Property businesses check damage from Christchurch earthquake

Photo / William Booth

NZX-listed property businesses with real estate worth more than $2 billion are examining damage to their Christchurch buildings.

Kiwi Income Property Trust, Goodman Property Trust, DNZ Property Fund and Millennium & Copthorne Hotels New Zealand have Christchurch commercial, retail, industrial and tourism investments.

Kiwi has the Northlands Shopping Centre at Papanui and PricewaterhouseCoopers Centre in the CBD.

"At Northlands Shopping Centre, the Pak 'n Save and Countdown supermarkets traded throughout the weekend following the restoration of electrical power around midday on Saturday," Kiwi said.

"Mall areas will open today following the completion of limited repairs required to fire sprinkler systems over the weekend. Most retail shops suffered minor or superficial damage only, typically involving stock and fixtures displaced during the earthquake."

About six shops cannot trade until they are repaired.

"The Hoyts Cinema multiplex is expected to remain closed until further notice pending replacement of damaged projection equipment and screens and to enable repairs to be undertaken to a fire egress stair."

Access to the PWC office building was to tenants only on a limited basis because of Civil Defence restrictions, Kiwi said.

John Dakin of Goodman said studies were being conducted of buildings at Hornby and Addington.

Full engineering inspections and structural reviews would be completed. Goodman, owning real estate valued at $1.5 billion, said its portfolio was fully insured. DNZ owns buildings at 62 Columbia Ave, Hornby, and Winston Ave, Papanui.

"Preliminary reports indicate damage at the distribution centre in Hornby is limited to the racking systems and the tenant's stock," it said.

The facility is still operational. A preliminary inspection of the office building in Papanui indicates the building has had some damage.

"A full engineering inspection is being undertaken today to determine the extent of the damage - the property is currently closed," DNZ said.

The Christchurch properties constitute less than 3 per cent of the portfolio by value, DNZ said.

Millennium and Copthorne said its Copthorne Hotel Christchurch Durham St was issued with a restricted use notice from the council and was closed to guests until further notice.