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The Economic Value of the Redeveloped Auckland Waterfront

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The Economic Value of the Redeveloped Auckland Waterfront The economic value of the redeveloped Auckland Waterfront The economic value of the redeveloped Auckland Waterfront November 2010 1 The economic value of the redeveloped Auckland Waterfront PricewaterhouseCoopers 26 November 2010 188 Quay Street Private Bag 92162 Auckland 1142 New Zealand Telephone +64 9 355 8000 John Dalzell Facsimile +64 9 355 8001 Direct Phone +64 9 355 8600 Chief Executive Direct Fax +64 9 355 8024 Sea+City Projects Ltd www.pwc.com/nz Pier 21, 11 Westhaven Drive AUCKLAND Dear John The economic value of the redeveloped Auckland Waterfront In accordance with the terms of our engagement letter dated 27 August 2010, we attach our report on the economic value of the redeveloped Auckland waterfront. This report should be read in conjunction with the Restrictions in Appendix A. Our key findings and recommendations are contained in the Executive Summary in Section 1 of the Report. If you require any clarification or further information, please do not hesitate to contact me. Yours sincerely PricewaterhouseCoopers Chris Taylor, Partner The economic value of the redeveloped Auckland Waterfront Table of Contents 1 Executive summary.............................................................................................................................................................................................................1 2 Background .........................................................................................................................................................................................................................4 2.1 Purpose of the study ....................................................................................................................................................................................................4 2.2 Defining the Waterfront ................................................................................................................................................................................................4 2.3 A snapshot of the Waterfront in 2040 ..........................................................................................................................................................................5 2.4 Multiplier analysis and dollar values ............................................................................................................................................................................8 3 Employment on the Waterfront ...........................................................................................................................................................................................9 3.1 Who works on the Waterfront today?.........................................................................................................................................................................10 3.2 Employment profile in 2040 .......................................................................................................................................................................................13 3.3 Net addition to Auckland economy of redeveloped Waterfront employment.............................................................................................................17 3.4 Agglomeration and congestion ..................................................................................................................................................................................22 3.5 Agglomeration benefits in 2040 .................................................................................................................................................................................29 3.6 Net agglomeration benefits in 2040 ...........................................................................................................................................................................29 4 The cruise industry............................................................................................................................................................................................................30 4.1 What role does the cruise industry play today? .........................................................................................................................................................31 4.2 Waterfront cruise industry in 2040 .............................................................................................................................................................................32 4.3 Net addition to Auckland cruise industry from redeveloped Waterfront.....................................................................................................................36 5 Major Waterfront-linked events .........................................................................................................................................................................................38 5.1 The importance of Waterfront-linked events..............................................................................................................................................................39 5.2 What role do Waterfront-linked events play today? ...................................................................................................................................................42 5.3 Waterfront-linked major events in 2040 .....................................................................................................................................................................44 3 The economic value of the redeveloped Auckland Waterfront 5.4 Net addition to Auckland events of a redeveloped Waterfront ..................................................................................................................................45 6 Other Waterfront tourism...................................................................................................................................................................................................47 6.1 What does Waterfront tourism look like today? .........................................................................................................................................................48 6.2 Waterfront tourism in 2040.........................................................................................................................................................................................50 6.3 Net addition to Auckland tourism from the redeveloped Waterfront ..........................................................................................................................52 7 Other impacts to 2040.......................................................................................................................................................................................................54 7.1 Construction ...............................................................................................................................................................................................................54 7.2 Other economic benefits ............................................................................................................................................................................................56 7.3 Attractiveness / liveability...........................................................................................................................................................................................58 7.4 Sense of place and Auckland’s profile.......................................................................................................................................................................59 7.5 Environmental and health benefits.............................................................................................................................................................................60 Appendix A: Restrictions ..........................................................................................................................................................................................................63 Appendix B: Multiplier analysis.................................................................................................................................................................................................64 What are multipliers? ............................................................................................................................................................................................................64 Uses and limitations of multipliers ........................................................................................................................................................................................64 Appendix C: Overarching assumptions ....................................................................................................................................................................................66 Dollar figures.........................................................................................................................................................................................................................66 Data sources.........................................................................................................................................................................................................................66
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