|Date||11 October 2005|
|Offeror/applicant||Best Choice Trustee Limited as trustee of the Best Choice Development Trust|
|Ultimate applicant beneficial ownership||100 percent - China, Yang (Yong)|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Knight (Douglas James, Winston Howard, and Isla Joy) as trustees of the Brian Knight Family Trust of New Zealand|
|Business activities||Property & Business Services - Property|
|Details of land involved||10.3194 hectares of freehold situated at 116 Pharazyn Street, Feilding being CTs WN113/227 and WN365/288 (Wellington Registry).|
|Consent Sought - 1995 Regs||To acquire an estate or interest in land which together with any associated land exceeds five hectares in area.|
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 proposes to acquire the subject land to carry out a residential subdivision development. The nature, extent, and timing of the development is dependent on whether the land is rezoned from Rural to Residential land by the Manawatu District Council (the Council). The Council is currently considering rezoning options around Feilding, and is looking to rezone enough land to provide 400-500 new residential sections. The Council has identified six urban growth options including a block of land that partly comprises the subject land.
The Applicant advises that there are two development options: firstly to subdivide the land into approximately 24 allotments with a minimum area of 4,000 square metres (option A). This is a discretionary activity under the Manawatu District Plan; and secondly, if the land is rezoned Residential to subdivide the land into approximately 132 allotments with a minimum area of 500 square metres (Option B). This will also be a discretionary activity under the Manawatu District Plan upon such rezoning taking place.
The proposal is likely to result in the following benefits:
287 College Street