Auckland Council’s governing body confirmed the Wynyard Basin option as its preferred 2021 America’s Cup base location yesterday. It still has to negotiate on that with the Government & Emirates Team NZ.
Council staff will develop a resource consent application for the Wynyard Basin option for lodgement in January.
Mayor Phil Goff said: “Most New Zealanders, from all walks of life and from all parts of our community, want to see the America’s Cup raced in New Zealand. It’s a matter of pride. We saw that earlier this year when more than 90,000 people came out in our city to celebrate Emirates Team NZ returning home with the cup.
“The Government estimates between 4-8000 jobs will be created in bringing the America’s Cup to our region. This is a chance to showcase Auckland to the world in a unique way – through top sportsmanship, high quality technology and with the stunning backdrop of Auckland’s harbour.
“Today’s decision to confirm the Wynyard Basin option as the preferred location is based on timing, cost & legacy, and it paves the way for resource consent lodgement in the New Year.
“Wynyard Point is a valid alternative option for consideration and we have received strong professional advice from officials on both locations.”
The governing body also noted that no funding is available for a hosting agreement, and that investment in necessary infrastructure would be the extent of the council’s contribution.
Research by real estate services company CBRE suggests more international retailers might use pop-up stores during the America’s Cup to test the Auckland market.
For the last America’s Cup held in Auckland, in 2003, the CBRE researchers said the regatta brought an estimated $136 million of additional direct spending into the local retail economy, equating to 27% of total net expenditure generated by the event.
Looking ahead to the 2021 event and expanding on economic modelling used in Ministry of Business, Innovation & Employment research released last month, the CBRE report forecasts a direct retail spending range of $142-253 million, with a base scenario of $197 million.
Food & beverage would account for $52 million, core retail (groceries, clothing & other general merchandise) the balance.
Compared to a typical retail spend in Auckland over a comparable 3-month period, this translates to a 3.2% boost to core retail sales, and 5.6% boost for the food & beverage sector.
CBRE NZ retail, advisory & transaction services director Tim Male said the additional spend would mainly support existing outlets, but also underpin both pop-ups in & around the cup village, as well as providing a good initial trade-up period for more permanent new entrants.
Attribution: Council & CBRE releases.