Seize the Opportunity in Christchurch

5 November 2013

Seize the Opportunity in Christchurch

News that commercial construction costs in Christchurch’s CBD outstrip the rest of the country, including Melbourne and Sydney, reinforce Property Council’s calls for collaborative action within the commercial sector rebuild.

Property Council reasserts the private sector’s consistent warnings that Christchurch risks losing investors permanently if something is not done about escalating land and construction costs within the four avenues. Unless action is taken the ‘doughnut affect’ will continue to drain the life out of the CBD.

There is also the risk of vast numbers of buildings being left vacant as development is unaffordable and returns are better elsewhere. If investors lose interest in Christchurch that could deal a devastating blow to the city.

However, Chief executive Connal Townsend says there is room for optimism. Christchurch offers opportunities which can be seized by the Christchurch Central Development Unit to work with private developers and investors.

“Property Council supports greater engagement between public and private sectors. As the voice of commercial property with over 100 members in Christchurch, we will be seeking greater collaboration and open communication which could see the city tackle its debilitating challenges,” said Mr Townsend.

Property Council also welcomes Westpac’s announcement to shift 450 of its staff to the Terrace complex in the CBD. This is a giant step towards progress and should be followed through to the next level.

Property Council implores the public sector to work in partnership with the private sector to return economic vibrancy and stability to the commercial sector.

END.

© Scoop Media