Chief Executive of First National Real Estate Bob Brereton believes an Americas Cup win would be a catalyst for significant new development and would also bring forward deferred projects. It would lead to a large and continuous period of development on the Auckland waterfront and believes that the city would move quickly to gear up accommodation and infrastructure. “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.”
“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”.
• Brereton also thinks that there will be revived interest in commercial and industrial land around the city – especially land where sites have the potential for side industries and ‘off-cup’ developments – he sees a more urgent focus on ‘gentrification’ of the waterfront for recreational use.
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