Peterborough Apartments saved
The historic Peterborough Apartments will be saved after construction company Ceres bought the earthquake-damaged building and pledged to spend at least $25 million on its restoration.
Ceres owner David McIntyre said he was proud to save the greystone neo-Gothic building dating from the 1920s.
"We believe the retention will be seen as a significant cornerstone of the rebuild and will play an important role by enhancing the new architecture that will eventually be the new heart of Christchurch,'' he said.
"What better gift is there to this community from Ceres in saving this building, rather than sending it to the tip?''
Ceres bought the 37 apartments from each owner, including former New Zealand prime minister Helen Clark.
Once the building is restored and repaired by the middle of 2014, Ceres hopes to sell each apartment.
Workers are making the building safe and it will then be strengthened to 100 per cent of the code.
"Ceres is proud to be associated with the restoration of the Peterborough Centre. This is a significant heritage project and when completed it will be a vibrant part of Christchurch's future,'' McIntyre said.