Terrace project construction slowdown expected in Christchurch

Antony Gough pictured in front of the Terrace project back in July.

Antony Gough pictured in front of the Terrace project back in July.

A slowdown in construction of a major Christchurch rebuild project is expected after a key tenant changed its requirements.

The central city's Terrace project on Oxford Terrace, owned by Antony Gough, lost its anchor tenant recently after Westpac pulled back on its space requirements.

Gough said that would result in a construction slowdown over the coming months.

The project was expected to be completed on schedule for tenants to move in before 2016 cup week in early November, Gough said.

Construction would wind down early for the extended Christmas break and resume in early 2016, he said.

The Terrace office and retail building is part of a $150 million plan including a hospitality precinct and a parking building.

Hawkins Construction South Island regional manager Steve Taw said time was needed to ensure the project did not progress to a point where the developers were unable to deliver on tenants' requirements.

Westpac's change of heart means it will take significantly less space in the building than first indicated in 2013 when it was looking at housing 450 staff in the new premises.

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