16 March 2001 Media Statement

Hobsonville papers released

The development of a super-yacht facility at Hobsonville was a good example of taking a whole-of-government approach to promote economic development, Deputy Prime Minister Jim Anderton said today.

Releasing Cabinet documents and briefings he received on the project, Mr Anderton said the development in West Auckland will deliver hundreds of new jobs within two years, and up to six hundred million dollars of new export earnings over five years.

It would help to showcase New Zealand as a world leader in the high-skill, high-value super-yacht industry.

Jim Anderton said the super-yacht facility was made possible because of the Government's decision to seek the early release of the Hobsonville Airbase from airforce requirements.

The Government then entered an open process to ensure that any company would have the same opportunity as Sovereign Yachts.

Papers released today show that the Government has not provided any financial incentive to secure the Sovereign Yachts commitment.

"The Government's contribution was to work in partnership through the Jobs Machine with Waitakere City and with the Defence Force, taking a whole-of-government approach," Jim Anderton said.

The Public Works Act required that the land was offered to the former owners and their successors. The former owners repurchased the site for its current market value, $523,125 (including GST) and on-sold it to Sovereign Yachts.

It's expected that the Government will receive approximately an extra $25 million in tax revenue from the development over the next five years.

ENDS

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