Quake shaves $20m off Eastgate Mall

MARTA STEEMAN
Last updated 16:14 04/07/2012

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Eastgate Mall in the eastern suburbs of Christchurch lost almost $20 million in value because of the February 22 earthquake.

That was revealed in the annual report of NPT, the owner of Eastgate Mall.

NPT is a property investment company whose shares are traded on the New Zealand Stock Exchange.

The report said the mall's value had fallen by $19.5m over the year to $35.5m at March 31 this year.
Before Christchurch's most destructive earthquake, Eastgate had been valued at $55m.

NPT received $15.7m in insurance payments, excluding GST for the mall. That was $14.7m for building damage and $1m of business interruption payments.

NPT also owns Natcoll House in the central city red zone, and said it was likely to be uneconomic to repair. It valued that building in Hereford Street, previously home to a couple of government departments, at $12m. It has not settled the claim on that property.

The company said it had spent $13.8m on repairs and reconstruction of the mall whose multi-storey car park and 26 stores were demolished after the February quake.

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