| Notification | Notification of a transaction under a Standing Consent Section 23A Overseas Investment Act 2005 |
|---|---|
| Notification number | 10 (of 12) |
| Date | 4 March 2024 |
| Pathway(s) | Sensitive land – Residential land development (standing consent) |
| Investment | Acquisition of a freehold interest in 10.0977 hectares of land at Park Estate Road, Papakura, Auckland |
| Asset value | $20,622,600 |
| Consent holder | Fletcher Residential Limited New Zealand 22% Australia 54% Various 24% |
| Vendor | Derryyeagh Developments Limited, Gateway Auckland Limited, and Park Green Residential Limited |
| Background | The Consent Holder holds a Standing Consent under the increased housing and non-residential use pathways. The Standing Consent permits the Consent Holder to acquire up to 200 hectares of residential land (but not otherwise sensitive) in transactions connected with up to 12 developments with a maximum of 40 hectares per development. The transactions may not be entered into after 1st of May 2022 or, for land in the same development only, 12 months after the date on which the first transaction was entered into in respect of that development. This is the 10th notification under this consent with approximately 10.0977 hectares of land being acquired at Park Estate Road, Papakura, Auckland. The Consent Holder intends to develop a residential development known as “Park Green” in 3 stages. The applicant intends to subdivide 9 super lots and build 354 residential dwellings with a village town centre. The Consent Holder will sell all 354 dwellings to third party purchasers. |
| More information | Gregory Allen 88 Shortland Street, Auckland 09 977 5164 |