Decision number200610026
Application number200520140
Date9 March 2006
Offeror/applicantMultiplex Funds Management Limited as custodian of the Multiplex Albert Street Landowning Trust
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset current100 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Neil Properties Limited
100 percent - Malaysia, Tiong Family
Business activitiesProperty & Business Services - Property
Details of land involved0.5579 hectares of freehold situated at 9-11 Corinthian Way and 7 Mercari Way, Albany, Auckland being CT NA132B/1000 (North Auckland Registry).
Regions involvedAuckland
Total consideration$29,986,568
Consent sought - 1995 RegsTo acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire the subject property which is used as commercial office, retail and carparking, to add it to its portfolio of New Zealand commercial properties. The Applicant advises that the acquisition provides an opportunity to acquire a mixed commercial/retail property in the Albany business district, a fast growing precinct where the Applicant does not have any current investments. The acquisition of this property is the sixth acquisition of commercial property in New Zealand for the Multiplex Group.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities;
  2. enhanced domestic services for tenants; and
  3. the introduction of additional investment for development purposes.
ContactGreg Thompson / Edward Dunphy
Russell McVeagh
P O Box 8
AUCKLAND