Centreport settles with insurers for $170 million on earthquake damaged properties in Wellington

A $170 million settlement has been reached on earthquake damaged buildings in Wellington, including the former BNZ building which has been earmarked for demolition.

A statement released by Centreport today outlined the settlement reached with its insurance partners for earthquake damaged commercial properties in Wellington.

The $170 million 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.

"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," CentrePort Chief Executive Derek Nind says.

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