Applicant
Universal Homes Limited
Case number(s)
201900445
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date17 October 2019
Pathway(s)Residential land – increased housing
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.2298 hectares, being Superlot BB15 of the Buckley B Precinct, Hobsonville Point
Consideration$14,990,283
ApplicantUniversal Homes Limited
The People’s Republic of China (100%)
VendorAVJ Hobsonville Pty Limited
Singapore (53.02%)
Australia (46.98%)
Background

The Applicant is a New Zealand registered property development company and has been in the property development market since 1959.

The Applicants development of this land makes up part of the wider Hobsonville Development project taking place on former defence land in Hobsonville, Auckland. The former air force dwellings were removed from the land prior to May 2018, there are currently no dwellings on the land.

To meet the increased housing test, the Applicant proposes to construct up to 76 new residential dwellings on the land. We consider the Investment is likely to:

  • meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land;
  • meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land by 31 May 2023; and
  • meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.
More informationMatthew Ockleston
Kensington Swan
Private Bag 92-101
Auckland 1142