Decision number200710059
Application number200620125
Date25 May 2007
Offeror/applicantWestpac (NZ) Investments Limited and Westpac New Zealand Limited
Ultimate applicant beneficial ownership100 percent - Australia, Westpac Banking Corporation
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Britomart Charter Company, Britomart Customs Company, Britomart East 1 Company and Britomart East 2 Company
100 percent - New Zealand, Whitecloud Britomart Limited
Business activitiesProperty & Business Services - Business
Details of land involved1.6032 hectares of leasehold situated at 36-58 Customs Street East, 52-70 Galway Street, 47-69 Tyler Street, 11 Britomart Place and 76-88 Quay Street, Auckland being CTs 69082, 162945 and 101258 (North Auckland Registry).
Regions involvedAuckland
Total considerationCONFIDENTIAL
Consent sought

To acquire:

  1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
  2. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land subject to a heritage order, or a requirement for a heritage order, under the Resource Management Act 1991 or by the Historic Places Trust under the Historic Places Act 1993.
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.

Westpac (NZ) Investments Limited and Westpac New Zealand Limited (jointly Westpac) intend to enter into leases (for a period of 10-12 years) of certain buildings yet to be constructed/completed on the subject land. The buildings will provide a new central office in Auckland City for Westpac creating an opportunity to bring together Westpac's employees from around Auckland (and other parts of New Zealand) into a single central office, increasing business unity and efficiency and creating a presence for Westpac in downtown Auckland.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand; and
  2. greater efficiencies to Westpac's operations.
ContactKaren Price
Minter Ellison Rudd Watts
PO Box 3798
AUCKLAND