| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 March 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 0.5237 hectares of land at 42 Sir Woolf Fisher Drive, East Tamaki, Auckland. |
| Consideration | $10,329,044 |
| Applicant | Marine Power New Zealand Limited United States of America (99.99%) Various (0.01%) |
| Vendor | Highbrook Development Limited New Zealand Public (74.56%) Various (14.74%) Australia (10.70%) |
| Background | The Applicant is a company involved in the importation, sale, and distribution of marine propulsion systems and associated parts, including outboard and sterndrive motors. The Applicant intends to use the leasehold premises to expand its business of importing and selling marine propulsion systems and associated parts in New Zealand, and to allow it to export to a number of South Pacific countries and territories. The Applicant intends to introduce additional investment into New Zealand to fitout the warehouse premises.The Applicant will also employ additional employees following the expansion of the business. |
| More information | Steve Rendall Russell McVeagh PO Box 8 AUCKLAND |