CentrePort has reached a $170 million settlement agreement with its insurers in relation to its earthquake-damaged commercial properties.

CentrePort detailed that the final settlement for its commercial property claims covers a lump sum settlement for the former BNZ building, Statistics House and Shed 35, and repairs to Customhouse, Shed 39 and other sundry properties. This is separate from the Port infrastructure claim, which CentrePort is continuing to work on with its insurers.

“We appreciate the ongoing support of our insurers as we’ve recovered from the significant impact of the Kaikoura earthquake, which has reshaped our entire business,” CentrePort chief executive Derek Nind said.

The former BNZ building, which was badly damaged in the 2016 Kaikoura earthquake, meanwhile, has been earmarked for demolition. Nind noted the decision brings closure on a difficult time in the port’s history.

“We will now work with our neighbours and other key stakeholders to plan the building’s safe demolition and continue planning for CentrePort’s future,” he added.

CentrePort had previously demolished several earthquake-affected buildings on its land, including Statistics House, Shed 35, Shed 37, the Dimond building, the MSC building and the former NZ Rugby Union building.