Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


CBD and suburban land development key to unlocking potential

CBD and suburban land development key to unlocking economic potential of CRL

Media Statement
28 June 2013

“The Government’s much anticipated statement of support for New Zealand’s largest ever public transport investment announced today will give Auckland property owners and employers confidence to develop, grow and thrive,” says Stephen Selwood CEO of the New Zealand Council for Infrastructure Development.

“Removing the termination point at the Britomart station and extending rail services to the wider CBD will allow an approximate doubling of rail services to and through the city at peak times. Additional services which increase both frequency and reliability will enhance the attraction of rail as an alternative transport mode.

“More importantly, its potential is even more significant when seen as an urban redevelopment opportunity and not just as a transport project. A city rail link provides an opportunity to catalyse development centred on rail stations across Auckland and the CBD and target key transport destinations in the city.

“For industries like finance and business services, improved transport connectivity has been shown to lift labour productivity. For retailers and the hospitality sector, more pedestrians in the CBD will materialise as increasing sales. And for residents looking for access to good public transport, an apartment near the CRL will become highly desirable.

“Each of these effects will drive demand for property adjacent to stations, triggering redevelopment opportunities on underutilised land. But this development needs to be carefully planned in sync with the CRL so that the economic potential of both land development and transport investment is fully optimised.

“To date the project has been primarily seen as a transport project. But if seen as a transport and urban development opportunity its potential is much greater. But so too are the challenges.

“To maximise economic uplift for the city, region and nation, the Auckland Council will need to carefully integrate and align land use regulation and development around stations.

“To execute successfully on the scale required will require expertise in urban regeneration and development. We have never seen a project of this significance in New Zealand but similar projects in Melbourne, Sydney and London have been developed by specialist urban development agencies.

“And project impacts will not be limited to the CBD. Capturing and leveraging value across the entire rail system is a major opportunity that results from this decision.

“Residents and businesses right along the rail corridor from Papakura to Swanson will enjoy capital value increases in line with new levels of connectivity and access.

“Where significant benefits result from new investment around rail stations, targeted rates, tax increment financing or betterment levies provide options to match economic benefit with the costs of the project.

“Residents and activities that benefit most from rail proximity will over time locate around stations, changing existing patterns of development. This trend is critical to maximise rail demand and revenue and provide the wide range of functions, activities and services rail patrons require.

“The true measure of the success of the CRL will not just be how many cars it takes off the road, but what activities occur around stations and how that begins to shape the long term future development of the city,” Selwood says.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news