It's a blast to the past and the heady 1980s sharemarket days, with a business partly owned by once-prominent businessman Sir Ron Brierley doing a $51.4 million deal to prepare for the 2021 America's Cup.
But the deal is certain to outlive the octogenarian who dominated boardrooms and business news here for so many years.
The Overseas Investment Office has just granted consent for Orams Group, 30 per cent owned by Brierley, to extend its leasehold interests by 3.5ha at Beaumont St in the Wynyard Quarter for 125 years.
The OIO issued a separate statement, telling of Oram's plans for the land.
"It has previously been reported that Orams is developing the site ahead of the 2021 America's Cup race, and it expects to have maintenance and refit facilities for the extra vessels that will be in Auckland for the event," a statement from the OIO said.
"The company is paying Auckland Council-owned Panuku Development Auckland $51.5 million for the 125-year lease of 3.5ha of land. The investment will introduce new marine facilities and specialist machinery," it said.
Special consent was needed due to the property's waterfront location, deeming the land sensitive under the Overseas Investment Act.
Orams says it has more than 30 marine specialist businesses on its 19,274sq m site and can handle "almost anything marine, but especially superyacht refits, equipment and motor repairs, boat maintenance, boat storage and sales.
"Our marina can berth superyachts up to 90m. The adjacent Orams Marine Village Boat Park is Auckland City's largest purpose-built dry stack facility and is the easiest place to store and access a boat in the Auckland CBD. Corporate event organisers are also using the boat park space as a unique venue for conferences and events," it says.
Orams is half-owned by ASX-listed Brisbane-headquartered Ariadne Australia, with Gary Weiss holding 18 per cent of that. That business owns investment management and financial services, car park infrastructure operation and management, property and maritime infrastructure ownership and operations.
In June, Brierley, said he would retire from his business at aged 81, sending a statement to the ASX, where his vehicle Mercantile Investment is listed.
"Today I am announcing my imminent retirement as chairman of Mercantile Investment Co. Due to age and health issues, I can no longer give the total commitment to the company which it requires and which shareholders deserve," he said.
Brierley Investments Ltd was founded by Brierley in 1961 with a brief to acquire substantial shareholdings in Australian and New Zealand listed companies. Through the 1970s and 1980s, it acquired a reputation throughout Australasia as a fearsome corporate raider.
By the time of the stock market crash in 1987, the company had made many global investments with shareholdings in more than 300 companies, and 160,000 New Zealanders held shares in the company.