Overseas investment decision for case 201900473 - Since20181 Development Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in 0.1012 hectares of land at 24 Beechwood Road, Rothesay Bay, Auckland.; and
• a freehold interest in 0.1012 hectares of land at 22 Beechwood Road, Rothesay Bay, Auckland.

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:

1. meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land;
2. meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land; and
3. meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.