PHOTO: ROSS GIBLIN The repair of the NZ Post building in Waterloo Quay is largely completed and the building is 82 per cent leased to Government tenants.
Property company Argosy’s insurance claims have risen to just over $60 million so far for damage caused by the 2016 Kaikoura earthquake.
The claims are primarily for material damage and reinstatement works up until July 31 2019 at $45.3m, and claims for business interruption, mainly loss of rents, of $15m.
The company said it had received progress payments from insurers of $23.4m, after a $4.9m deductible, for its interim claims. Of that $10.8m had been allocated to reinstatement works, $11m to loss of rents and $1.6m to expense recoveries.
Argosy updated the claims on releasing its half-year result, a 15 per cent rise in its profit after tax to $76.9m compared to $66.7m in the previous half-year. It included a $50.8m gain on the value of its properties.
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