Decision Summary - Weiti No. 1 Partnership
| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 13 March 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
| Consideration | $163,421,000 |
| Applicant | Weiti No. 1 Partnership New Zealand (50.35%), Australia (43.65%), United Kingdom (except Isle of Man and the Channel Islands) (6.0%) |
| Vendors | Green & McCahill Holdings Limited - (East Coast Road property) Taiwan (100.0%) Williams Land Stillwater Limited – (Duck Creek Road property) New Zealand (100.0%) |
| Background | Purchasing the land will allow the Applicant to develop the land by providing between 150 and 350 residential lots, with the objective of providing a commercial return to the Applicant's investors. The residential lots will be developed on no more than 220 hectares of the land, leaving at least 500 hectares as a permanent green belt on the northern fringes of Auckland. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
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| More information | Jeff R Morrison Russell McVeagh (Auckland) PO Box 8 AUCKLAND Charles Spillane Russell McVeagh (Auckland) PO Box 8 AUCKLAND |
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