8 Mar 2013

Foreign investment 'needed' for waterfront scheme

9:37 am on 8 March 2013

The Property Council says a plan to attract $1 billion of investment for the Auckland waterfront will succeed only with foreign funding.

The Auckland Waterfront Development Agency is launching a big push for development of a three hectare block that borders the Wynyard Quarter.

Over the next decade, it wants office blocks, a five star hotel and nearly 1000 apartments built, and plans to lease the land to investors.

Property Council chief executive Connal Townsend said the plan is attractive, but domestic investors can't fund it alone.

Mr Townsend said most of the money will come from overseas and that means many New Zealanders will have to overcome their fear of foreign investment.