NPT Provides Update on its Christchurch Properties
The National Property Trust (NPT, the 'Trust') has provided the following update on the status of its Christchurch properties following the earthquake of 22 February 2011.
Eastgate Shopping Centre
As previously advised the Trust's Eastgate Shopping Centre was damaged in the earthquake and has been closed. Structural engineers have inspected the property and, whilst the raised carpark is likely to be demolished, damage to other areas of the Centre appear to be less than initially assessed. Consequently the Trust is working with its tenants and contractors on a staged reopening with some businesses potentially being back in operation over the next few weeks. However, in some cases, this will be dependent on obtaining council consent. Updates on the status of the Centre will be posted on the Eastgate website at www.eastgate.co.nz.
The Eastgate Shopping Centre has full insurance cover which includes income replacement of a period of up to 24 months.
Natcoll House
Natcoll House is located within the CBD area, which has been cordoned off and, consequently, an engineering inspection may be some time away. Trust staff have been able to ascertain that there does not appear to be any discernible external damage and the Trust has received no reports of injuries from the building's tenants.
Print Place
This property sustained only minor cosmetic damage in the earthquake and the tenant, Abnote, is operating as usual.
Avonhead and Hornby Shopping Malls
The Trust holds the head lease on the Avonhead Shopping Centre and also holds a head lease over a small portion of retail property adjacent to the Hornby Mall. Both these malls sustained only superficial damage and, consequently, have reopened. Businesses providing essential supplies, such as Avonhead's Countdown, have reported heavy demand.
General Manager John Crone said "We are pleased that the majority of the Trust's properties appear to have come through the earthquake relatively unscathed and that the Eastgate Centre is not as badly damaged as first feared. The Procurement of the services needed to have the Centre back in operation has been challenging and contractors have been very resourceful. The Manager had concentrated on ensuring the safety and security of the Centre and is now focusing on working with major tenants to get them back in operation so that the local community is provided with much needed services and products as soon as possible."
Mr Crone said "On behalf of the Trust I would also like to thank all tenants for their understanding and assistance during this difficult time."