|Date||12 September 2005|
|Offeror/applicant||Fletcher Residential Limited|
|Ultimate applicant beneficial ownership||47.78 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 current||0 percent|
|- Asset proposed||52.22 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Kirkdale Investments Limited|
100 percent - New Zealand, Kimpton (Brian Fergy) and Bollard (Raymond Arthur John)
|Business activities||Property & Business Services - Property|
|Details of land involved||8.6583 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).|
|Consent Sought - 1995 Regs|
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:
Private Bag 92518