| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister of Finance and the Minister for Land Information |
| Decision date | 8 January 2024 |
| Pathway(s) | Sensitive land - Benefit test |
| Investment | Acquisition of a freehold interest in approximately 57.9982 hectares of land at 16 Wickham Street & 16A Wickham Street, Frankton, Hamilton |
| Consideration | $96,380,500 |
| Applicant | Industre Property Rua Limited New Zealand (47%) United States of America (15%) Various (38%) |
| Vendor | Southpark Agri Development Limited New Zealand (95%) Japan (5%) |
| Background | The Applicant is a New Zealand company ultimately owned by NZX-listed Stride Property Limited and a group of international institutional investors. The land is currently used for occasional coarse grazing of animals and as a laydown yard for temporary storage of equipment and vehicles. The Applicant will use the land to develop into a commercial, industrial and logistics complex comprising approximately 30 lots to be leased or sold to industrial, manufacturing and logistics operators. The main benefits to New Zealand are likely to include increased jobs, additional investment for development purposes, promotion of development of the Waikato Region, and promotion of economic competitiveness. The investment is also likely to advance government’s regional development policies. Consent was granted as the Applicant has met the investor test criterion and because the benefit likely to occur as a result of the investment will result in benefit to New Zealand. |
| More information | Justin Maloney Bell Gully (Auckland) PO Box 4199 Auckland 1140 |