Industry News

Investors set sights on LA-style complex in Auckland

Private equity partners backing a project to build a sports and entertainment complex in the New Zealand city of Auckland have said that they could use a similar setup in Los Angeles, California, in the US as a model for the scheme.

Although plans are still at an early stage, the proposed development includes a 35,000-capacity waterfront stadium and various entertainment facilities.

The project has attracted a host of interested investors, including Eric Watson, owner of the New Zealand Warriors, and telecommunications firm Vodafone, the naming rights partner of the rugby league team.

Earlier this month, the Weekend Herald newspaper said that Auckland Mayor Phil Goff has already commissioned a feasibility study into the complex, which could cost up to NZ$1bn (€654.8m/US$705.1m/£567.7m).

In comparison, L.A. Live in the US, which was funded by private investors and taxpayer contributions, cost approximately NZ$3.5bn.

Speaking to the newspaper, Watson said: “I am prepared to be part of a private investor group that could be gathered to make a world-class retail and entertainment precinct around the stadium a reality.

“Right now the alternatives are not suitable, in the wrong location and are fast becoming outdated for the population growth Auckland will face in the next 20 to 50 years.”