An ambitious theatre project on the Auckland waterfront has moved a step closer, but needs a further $13.4 million to get over the line.

Last night, the ASB Community Trust said it would contribute $5 million towards the Auckland Theatre Company's proposed 600-seat theatre at Wynyard Quarter, to be built on the site of the Moana Pacific building.

Trust chairman Ken Whitney said the building would be a huge asset for the city, but more importantly, would develop regional cultural resources.

The $41 million project is alongside the ASB headquarters at Wynyard Quarter. The bank is contributing a 200-seat studio theatre in its own building, a plaza area and a carpark towards the theatre project, worth about $6 million.


The Auckland Council has said it would contribute $10 million, but not until the theatre company has all the funding arranged.

Councillors will discuss the project next week when they make decisions on Mayor Len Brown's 10-year budget. The ATC also has $5.7 million pledged from corporate and individual donors.