The planned new Christchurch convention centre’s projected cost has risen to NZ$475m (US$341m), the city’s regeneration minister Nicky Wagner has admitted.
The New Zealand government is liable for the full cost of the project and the new figure is above the original projection of $284m (which subsequently increased to $451m in March 2015, although a $21m carpark cost was subsequently removed).
Just over half the total projected cost is made up of the NZ$240m construction contract for the project, awarded recently to CPB Contractors Ltd.
Other costs that have already been met and factored in include $74m for the land, acquired from private owners under special rebuild powers, $4m on remediating the earthquake-damaged site, and $34m on professional services.
Other costs associated with the project include fitting out the complex and IT services.
Wagner has estimated the direct economic benefit to the Canterbury territory to be more than $321m in the first eight years, and over $57m every year after that.
Work is under way and completion is expected by early 2020.
No operator for the complex has been selected yet by the government, although an announcement is expected before the end of 2017.
