|Date||24 May 2007|
|Offeror/applicant||CDL Land New Zealand Limited|
|Ultimate applicant beneficial ownership||55.4314 percent - New Zealand, New Zealand Public|
23.3138 percent - Singapore, Hong Leong Group
21.2548 percent - Singapore, Singapore Public
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||44.5686 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Sue (David & Christine Nancy), Donovan (Thomas Patrick) & Napier Trustees Limited as trustees of the Cee Dee Family Trust of New Zealand|
|Business activities||Property & Business Services -Property|
|Details of land involved||7.4625 hectares of freehold situated at 1317 Pakowhai Road, Hastings being CT HBM3/791 and part CT HBK2/1424 (Hawkes Bay Registry).|
|Regions involved||Gisborne/Hawkes Bay|
|Consent sought||To 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.|
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 which is currently used by the vendors for grazing sheep and market gardening is situated near land undergoing residential development. It is proposed that the land will be subdivided in two stages into approximately 77 residential sections to be made available for sale to the open market. The subdivision development is likely to commence in 2007/2008.
The proposal is likely to result in the following benefits:
CDL Land New Zealand Limited
PO Box 3248