The Terrace's two hospitality building facing the River Avon are now scheduled to be open early next year.

The first building in Christchurch's stop-start riverfront development The Terrace should be finished by next February.

Landlord-turned developer Antony Gough was first underway in the city's new retail precinct when he began building the hospitality and office precinct in 2013. He originally aimed to be open by Show Weekend 2014.

This week he blamed tenants "humming and hawing" for the delayed construction, as well as anchor tenant Westpac reducing its floorspace requirement six months ago.

Artist's impression Construction on the Westpac building has stalled while Gough looks for more tenants.

Gough now expects his two Oxford Tce riverfront hospitality buildings with bars and restaurants to be ready in February. Another facing Hereford St should open a month later, and the Westpac office building on the Cashel St corner by early 2018. There will also be a car parking building.

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He had "some wonderful tenants" for the hospitality buildings plus interest in the Westpac building "but we're not over the line yet". He said he could not yet name the businesses he until negotiations were complete. Those already confirmed include Bangalore Polo Club and restaurateur Tony Astle.

KIRK KARGREAVES Antony Gough.

Neighbouring developer Richard Peebles confirmed Gough had plenty of good tenants, including some Peebles had wanted for his own building.

Gough said tenants were understandably cautious and one had taken two years to fully commit even after agreeing on location and rent. Such caution delayed construction because the banks had set a "very, very high" leasing threshold before they would hand over money, he said.

He has already sunk $80 million of his own money into the $150m development. Gough has also brought his two brothers and niece and nephew into The Terrace as co-investors.

He said the project, like others around the retail precinct, would make financial sense long term, but not in his lifetime.

"It's stupid, but we're doing it anyway. We are all passionate about the city. We are local people doing it, not one offshore investor has turned up."

"In 18 months we will have a new central city, Christchurch won't know what's hit it".

Across the road from Gough's site, riverbank terracing has been completed as part of the Avon River Precinct anchor project.

Next door the BNZ Centre is on schedule, with one office and retail building open and occupied and the second to follow soon. Other developments underway in the retail precinct will also have buildings open this year.