|Date||19 September 2006|
|Offeror/applicant||CDL Land New Zealand Ltd|
|Ultimate applicant beneficial ownership||57.7837 percent - New Zealand, New Zealand Public|
22.0833 percent - Singapore, Hong Leong Group
20.133 percent - Singapore, Singapore Public
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||42.2163 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Lanyon (Mark Edward and Emma Catherine) and Murdoch (Charles James) as trustees of the Lanyon Family Trust of New Zealand|
|Business activities||Property & Business Services - Property|
|Details of land involved||11.0937 hectares of freehold situated at 414 Preston Road, Christchurch being CT CB9K/367 (Canterbury Registry).|
|Consent sought||To acquire:|
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's core business is the acquisition of land for residential subdivision and development. The proposed acquisition will further strengthen and grow the Applicant's land bank and development portfolio. The subject property is currently used by the vendors for market gardening in conjunction with a larger land holding owned by the vendors.
In recent years the level of market gardening undertaken on the subject land has been reduced and the vendors are relocating the market gardening business to the larger land holding. The vendors estimate that production from the subject land has reduced by 40 percent over the past five years and that market gardening on the subject land has become economically marginal due to the small size of the land, and the proximity of residential land.
The Applicant proposes to subdivide the land into 119 residential sections to be made available for sale to the open market. The subdivision development is likely to commence in 2010/2011.
The proposal is likely to result in the following benefits:
CDL Land New Zealand Limited
PO Box 3248