| Decision | Consent granted Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 October 2021 |
| Pathway(s) | Significant business assets only |
| Investment | Establishment of a business to build a mixed use development on leasehold land (Aotea Station development). |
| Cost of Commencing Business | Expenditure in excess of $100 million in aggregate |
| Applicant | MRCB Aotea Central Limited |
| Vendor | Auckland Council |
| Background | The Applicant is MRCB Aotea Central Limited, an indirect wholly owned subsidiary of Malaysian Resources Corporation Berhad. The Applicant was the successful submitting party under a process conducted by Auckland Council (via Panuku Development Auckland) in 2019-2020 for the acquisition of a long-term (125 year) leasehold interest in the property at 4-10 Mayoral Drive and 32-34 Wellesley Street West, Auckland, and development rights for the construction of a mixed-use over-station development above the Aotea Station (to be constructed as part of the Auckland City Rail Link project) Pursuant to the development agreement, the Applicant will pay a rent prepayment amount of $40 million plus GST to Auckland Council in consideration for being granted the lease over the property. The mixed use development to be completed by the Applicant at the property has an estimated gross development value of $452 million. |
| More information | David Simpson Thompson Blackie Biddles P O Box 1996 Shortland Street Auckland 1140 |