| Decision number | 200620051 |
|---|---|
| Application number | 200620038 |
| Date | 28 September 2006 |
| Offeror/applicant | Bank of New Zealand |
| Ultimate applicant beneficial ownership | 100 percent - Australia, National Australia Bank Limited |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Mulitplex 80 Queen Street Limited 100 percent - Australia, Australian Public |
| Business activities | Finance & Insurance - Financial Institutions |
| Details of land involved | 1.4268 hectares of leasehold situated at 80 Queen Street, 9 Fort Street and 16 Shortland Street, Auckland being CTs NA1814/55 and NA75D/102 (North Auckland Registry). |
| Regions involved | Auckland |
| Total consideration | $93,558,468 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993. |
| 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. The Bank of New Zealand (BNZ) and Multiplex Developments (NZ) Limited (Multiplex) have entered into an agreement whereby BNZ Properties (Auckland) Limited, a wholly owned subsidiary of BNZ which currently owns the subject land, will sell the land to Multiplex 80 Queen Street Limited (MPX80), a wholly owned subsidiary of Multiplex. The agreement includes arrangements where MPX80 is to demolish one of the existing buildings, and part of the other (which is subject to a Memorandum of Understanding with the Historic Places Trust, design and build a new building on the land, and lease the lower office levels and key ground floor retail area, car parks and ancillary facilities back to the BNZ. The proposal will provide the BNZ with new head office premises. The proposal is likely to facilitate the development proposed by Multiplex (refer A200420119/D200510003). These benefits are:
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| Contact | Mark Crosbie Bell Gully P O Box 4199 AUCKLAND |