Decision Summary - Bunnings Limited

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Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 13 August 2009
Investment An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.0043 hectares of land at 94 Cryers Road, East Tamaki, Auckland.
Consideration $3,993,750
Applicant Bunnings Limited
Australia (99.43%), New Zealand (0.36%), Various (0.21%)
Vendor ING Properties Limited
New Zealand (99.87%), Various (0.13%)
Background The Applicant proposes to establish a Bunnings trade centre serving trade customers on the property. The Applicant will modify and upgrade the existing buildings to enable the trade centre to be established.

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:
  • Overseas Investment Act 2005
    • 17(2)(a)(i) – Creation/Retention of jobs
    • 17(2)(a)(v) – Additional investment for development purposes
  • Overseas Investment Regulations 2005
    • 28(c) – Affect image, trade or international relations
    • 28(e) – Previous investments
More information Claire Green
Simpson Grierson (Auckland)
Private Bag 92518
Wellesley Street
AUCKLAND

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