$1 billion of private investment sought for Auckland waterfront development
An Auckland Council controlled organisation is going worldwide to ensure it attracts $1 billion of private investment for its Wynyard Quarter site.
Waterfront Auckland chief executive John Dalzell says there will be a global search for investors and a range of initiatives had been employed to attract partners to its prime waterfront site.
Part of the campaigning will see Waterfront Auckland tour with mayor Len Brown around China to find potential investors. Mr Dalzell says the tour will visit Hainan and other cities yet to be confirmed.
However, he will not talk about how much the ratepayer is paying to market the development.
“We’re spending how much we’re allowed to spend within the context of a long-term plan.”
The development includes a square block of 28,000sq m to be known as Wynyard Central.
It will include an “innovation precinct”, commercial office space and 600-1000 apartments under leasehold terms.
Mr Dalzell says while there had been uncertainty around previous leasehold developments, he did not see this as a stumbling block.
There are further plans for an five-star hotel to be built around 2014-18. Waterfront Auckland seeks $70m-$90m for the project, which will have 200-240 rooms.
The private sector has so far invested $132 million in the Wynyard Quarter and $156 million has been contributed by Auckland Waterfront.
The council organisation hopes that by 2022 the investment will be $1435 million of private investment to $441 million of council funds.
Mr Dalzell says the residential development will be aimed at a “diverse” range of people. The price of the homes will be from $500,000 and upward, while the most expensive homes will sell at about $8000 to $1000 a square metre.
After marketing the development, Auckland Waterfront will report back to the council’s strategy and finance committee in May.