Build and they will come -
'A Year after opening Cambridge's Avantidrome has bucked the conventional wisdom that sports stadiums are loss-making white elephants.
The Waikato's $28 million sports facility runs at a profit and is credited with assisting a housing boom at nearby Cambridge as athletes, coaches and young families with an interest in cycling move into town. It's also drawn wide praise for getting the community onside.
The successful financial model rests upon the rental income derived from 3000 sq m of commercial space
"Rental income is the most significant item of the balance sheet" says CEO Geoff Balme. "We've attracted tenants including Cycling NZ, High Performance NZ, Para Cycling NZ, the University of Waikato and Revolve Cafe. Canoe Racing NZ is expected to arrive later this year. I think encouraging use from local families, clubs and organisations has been key to our success. The track had 22,000 community rides in its first year. Elite athletes use it only about 10% of the time."
...
Cambridge Chamber of Commerce CEO Tara Whitford says the Avantidrome has been a key reason why Cambridge is now growing rapidly. "The facility is often part of their (young families) decision to come here."
etc.etc.
- today's NZ Herald: The Business p.17