CentrePort for demolishing the BNZ building after reaching an insurance bill of $ 170 million

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.

(BusinessDesk)

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The building was empty since the earthquake in Kaikoura in Novemb","copyrightYear":"2018","publisher":{"@id":"#Publisher","@type":"Organization","name":"Navva.org","logo":{"@type":"ImageObject","url":"https:\/\/navva.org\/wp-content\/themes\/sahifa\/images\/logo@2x.png"}},"sourceOrganization":{"@id":"#Publisher"},"copyrightHolder":{"@id":"#Publisher"},"mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/navva.org\/newzealand\/nation\/centreport-for-demolishing-the-bnz-building-after-reaching-an-insurance-bill-of-170-million\/","breadcrumb":{"@id":"#Breadcrumb"}},"author":{"@type":"Person","name":"newzealand","url":"https:\/\/navva.org\/author\/newzealand\/"},"articleSection":"Nation,newzealand","articleBody":"\r\n\r\n\nCentrePort will have the BNZ building demolished on Harbor Quays after it has reached a settlement of $ 170 million with its insurers. \nThe 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.\nCentrePort 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. \n"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."\nLast 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. \nThe 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. \n(BusinessDesk)\n\n\n\n<! - --->\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n<! --- --->\n\n\n\n \n\nReactions from our readers\nNo comments yet Add your comment:\n \n Your name:\n \n Your email:\n Not visible to the public\n Comment:\n \n \n Notes for Sharechat go through an approval process. Comments that are considered defamatory, insulting or in some way unsuitable will not be approved. You may use a non-de-plume form for your name, although we recommend that real e-mail addresses be used. Responses from free email addresses such as Gmail, Yahoo, Hotmail, etc. may not be approved.\n \n \n Anti-spam verification:\n\n Type the text you see in the image in the field below. You will be asked to do this to verify that this request is not being processed by an automated process.\n \n \n \n \n \n\n\n\n Related news:\n \n \n \n \n Frank assessment of carbon free costs needed - NZ SteelAir NZ, Singapore Airlines alliance has extended for five yearsLees-Galloway is considering ways to increase the rights of contractorsSummerset plans a village of $ 150 million in the first shelter of TaurangaEroad increases revenue growth in the second quarterNapier Port stock sales a potential catalyst for changeOctober 5 Morning ReportNZD dollar declines as rising US bond yields boost the greenbackMARKTONAD: NZ shares are still falling as A2 in the dog box; Genesis, Akl Airport lost dividend rightsNZ dollar floats 30 months low as the greenback rises\n \n\n\n\n Recent news:\n\n\n\nOctober 5, 9:59 am\nSummerset plans a village of $ 150 million in the first shelter of Tauranga\n\n\n\n\nOctober 5, 9:58 am\nEroad increases revenue growth in the second quarter\n\n\n\n\nOct 5, 9:26 am\nNapier Port stock sales a potential catalyst for change\n\n\n\n\nOct 5, 8:40 AM\nNZD dollar declines as rising US bond yields boost the greenback\n\n\n\n\nOctober 4, 5:56 PM\nMARKTONAD: NZ shares are still falling as A2 in the dog box; Genesis, Akl Airport lost dividend rights\n\n\n\n\nOctober 4, 5:37 pm\nNZ dollar floats 30 months low as the greenback rises\n\n\n\n\nOctober 4, 5:13 PM\nMPs impose a ban on rent payments for tenants\n\n\n\n\nOctober 4, 3:07 pm\nFMA sanctions Pacific Eagle Capital for not filing financial statements\n\n\n\n\nOctober 4, 13:53\nAll gases focus on the submission of emission allowances\n\n\n\n\nOctober 4, 1:50\nFNZC says Fletcher's game for Steel & Tube is opportunistic but about strategy\n\n\n\n\nOctober 4, 11:22 am\nRBNZ seems to replicate the bank dashboard for insurers\n\n\n \n \n \n \n \n <! 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