Section 12(1)(a) Overseas Investment Act 2005 (the Act)
|Decision Maker||Toitū Te Whenua LINZ|
|Decision Date||19 July 2022|
|Pathway(s)||Benefit to New Zealand|
|Investment||4.0469 hectares of land located at 51 Lathrope Road, Kumeu, Auckland|
|Asset Value||Withheld under s(9)(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Fletcher Residential Limited
Australia (45.5%) New Zealand (25.7%), United States of America (17.8%), Various (11%)
|Vendor||Xiang Qing Li and Davie Wen Li
New Zealand (100%)
The Applicant is a land and residential housing developer. The Applicant is planning a large housing development in west Auckland, which currently comprises three parcels of land (wider development).
The Applicant has entered into a contract to acquire a freehold interest in approximately 4.0469 hectares of land in west Auckland (the Land). The Land is treated as associated land under section 8 of the Act, as it adjoins a 20.3986 hectare parcel of land which the Applicant gained consent to acquire in 2020. The remaining parcel of land comprises approximately 4.3428 hectares of land, and the Applicant was also granted consent to acquire it on 19 July 2022.
The Applicant proposes to develop at least 520 residential dwellings on the wider development. Construction of the development is contingent on a successful Auckland Unitary Plan change. The Applicant expects to achieve the plan change by December 2023 and will be ready to commence construction immediately after this. As currently forecast, the construction programme will take up to seven years.
After considering the application, the LINZ is satisfied that the investment is likely to result in benefit to New Zealand. The development will sustain approximately 17 FTE jobs during the construction programme and will result in around $38 million introduced into New Zealand. The 520 new dwellings will help advance the Government’s housing policies and will help alleviate the current undersupply of housing in the Auckland region.
|More information||Tara Wylie
Simpson Grierson (Auckland)
Private Bag 92518 Auckland 1141