| Decision | Standing Consent (Increased Housing and Non-Residential Use tests) granted |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 January 2020 |
| Pathway(s) | Sensitive residential land – standing consent (increased housing & non-residential use). |
| Investment | Overseas investments in sensitive land, being Kiwi Property’s acquisition of interests in residential (but not otherwise sensitive) land. |
| Applicant | Kiwi Property Group Limited (KPGL) & associated entities New Zealand Public (approximately 60.13%) North American Public (approximately 13.68%) Australian Public (approximately 17.18%) Various overseas persons (approximately 9.01%) |
| Background | KPGL is a property developer and manager listed on the NZX. The Applicants wish to acquire residential (but not otherwise sensitive) land. The Applicants intend to use the acquired land primarily for the construction of new residential dwellings, which will then be rented or leased out to non-associated third parties. We are satisfied the Applicant has demonstrated the investor test is met and that the Applicant is likely to comply with the mandatory and additional conditions of consent as set out in Schedule 4, clause 2, having had regard to the Applicant’s financial strength, previous activity regarding the use of residential land, and the previous record of the Applicant in complying with consent conditions. The standing consent is for a term of three years, 6 hectares (aggregate) of residential land, nineteen transactions in the Auckland area. |
| More information | David Butler |