Waterfront Stadium costs could exceed $1billion

Eden Park Trust Board

MEDIA RELEASE

8 November 2006

Waterfront Stadium costs could exceed $1billion

Eden Park releases assessment of total costs by WT Partnership

Total costs for a 60,000 seat waterfront stadium could exceed $1 billion, according to a new report by quantity surveyors WT Partnership, released by Eden Park today.

It puts a range of $923m-$1.081b on the total cost of a waterfront stadium.

As well as a base construction cost of $550m for a 60,000 seat stadium, the report [ref. page 3] includes cost estimates for:

* piling and special foundations required for a waterfront project

* fast-tracking stadium construction

* land acquisition

* iconic design values.

Eden Park’s John Alexander said a recent economic benefit study had confirmed that a waterfront stadium would not provide any additional economic benefit for Auckland or New Zealand, compared to Eden Park, and would come at a much higher cost.

“At Eden Park, for $320m, we can complete a world-class, 60,000 seat stadium, with vastly improved transport facilities, in time for the Rugby World Cup."

“Our existing assets, including the ASB Stand, existing West Stand, turf management system and infrastructure, worth more than $150m, are also already in existence and have a future useful life."

“On a per seat basis, Eden Park can deliver 41,400 new seats at $7,729, stacking up very well internationally."

“At a development cost of $320m, Eden Park can continue to operate on a sound financial footing after the Rugby World Cup, without requiring ongoing Government or ratepayer subsidisation."

The $550m base construction cost figure is based on a benchmark study of the average costs of seven 50,000-plus seat stadiums, including Stadium Australia, Suncorp Stadium in Brisbane, Melbourne Cricket Ground (Northern Stand) and Emirates Stadium in the UK, all adjusted to 2010 dollars.

WT Partnership put the average base cost per seat for a stadium over 50,000 seats at $9,172. This equates to a budget cost of $550,320,000 for a 60,000 seat stadium.

ENDS

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