| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 5 (of 12) |
| Decision Date | 20 April 2021 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.4732 hectares of Land at Tobruk Road, Derna Road and Dunkirk Road, Tamaki, Auckland. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
| Applicant | Fletcher Residential Limited New Zealand Public (21.8%) Australian Public (54.4%) Various overseas persons (23.8%) |
| Vendor | Tamaki Regeneration Limited |
| Background |
The Applicant was granted a standing consent based on the Increased Housing/Non-Residential Use tests on 18 April 2019. This permits the Applicant to acquire up to 200ha of residential (but not otherwise sensitive) land in up to 12 transactions by 1 May 2022. This is the fifth acquisition of land under the standing consent. The Applicant intends to subdivide and develop the land, for the purpose of constructing approximately 23 social housing units, 3 affordable housing units and 59 housing units to be sold on the open market. It is intended that construction of all 85 housing units will be completed by the end of November 2022. Under the standing consent the Applicant must increase the number of dwellings on the land, or undertake development works to support, and must divest all interests in the sensitive land within 10 years. |
| More information | Gregory Allen Simpson Grierson (Auckland) Private Bag 92518 AUCKLAND 1141 |