| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 2 (of 7) |
| Date | 3 June 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.2832 hectares of Land at 339 and 349-361 Great North Road, Grey Lynn, Auckland. |
| Consideration | $15,000,000 |
| Consent Holder | Endurance Capital Limited New Zealand (100%) |
| Vendor | G N R Limited New Zealand (100%) |
| Background |
Targa Capital Limited was granted a standing consent under the Increased Housing test on 24 January 2020. Endurance Capital Limited replaced Targa Capital Limited as the Consent Holder on the 26 January 2021. The Consent Holder is permitted to acquire up to 20ha of residential (but not otherwise sensitive) land in up to 7 transactions by 25 January 2023. The Consent Holder is an overseas person because one of three directors is not a New Zealand citizen nor ordinarily resident of New Zealand. This is the second acquisition of land by the Consent Holder under their standing consent. The Consent Holder has an interest the land through a limited partnership, which intends to construct a new apartment block of 153 residential dwellings on the land acquired under this transaction. Under the standing consent the Consent Holder 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 2 years of completion. |
| More information | Geoff Hosking Anthony Harper PO Box 2646 Auckland 1146 |