| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 May 2022 |
| Pathway(s) | Residential land development (Non-residential use - One-off purchase) |
| Investment | Acquisition of 0.2866ha of land located in Silverdale, Auckland |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | McDonald's Restaurants (New Zealand) Limited United States of America (27.67%) Norway (1.03%) Various (71.30%) [1] |
| Vendor | Build Rich Limited |
| Background | The Applicant has been granted consent to acquire the Land to construct and operate a new McDonald’s restaurant. The Applicant is ultimately owned by McDonald's Corporation, a company publicly listed on the New York Stock Exchange. The restaurant is expected to be operational in 2023. The Land is currently being subdivided by the Vendor. It is vacant undeveloped land. This consent has been granted in accordance with the Non-residential use test set out in Schedule 2 of the Act. |
| More information | Anna Hickmott Greenwood Roche (Auckland) PO Box 106006 Auckland |
[1] These percentages pertain to the geographical locations of the top 10 largest owners of McDonald's Corporation as at 6 May 2022. The top 10 owners hold 28.70% interest in McDonald's Corporation.
See the attached Assessment Report linked below, which was published in response to an Official Information Act request: