Section 12(a) Overseas Investment Act 2005
|Overseas Investment Office
|19 December 2019
|Residential land – increased housing
An overseas investment in sensitive land, being the Applicant's acquisition of:
|Since20181 Development Limited
People’s Republic of China (100%)
|Mark Sheridan Spencer, Rebecca Anne Spencer and Fiona Margaret Cottam (as independent trustee) as trustees of The Spencer No 1 Family Trust
New Zealand (100%)
The Applicant plans to construct an apartment development on the land and neighbouring land (that it either already owns or has recently received consent for). The development will contain approximately at least a total of 175 new residential apartments, with at least 80 new residential apartments on the land associated with this consent.
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 any residential apartments in the development and must sell all interests in the land by the end of December 2026.
To meet the increased housing test, the Investment is likely to:
PO Box 5745
See the attached assessment report linked below, which was published in response to an Official Information Act request: