The New Zealand Herald has reported that the former waterfront home in Auckland for Luna Rossa’s America’s Cup team is being sold. But Waterfront Auckland, the organisation selling it, says the 1.6-hectare piece of property must be used as a superyacht refit yard.

The paper reported that expressions of interest have come from investors and marine industry businesses. The yard could have the best haul-out facilities for superyachts in New Zealand, capable of handling vessels up to 80m long and weighing 2,000 tonnes.

Peter Busfield, executive director of New Zealand’s Marine Industry Association, said the economic rewards of refit work could be high. He said there are an estimated 3,000 superyachts above 40m in the world, and about 300 over 60m. ”New Zealand has probably had three of the 300 down here,” he told the paper. An average refit takes six months, costing about NZ$6m for a 50m yacht.

”Wynyard Marine has huge significance as a strategic site with the potential to play a key role in the wider Auckland marine service operation that will benefit both owner/operators of any future refit yard and the industry,” said Busfield.

The land zoning also allows for 6,000sq m to be used for residential apartments and 1,200sq m for commercial space. The site includes 10,663sq m of adjacent water space.

Mark Wightman, an executive at the superyacht refit company Integrated Marine Group, said his firm would look at the property. ”We’re dealing with a competitive market worldwide,” he told the paper. ”Unless it can be competitive it’s not worth entertaining the idea. It has to be a compelling business model.”