|Date||26 September 2006|
|Offeror/applicant||Neil Construction Limited|
|Ultimate applicant beneficial ownership||100 percent - Malaysia, Tiong Family|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Becroft (John Murray and Margaret) of New Zealand|
|Business activities||Property & Business Services - Property|
|Details of land involved||2.3364 hectares of freehold situated at 108 Simpson Road, Henderson, Auckland being part CT NA36C/543 (North Auckland Registry).|
|Regions involved||Auckland (West)|
|Consent sought||To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.|
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 carries on business principally in Auckland, Tauranga and Christchurch acquiring land for subdivision, development and resale. The Applicant proposes to acquire the subject land to add it to the company's portfolio of land for residential subdivision. The land is a lifestyle property that was previously used for horticultural purposes which ceased as they were uneconomic.
The land adjoins 1.506 hectares of land that the Applicant has previously received consent to acquire (refer A200520107/D200520085) for the purposes of a 15 lot residential subdivision. The Applicant proposes that the acquisition of the subject land will provide a further 28 residential lots. The development of the subject land is likely to be undertaken in one stage commencing in October 2007.
The proposal is likely to result in the following benefits:
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