ARC and the Government to buy Queens Wharf
15 June 2009

The ARC and the Government are buying Queens Wharf to ensure it is opened up for public access and developed into a premier cruise ship terminal for New Zealand.

“The deal comes after months of negotiation between the ARC, ARH and Ports of Auckland,” said ARC Chairman Mike Lee.

“I thank the Prime Minister for his initiative announced last week, which added impetus to the successful conclusion of negotiations between the ARC and Ports of Auckland.”

The ARC and the Government are contributing $20 million each to the purchase of the wharf from Ports of Auckland. The transfer of ownership will occur on 1 April 2010, giving time for the wharf to be developed as a public venue for the Rugby World Cup in 2011.

The ARC is financing its purchase via a drawdown from ARH.

Mr Lee said he was proud that the ARC group has been able to play such a pivotal role in ensuring the development of Queens Wharf can go ahead.

“Opening up Queens Wharf will enhance the amenity of the waterfront. It will enable development of an international standard cruise ship terminal and public open space that will benefit Aucklanders and visitors to the region alike.”

Research carried out for the Government in 2008 found that a cruise terminal on Queens Wharf could generate an additional $713 million in direct spending to the New Zealand economy over the next 10 years.

Each cruise ship visit contributes on average an estimated $1.6 million to the economy.

ENDS

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