Decision number200620022
Application number200610082
Date7 August 2006
Offeror/applicantBunnings Limited
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Golftech Limited
57 percent - New Zealand, Currie (Alan James)
29 percent - New Zealand, Swainson (Janice Helen and Reginald Harold)
14 percent - New Zealand, Wong (Philip)
Business activitiesWholesale & Retail Trade - Personal & Household Goods
Details of land involved
  1. 4.1071 hectares of freehold situated at 20 Milne Drive, Paraparaumu being CT WN43B/935 (Wellington Registry).
Regions involvedWellington
Total considerationCONFIDENTIAL
Consent Sought

To acquire:

  1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 ha and is or includes land that a district plan or proposed district plan under the Resource Management Act 1991 provides is to be used as a reserve, as a public park, for recreation purposes, or as open space; and
  2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins any scientific, scenic, historic, or nature reserve under the Reserves Act 1977 that is administered by the Department of Conservation and that exceeds 0.4 hectares in area.
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.

Bunnings Limited (Bunnings) is one of New Zealand's major suppliers of home and garden improvement products, and building materials and services to retail and trade customers. Bunnings operates a network of hardware stores throughout New Zealand, trading under the brand names Benchmark Building Supplies and Bunnings Warehouse. Bunnings proposes to acquire the subject land to construct a Bunnings Warehouse store as part of its expansion programme.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. enhanced domestic services; and
  3. the introduction into New Zealand of development investment for development purposes.
ContactGreg Towers
Simpson Grierson
Private Bag 92518
AUCKLAND