Decision number200520048
Application number200520022
Date7 September 2005
Offeror/applicantTrans Tasman Properties Limited
Ultimate applicant beneficial ownership63.05 percent - Hong Kong, SEA Holdings Limited
33.0148 percent - New Zealand, New Zealand Public
3.9352 percent - Various, Unknown Overseas Persons
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed66.9852 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Devondale Nurseries Limited
48.4544 percent - New Zealand, Powell (John William) and Gavin (Charlotte Teresa)
25 percent - New Zealand, Powell (John William)
19.1125 percent - New Zealand, Powell (John William and Daniel John)
5.8875 percent - New Zealand, Powell (Daniel John)
1.5456 percent - New Zealand, Gavin (Charlotte Teresa)
Business activitiesProperty & Business Services - Property
Details of land involved39.2123 hectares of freehold situated at Johns Road and Main Road North, Belfast, Christchurch being CT 266134 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$10,194,187
Consent Sought - 1995 Regs

To acquire:

  1. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space; and
  2. an estate or interest in land which together with any associated land exceeds five hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Applicant (TTP) is a New Zealand Stock Exchange listed commercial property investor and developer. TTP has investments in several commercial and development properties located in Auckland, Christchurch and Queenstown. The proposed investment forms part of TTP's property investment and development strategies through expanding its investment portfolio and acquiring an interest in quality investment and development properties.

The proposed acquisition is consistent with TTP's current investment strategy in the Christchurch region, with its current focus on residential development. The subject properties adjoin and are adjacent to land owned by or to be acquired by Clearwater Property Holdings Limited (CPHL) a company in which TTP holds a 55 percent shareholding.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities; and
  2. the introduction of development capital.
ContactFrank McLaughlin/Chris Bougen
Chapman Tripp
P O Box 993
WELLINGTON