Team New Zealand on the move at Auckland's Wynyard Quarter

Team New Zealand has been based at the Viaduct Events Centre since 2018. Photo / Emirates Team NZ

Emirates Team New Zealand is moving out of the Viaduct Events Centre at Wynyard Quarter on the Auckland waterfront.

Team New Zealand is relocating its base west across the water to the former Team INEOS base at Brigham St after reaching a new agreement with Auckland Council's development arm Eke Panuku Development Auckland.

This will enable the 6000sq m waterfront venue to reopen for business and events in 2023 where it generated $3.5 million to $4m of rent revenue a year for the council before Team New Zealand moved in.

Official Information documents show Emirates Team NZ paid $1 a year to use the events centre as its America's Cup base between 2018 and March this year.

The lease for the new site will run from October 1 this year until June 30, 2028 and includes a transition period to allow time for Team New Zealand to reinstate the Viaduct Events Centre – a condition prior to the team's tenancy.

Team New Zealand operations manager Kevin Shoebridge. Photo / Jason Oxenham

Team New Zealand is responsible for all reinstatement costs, with works expected to be completed by mid-December this year.

The initial net rent is $550,000 plus GST per year with CPI increases annually from June 2026.

Team New Zealand chief operating officer Kevin Shoebridge said the Viaduct Events Centre building was offered to the team as a timely and pragmatic solution for the 36th America's Cup.

"In negotiations with Auckland Council it was agreed between the parties that we would work together to find a longer-term solution for the team. So we are happy we have taken a positive step towards that with a lease until 2028 on Wynyard Point."

Auckland Mayor Phil Goff said it was great to have the Viaduct Events Centre back and available to host local and international events from early next year.

"As more local and international business and other events return to Auckland, the city needs to have the Viaduct Events Centre back and open for business," he said.

Auckland Council planning committee chair Chris Darby said he was pleased ratepayers no longer had to subsidise what is essentially a private company's rent.

"It's good to see TNZ free up the Events Centre, as many Aucklanders demanded once they announced they were bailing on defending the cup in Auckland," Darby said.

"Essentially TNZ is a privately owned sailing business, so paying commercial rates for occupation of both the Events Centre and the publicly owned waterfront spot they are moving to, is entirely appropriate".