PricewaterhouseCoopers high rise coming down
The quake-damaged PricewaterhouseCoopers Christchurch building will be demolished.
The earthquake-damaged PricewaterhouseCoopers Centre in Christchurch’s Armagh St will be demolished.
Chris Gudgeon, chief executive of the manager of listed Kiwi Income Property Trust, said in a statement that the lead insurer, Vero Specialist Risks, has agreed that the extent of structural and other damage, incurred from the earthquakes of September 2010, February 2011 and June 2011, “is such that the building is not economically repairable”.
Mr Gudgeon was unavailable today to answer questions about whether the trust would receive a financial payout, or will rebuild. It is unclear what effect the decision will have on the accounts but the building makes up a small proportion of the trust’s $1.98 billion portfolio.
Earlier this year Kiwi Income wrote down the value of the 21-level building from $52 million to $32 million.
The building was completed in 1990 during the period of commercial over-building in the late 1980s. It took more than 10 years to fully lease.
It is insured for earthquake damage (including demolition) and consequential loss. The insurance claim is currently being processed.
Chris Hutching
Tue, 25 Oct 2011
Tue, 25 Oct 2011
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PricewaterhouseCoopers high rise coming down
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