| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 14 December 2023 |
| Pathway(s) | Sensitive land – Residential land development (one off) |
| Investment | Acquisition of freehold interest in approximately 3.1314 hectares of land at 104 Washington Road and 27 Britannia Heights, Stepneyville, Nelson City |
| Consideration | $1,450,000 |
| Applicant | CDL Land New Zealand Limited Singapore 57% New Zealand 38% Various 5% |
| Vendor | Washington Valley Nominees Limited New Zealand 100% |
| Background | The Applicant is a residential property developer with investments throughout New Zealand. The Applicant is a subsidiary of NZX-listed CDL Investments New Zealand Limited. The land that the Applicant will acquire is currently bare land. The Applicant will develop the land into at least a 34-lot subdivision to be sold as residential sections on the open market. Consent was granted as the Applicant met the investor test criterion and the investment is likely to meet the increased housing test. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |