Assessing the strength of the portfolio for Precinct Properties NZ

anz-panorama-1The Chairman of Precinct Properties NZ Ltd (formerly AMP NZ Office Limited), Craig Stobo, gave a strong feel for the approach of the recently renamed company at its annual meeting in Wellington yesterday. Writer Bob Dey of the Bob Dey Report gives a detailed report of the exciting developments that Precinct Properties NZ Ltd have undertaken.

On the matter of Holmes Consulting Group’s engagement as engineering advisor Mr. Stobo had this to say:

“Seismic concerns are continuing to play a big part in shaping the market. You may or may not be aware that there are various different types & levels of assessments for structural strength you can undertake.”

“The property industry, Government and importantly the engineers themselves all have different measures of structural strength. Our approach has been to appoint structural engineering advisor Holmes Consulting Group to undertake a comprehensive review of all our buildings on a best practice basis.”

“This considerably exceeds a simple level of compliance and can ultimately lead to computer-simulated 3D modelling to identify potential vulnerabilities. An initial review of all our buildings has been completed and we are now working progressively through 3D computer modelling, where necessary, across the portfolio.”

“As a consequence of the seismic assessments undertaken, we anticipate spending between $15-25 million over the next 5-8 years to strengthen the properties. This capital will ensure that the portfolio is highly compliant with new build standards.”

Holmes Consulting Group has also been working on the re-development of the ANZ Tower Plaza.

Thanks to the Bob Dey Report for permission to run the abridged version.