Local money driving rebuild - Isaacs

MICHAEL WRIGHT
Last updated 16:38 20/11/2012
Warwick Isaacs
Iain McGregor
REBUILD BOSS: Warwick Isaacs.

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Foreign money may be squeezed out of Christchurch as local investors drive the city's earthquake rebuild, a recovery leader says.

In a press.co.nz webchat today, Christchurch Central Development Unit director Warwick Isaacs said the expected level of overseas investment in the recovery may not be needed.

''We are still encouraging overseas investment, however the scale required may be less than originally thought due to the level of local and national interest.

''Many overseas investors who already had Christchurch interests had confirmed they were staying, he said, but he was not aware of any new direct investment from offshore.

Christchurch developer Antony Gough pointed to a property presentation this month by Colliers director Gary Sellars that showed 28 of the 29 current CBD builds were by local owners.

A Crown-owned property was the only exception.

''All the rest are Christchurch people like me,'' Gough said.

''There are no outside developers rushing from Auckland or Singapore or Australia.

''[They] have looked hard at Christchurch but nobody's found they can compete with us.''

Local property owners had different priorities to outside investors, he said.

''I'm taking my insurance money and saying I just want to replace my stock. A developer builds a building as cheap as he can and charges as much as he can.

''We're not asking for a development margin ... so they can't compete.''

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- © Fairfax NZ News

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