Applicant
Mt. Wellington Limited
Case number(s)
202100605
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date14 December 2021
Pathway(s)Residential land development (Increased housing - One-off purchase)
InvestmentAn overseas investment is residential (but not otherwise sensitive) land, being approximately 0.0812 hectares of land at 38 Rogan Street, Hillsborough, Auckland.
Consideration$1,700,000
ApplicantMt. Wellington Limited
Indonesia (100%)
VendorMahkota Trustee Limited
Thailand (100%)
Background

The Applicant is a property developer with experience undertaking residential developments in New Zealand and overseas and has met the investor test. 

The Applicant intends to acquire the land to construct 4 semi-detached houses to increase the number of residential dwellings constructed on the Land. 

We consider the investment is likely to:
•    meet 1 of the increased housing outcomes - being an increase in the number of residential dwellings constructed on the Land;
•    meet the on-sale outcome - which means that after completing the development the Applicant must on-sell all interests in the Land within 12 months of completion.
•    meet the non-occupation outcome - which means the Applicant and certain related persons must not occupy the part of the Land being used to increase housing.

More informationFei Fei Teh
Millennium Lawyers
PO Box 5290
Auckland