Applicant
Macquarie Goodman Holdings (NZ) Limited
Case number(s)
200620071
Decision date
Type
Decision
Decision number200620071
Application number200620077
Date24 November 2006
Offeror/applicantMacquarie Goodman Holdings (NZ) Limited/Macquarie Goodman Nominee (NZ) Limited
Ultimate applicant beneficial ownership47.035 percent - Australia, Australian Public
38.605 percent - New Zealand, New Zealand Public
14.36 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed61.395 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Waiweka Limited
100 percent - New Zealand, Edney (Timothy Laird and Catherine Ruth)
Business activitiesProperty & Business Services - Property
Details of land involved8.3143 hectares of freehold situated at 100 Plunket Avenue, Manukau, Auckland being CT NA125C/691 (North Auckland Registry).
Regions involvedAuckland
Total consideration$23,730,000
Consent soughtTo 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.

The Applicant proposes to acquire the subject property which is consistent with Macquarie Goodman's strategy of owning well-located, good quality industrial property. The proposed acquisition of the subject land and the land situated at 70 Plunket Avenue, Manukau (refer A200620090) will consolidate Macquarie Goodman's land holding in Plunket Avenue, Wiri as the land adjoins an existing Macquarie Goodman asset, the Auckland Distribution Centre. The acquisition of the property will enable an extension to the Auckland Distribution Centre to be constructed.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. enhanced domestic services for commercial property tenants; and
  3. the introduction into New Zealand of development investment for development purposes.
ContactMatthew Carroll
Chapman Tripp
PO Box 2206
AUCKLAND