insurance partners have reached a final settlement on its commercial properties claim including the earthquake-damaged former BNZ building which has been earmarked for demolition.

The commercial properties claim has been settled for $170 million. This covers a lump sum settlement for the former BNZ building, Statistics House and Shed 35, and repairs to Customhouse, Shed 39 and other sundry properties.

The commercial properties claim is separate from the Port infrastructure claim which CentrePort is continuing to work on with its insurers.

The former BNZ building was badly damaged in the 14 November 2016 Kaikoura earthquake and has remained vacant since then. The BNZ terminated its lease on the building in March this year, having tenanted it since 2009.

“We appreciate the ongoing support of our insurers as we’ve recovered from the significant impact of the Kaikoura earthquake, which has reshaped our entire business,” CentrePort Chief Executive Derek Nind says.

“We plan to demolish the former BNZ building, based on the advice we have received as to its condition. This will allow us to advance the regeneration of our business and strengthen the land in and around Harbour Quays, while also maintaining the StraitNZ Bluebridge ferry service – a vital part of the Wellington Lifelines emergency capability.”

Mr Nind said the Harbour Quays land was an integral part of the port’s regeneration and resilience plans and would support its current growth trajectory.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“We need a larger footprint as we work through our regeneration plans and reconfigure our land and berth capability.”

CentrePort has previously demolished several earthquake-affected buildings on its land, including Statistics House, Shed 35, Shed 37, the Dimond building, the MSC building and the former NZ Rugby Union building.

Mr Nind says the decision on the former BNZ Building brings closure on a difficult time in the port’s history, while opening a new chapter for its future.

“We will now work with our neighbours and other key stakeholders to plan the building’s safe demolition and continue planning for CentrePort’s future,” he said. ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.