Decision Summary - Westpac Banking Corporation
| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 July 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.2314 hectares of land at 22 Winscombe Street, Belmont, North Shore City. |
| Consideration | CONFIDENTIAL |
| Applicant | Westpac Banking Corporation Australia (92.86%), New Zealand (7.14%) |
| Vendor | Bradley John Cooper and Joanne Maree Walker Australia (100.0%) |
| Background | Mr Cooper is an employee of Westpac Banking Corporation (WBC). Mr Cooper was originally employed by Westpac New Zealand Limited as its Chief Executive, during which time Mr Cooper was resident in New Zealand and the land was his principal place of residence. Relocation arrangements agreed in connection with Mr Cooper taking up a new position with WBC in Sydney included WBC's purchase of the property at a price determined by reference to independent valuations if a third party buyer was not found within an agreed period. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:
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| More information | David Gilbert Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
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