Section 12(a) Overseas Investment Act 2005
|Overseas Investment Office
|6 December 2019
|Residential land – increased housing and non-residential use
|An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.0759 hectares of land at 20 Browns Bay Road, Rothesay Bay, Auckland.
|Since20181 Development Limited
People’s Republic of China (100%)
|Darren Paul Porteous
New Zealand (100%)
The Applicant plans to construct an apartment development on the land and neighbouring land (that it already owns). The development will contain at least 75 new residential dwellings and approximately three commercial units.
The Applicant plans to begin construction of the development immediately after obtaining all required consents. The Applicant must complete construction of the development by December 2025.
The Applicant will not occupy or retain any residential apartments in the development and must sell them all by the end of December 2026.
The Applicant plans to retain three ground floor units within the development, which the Applicant can only use for non-residential purposes. The Applicant intends to lease these three commercial units as shops to service the apartment residents.
To meet the increased housing test, the Investment is likely to:
To meet the non-residential use test, the commercial units in the Investment are likely to be:
Winston Wang & Associates
96 Remuera Road
See the attached assessment report linked below, which was published in response to an Official Information Act request: