Decision Summary - Confidential

Decision number 200820020
Application number 200810059
Date 11 August 2008
Offeror/applicant CONFIDENTIAL
Ultimate applicant beneficial ownership 99 percent - Australia, Australian Public
0.77 percent - New Zealand, New Zealand Public
0.23 percent - Various, Various overseas persons
Beneficial overseas ownership
- Asset current 0 percent
- Asset proposed 99.23 percent
- Share current N/A
- Share proposed N/A
Offeree(s)/seller(s) Andersons Bay No. 1 Limited
100 percent - New Zealand, Van Aart (Michael Egbert)
Business activities Wholesale & Retail Trade
Details of land involved 1.0298 hectares of freehold situated at 14 & 16 Braemar Street and 323 Andersons Bay Road, Dunedin being CTS OT13C/926, 232730 and 232731 (Otago Registry).
Regions involved Otago
Total consideration CONFIDENTIAL
Consent sought To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background to the Investment:
The Applicant is seeking to expand its operations across New Zealand.

Outline of the Investment:
The Applicant has entered a sale and purchase agreement for the land with the vendor. The agreement is conditional on obtaining the Overseas Investment Office's consent.

Rationale for the Investment:

The proposed investment is part of the Applicant's growth strategy. Currently the Applicant has no presence in the area.

The proposed overseas investment will, or is likely to, benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following benefits:

  1. Overseas Investment Act 2005
    1. s17(2)(a)(i) - Creation of job opportunities.
    2. s17(2)(a)(iv) - Added market competition, increased productivity/efficiency, enhanced domestic services.
    3. s17(2)(a)(v) - Additional investment for development purposes.
  2. Overseas Investment Regulations 2005
    1. r28(c) - Adversely affect New Zealand's image overseas.
    2. r28(e) - Previous investments of benefit to New Zealand.
Contact Edward Dunphy/John Gordon
Russell McVeagh
P O Box 8
AUCKLAND

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