| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 5 February 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.7601 hectares of land at the corner of Maki Street and Gunton Drive, Westgate, Auckland. An overseas investment in significant business assets, being the establishment of a business in New Zealand (where the expenditure before commencing business is expected to exceed $100 million). |
| Consideration | Land purchase: $23,270,825 Expenditure before commencing business: exceeding $100,000,000 |
| Applicant | Costco Wholesale New Zealand Limited United States of America (98.87%) Canada (0.84%) Various (0.28%) |
| Vendors | Westgate Town Centre (2017) Limited New Zealand (100%) |
| Background | The Applicant is ultimately owned by Costco Wholesale Corporation, which operates the Costco global membership retail warehouse business that is one of the largest retailers in the world by total global revenue. The Applicant intends to acquire the land to develop, construct, and establish the first Costco membership retail warehouse in New Zealand. The Applicant also intends to acquire other land in the vicinity (not subject to OIO consent) to develop a fuel site to complement the warehouse. The benefits to New Zealand include the creation of new jobs involved in the construction and ongoing operation of the warehouse, car park, and fuel station; additional investment involved in the development; added market competition with the introduction of a new retail format into New Zealand; and increased export receipts of New Zealand products to other Costco stores worldwide. |
| More information | Jane Holland Bell Gully PO Box 4199 AUCKLAND 1140 |