Since20181 Development Limited
Case number(s)
Decision date
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date19 December 2019
Pathway(s)Residential land – increased housing

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.
ApplicantSince20181 Development Limited
People’s Republic of China (100%)
VendorMark 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:

  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.
More informationSteven Lee
Martelli McKegg
PO Box 5745

See the attached assessment report linked below, which was published in response to an Official Information Act request:

Overseas Investment Act consents Since20181 Development Limited 201900225 and 201900473

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