First National sees waterfront development boom if ETNZ wins
for public release
22 June 2017
First National sees waterfront development boom if ETNZ wins Americas Cup
First National Real Estate Chief Executive, Bob Brereton, says an Americas Cup win would lead to a massive and sustained period of development on the Auckland waterfront and believes that the city would move quickly to gear up accommodation and infrastructure. He believes that it may also be just the ‘spark’ that the city needs to kick the market off, again, in a positive way.
“Currently the market is lacking a bit of a spark. We have low residential building numbers, tighter credit and a general feeling that the market has turned a corner and will continue easing. Winning the Americas Cup could quickly change all that.”
Mr Brereton believes that a Cup win would be a catalyst for significant new development and would also bring forward deferred projects.
“Apartment sales in the viaduct will increase markedly and waterfront property, in general, will get a boost. Additionally, new apartment projects will start popping up at every available waterfront vantage point”.
Mr Brereton says that such developments would be consistent with the Unitary Plan which saw an Auckland which grows ‘up and out’ and he didn’t believe that the short cycle of the Cup, itself, would be a deterrent to such developments.
“A waterfront apartment is a compelling proposition in its own right. The idea of the Cup just adds to that and makes it that much more glamorous. And of course – if we win, most of us will be backing Team New Zealand to hold on to the Cup for more than one regatta!”.
Mr Brereton also believes that there will be renewed interest in commercial and industrial land around the city – particularly land where such sites have the potential for side industries and ‘off-cup’ developments – and he sees a more urgent focus on ‘gentrification’ of the waterfront for recreational use.
“We can expect the waterfront stadium to leap up the list of priorities in anticipation of a larger net inflow of tourists over multiple cup cycles which will lead to increased job opportunities in all areas of the local economy”.
However, Mr Brereton tempered his comments with the same caution that every kiwi is feeling right now.
“We can all taste a win – but this thing ain’t over till Jimmy Spithill sings!”.