Decision number200710057
Application number200620159
Date24 May 2007
Offeror/applicantCDL Land New Zealand Limited
Ultimate applicant beneficial ownership55.4314 percent - New Zealand, New Zealand Public
23.3138 percent - Singapore, Hong Leong Group
21.2548 percent - Singapore, Singapore Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed44.5686 percent
- Share currentN/A
- Share proposedN/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 activitiesProperty & Business Services -Property
Details of land involved7.4625 hectares of freehold situated at 1317 Pakowhai Road, Hastings being CT HBM3/791 and part CT HBK2/1424 (Hawkes Bay Registry).
Regions involvedGisborne/Hawkes Bay
Total consideration$3,993,750
Consent soughtTo 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.
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'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:

  1. the creation of employment opportunities; and
  2. the introduction of additional investment for development purposes.
ContactTakeshi Ito
CDL Land New Zealand Limited
PO Box 3248
AUCKLAND 1