CentrePort will have the BNZ building demolished on Harbor Quays after it has reached a settlement of $ 170 million with its insurers.
The building was empty since the earthquake in Kaikoura in November 2016 and the tenant Bank of New Zealand stopped the lease in March about the uncertain future of the building.
CentrePort said today that it has been settled with insurers for a lump sum for the BNZ building, Statistics House, Shed 35 and repairs to other properties, including Customhouse and Shed 39.
"We are planning to demolish the former BNZ building based on the advice we have received about the state it is in," chief executive Derek Nind said. "We need a larger footprint if we go through our regeneration plans and reconfigure our land and lying power."
Last week, the regional management company reported a profit of $ 38.1 million on a revenue increase of 16 percent, including a profit of $ 10.9 million from insurance revenues. A year earlier it reported a loss of $ 2.3 million when $ 73.8 million of insurance revenue did not cover revaluation losses and a provision of $ 63 million for land resistance.
The investment department of the Greater Wellington Regional Council, WRC Holdings, predicted a $ 375 million recovery of insurance policies in its letter of intent for the fiscal year 2019 through 2021. The company estimated the reconstruction costs to be $ 343.5 million during that period. , while scoring the forecast was considerably uncertain.
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