| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 April 2022 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand) |
| Investment | Leasehold interest of up to 24 years in 1.4294 hectares of land located at 3-19 Shelly Bay Road, Shelly Bay, Wellington |
| Asset Value | $41,683,200 |
| Applicant | Wellington City Transport Limited Australia (39.80%); Cayman Islands (24.78%); United Kingdom (15.79%); Luxembourg (12.46%); United States of America (3.66%); New Zealand (3.53%) |
| Vendor | Shelly Bay Road Limited New Zealand (100%) |
| Background |
Wellington City Transport Limited (the Applicant) proposes to acquire a leasehold interest in approximately 1.4294 ha of land from Shelly Bay Road Limited for an initial term of 12 years (with two further rights of renewal of 6 years each). The Applicant is part of a group of New Zealand incorporated companies (the NZ Bus group) which is the largest metropolitan bus operator in New Zealand (providing urban bus services in Auckland, Wellington, and Tauranga). The Applicant intends to construct and operate a bus depot comprising bus parking areas, a bus wash, refuelling facilities, EV Bus charging facilities and ancillary staff building and office space. The Applicant has long term contracts with Greater Wellington Regional Council for bus services in Wellington and the Proposed Development will facilitate the provision of those bus services. This investment will likely result in the creation of job opportunities and additional spend for development purposes. The investment will also advance Greater Wellington Regional Council’s public transport decarbonisation targets. The Overseas Investment Office was satisfied that this application demonstrates benefit to New Zealand. |
| More information |
David Gilbert |