Family funds aid Gough project

LIZ MCDONALD
Last updated 05:00 05/07/2014
The Terrace construction site
DEAN KOZANIC/Fairfax NZ
HEAD FOR HEIGHTS: A worker paints the steel from a crane on The Terrace construction site.

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Property developer Antony Gough has raided his big brother's piggy bank to help fund The Terrace development in central Christchurch.

Construction on the $100 million riverside development of bars, restaurants and offices has been on hold since April, leaving Gough reworking designs and costs to satisfy bankers.

He has now persuaded London-based older brother Harcourt Gough - a former managing director of family business Gough Gough & Hamer - to buy a half-share in the Westpac building, which will anchor the development.

"That brings him on board, and brings in some big capital from overseas," the younger Gough said of his brother. "He's really very supportive of the whole thing."

Antony Gough said he hoped to have a full crew back on the project in two months, and in the meantime "things are just ticking away quietly".

"We can't quite push the go button yet, but it's not far away. The banks all want the same thing, the lockdown price. And that's fair enough."

Steel workers have been on the Oxford Tce site this week retensioning and painting steel frames in the partly built precinct.

Gough yesterday flew to Auckland to look at reworked architectural plans, intended both to trim costs and suit tenant requirements.

He also spent time in the city talking to would-be buyers of a car parking building for The Terrace.

The project is an upscaled replacement of Gough's pre-earthquake hospitality precinct The Strip. Its office buildings will house Westpac bank's Christchurch headquarters and other tenants still to be signed.

Gough bought out the holdings of his other brother, Tracy, and his twin sister, Avenal, when he began work on the project.

It was widely touted as a breakthrough in the rebuild of the City Mall and originally scheduled to be open by Show Weekend.

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