TODAY |

Sky City shares tumble as convention centre goes up in flames

SkyCity shares fell sharply this afternoon after a fire broke out at the under-construction National Convention Centre in central Auckland.

Shares were down 4% at 2.30pm, about 90 minutes after the fire started, before rallying a little.

Fletcher Building, which is building the centre for SkyCity, also saw its shares fall, by just under 1.5%.

Sky City Entertainment Group (NZX:SKC) shares fell dramatically after the fire broke out at about 1pm, before rallying later. Source: NZX.com

The $700 million centre, designed to hold about 4000 people, was originally due to open early this year but is now scheduled to open in the middle of next year.

It is not yet known what effect today's fire will have on that timetable.

The centre will cover 32,000m², and is next to a new five-star, 300-room Horizon hotel. Fletcher is also constructing a retail laneway linking Nelson and Hobson streets, and 1327 carparks under the convention centre.

Flames could be seen in the Convention Centre construction site. Source: 1 NEWS