Decision number200520055
Application number200520042
Date12 September 2005
Offeror/applicantFletcher Residential Limited
Ultimate applicant beneficial ownership47.78 percent - New Zealand, New Zealand Public
29.4 percent - Australia, Australian Public
12.3 percent - United States of America, US Public
6.7 percent - United Kingdom, United Kingdom Public
3.82 percent - Various, Unknown Overseas Persons
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed52.22 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Kirkdale Investments Limited
100 percent - New Zealand, Kimpton (Brian Fergy) and Bollard (Raymond Arthur John)
Business activitiesProperty & Business Services - Property
Details of land involved8.6583 hectares of freehold situated at Turnberry Drive, Allerton Place, and Aberdeen Crescent, Wattle Cove, Auckland being part CTs 147138, 7455, and NA130A/743 (North Auckland Registry).
Regions involvedAuckland
Total consideration$22,508,000
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 significant 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 proposes to acquire the subject properties comprising approximately 152 residential lots which are part of a subdivision known as the Wattle Downs Development being carried out by the vendor.  The vendor is completing the necessary infrastructure for the residential subdivision.

The acquisition will enable the Applicant to further develop its residential building business in the south-eastern Auckland region.  The Applicant concentrates its business on residential housing development rather than residential land subdivision.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities; and
  2. the introduction of development capital.
ContactGreg Allen
Simpson Grierson
Private Bag 92518
AUCKLAND