Decision number200620049
Application number200610113
Date21 September 2006
Offeror/applicantNeil Construction Limited
Ultimate applicant beneficial ownership100 percent - Malaysia, Tiong Family
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Goldstone (David Hugh Vincent & Nancy Doreen) of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involved23.8947 hectares of freehold situated at 423 Omokoroa Road, Omokoroa, Tauranga being CTs 49720, 49721 and 56954 (South Auckland Registry).
Regions involvedBay of Plenty/Coromandel
Total consideration$12,375,000
Consent soughtTo acquire:
  1. 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; and
  2. an interest in land which, either alone or together with any associated land of that type, is or includes the foreshore or seabed; and
  3. an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore.
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 land to add it to the company's portfolio of land for residential subdivision. The land is zoned Rural H under the Western Bay of Plenty's District Council's District Plan and has been identified in the Regional Policy Statement in the proposed Omokoroa Stage 2 Structure Plan Area as a growth area for the region. The land is currently used for grazing beef stock and is not considered an economic unit.

The Applicant proposes to undertake a residential subdivision development which will provide approximately 160 residential lots to assist in meeting the demand for residential lots in the Tauranga district. The development will be undertaken in three stages commencing in October 2009.

The proposal is likely to result in the following benefits:

  1. the retention of existing employment opportunities and the creation of new employment opportunities through the subdivisional work required; and
  2. the introduction of additional investment for development purposes.
ContactKathryn Hessell
Glaister Ennor
P O Box 63
AUCKLAND