Please select your home edition
Edition
Leaderboard FD July August September 2023

America's Cup property goldrush gets talked up in Auckland

by Sail-World.com/nz/NZ Herald 29 Sep 2018 09:34 AEST 29 September 2018
Hobson Wharf currently is the base for the National Maritime Museum and centre of the America's Cup Hub in Auckland © Richard Gladwell

Auckland looks like it could be falling into the America's Cup venue trap of price gouging, as the first reports of waterfront property sales come through, with agents talking up the prices.

Every America's Cup to date has been caught by price gouging - which makes for great newspaper headlines, but effectively kills the economic benefit as prices get clocked, and suddenly the event is on with substantially reduced visitor numbers.

Hopefully as Auckland is the only venue to lose the Cup and then re-stage it, hopefully some lessons will be learned - or will greed kill the golden goose?

Here's the opening salvo from today's NZ Herald:

America's Cup overseas syndicate members have already begun moving on Auckland property for the 2021 challenge, with one $7 million Herne Bay sale already settled and another under negotiation even though the event is still three years away.

Ollie Wall, of Graham Wall Real Estate, said a participant in the 36th challenge had just bought the property which has extensive waterfront views in New Zealand's most expensive suburb.

The agency team is also working on other deals, having attended four consecutive America's Cups to make connections.

"We've just sold one house to a Kiwi in a syndicate and he'll move back here," Ollie Wall said. "A large percentage of the high-end properties we sell are to Kiwis moving home. America's Cup is full of Kiwis, so we expect a spike in this market."

Graham Wall said there was a "serious shopping list of houses" the syndicates wanted to rent or buy.

"We're negotiating another for a different syndicate. All three syndicates have asked us to source homes for them. I've guaranteed they'll make money on the deals if they buy now and hold them for three years. It's going to be very hard to get a beautiful home to stay in here if they leave it too long."

Andrew Wall said the agency had "the best houses in the best positions, looking down the harbour" and he named four such places, expected to sell for under $20m each.

Sara Paesani, of Italy's Luna Rossa Challenge, confirmed the entity was already collecting information and examining proposals about Auckland properties, "matching those with details we are receiving from the America's Cup organisation about locations and all related facilities".

However, it was too early to be talking about specifics, she said.

For the rest of this story click here

Related Articles

America's Cup - #3 Finish Line
The Cup is still undecided. And somewhere, in one last simulation, the universe holds its breath. The Cup is still undecided. And somewhere, in one last simulation, the universe holds its breath. Step into the last leg. This is where legends break — or rise. Posted on 23 Jun
Cup Spy: "Burling Rule" unlikely to be changed
The Defender is unlikely to soften the Rules and allow open season on its sailing team. Despite the shift of three times America's Cup winner, Peter Burling it is understood that there is unlikely to be any softening of the Nationality rule to enable Burling to get any closer to the action than a chase-boat in the 38th America's Cup. Posted on 20 Jun
Burling "excited' by Italian move
In a media statement issued by his Media Team, Burling says he remains fully committed to his role w In a media statement issued by his Media Team, Burling says he remains fully committed to his role with Black Foils, the New Zealand SailGP Team. Posted on 20 Jun
America's Cup: Kiwis advertising for key people
Emirates Team NZ seeking new people for key roles ahead of its 12th America's Cup campaign Emirates Team New Zealand, the current America's Cup champion is gearing up for the 2027 Defence of the most prestigious trophy in sailing. The team has advertised eight positions in the IT, Meteorology and Engineering areas Posted on 12 Jun
America's Cup: Another sponsor signs for Italians
Luna Rossa has announced that Unipol has renewed its trust in the team Luna Rossa has announced that Unipol has renewed its trust in the team and will accompany it as an official sponsor for the duration of the 38th America's Cup. Posted on 5 Jun
America's Cup fillibustered by Challengers
A Cup in turmoil - Protocol is unsigned - with entries due to open on Sunday. Updated story: America's Cup got underway in Rome on Monday, with Round 2 of the official welcoming ceremonies on Wednesday in Naples. However three teams are working in collusion and have again issued statements within minutes of each other. Posted on 29 May
America's Cup enthusiastically received in Naples
The Castel dell'Ovo, was the venue for the arrival of the America's Cup in Napes The Castel dell'Ovo, set on the tuft peninsula of Megaride was the outstanding setting for the Official Host Venue Presentation of the Louis Vuitton 38th America's Cup. Posted on 28 May
Italian PM welcomes America's Cup in Rome
Prime Minister Meloni set out a bold vision for the regeneration planned around AC38 The magnificent setting of the Casino del Bel Respiro, commissioned by Pope Innocent X in 1644, in the grounds of Villa Pamphilj, was the outstanding and historic setting for the formal presentation of the Louis Vuitton 38th America's Cup. Posted on 26 May
America's Cup: Big changes in crew line-up
Women and Youth crews to sail in AC75 in the next Cup - Final Draft of AC38 Protocol Historic changes are proposed in the Final Draft of the Protocol released by the America's Cup Defender. For the first time a Female and Youth crew members will be part of the six-crew lineup on board the all-electric AC75s. Posted on 23 May
America's Cup: The Blitz of Statements
Various parties associated with the America's Cup released statements calling for more transparency Various parties associated with the America's Cup released statements calling for more transparency in the America's Cup. Emirates Team New Zealand responded by releasing what is tagged as the Final Draft of the Protocol. Posted on 23 May
Switch One DesignX-Yachts X4.3Vetus-Maxwell 2021 v2 FOOTER