Decision number200710070
Application number200710059
Date20 June 2007
Offeror/applicantLandplan Property Partners Manukau Trust
Ultimate applicant beneficial ownership100 percent - United States of America, Reading International, Inc
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)McAlister (Patrick Brian) of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involved25.886 hectares of freehold situated at 100 Prices Road, Wiri, Manukau City being CT NA96B/669 (North Auckland Registry).
Regions involvedSouth Auckland
Total consideration$13,196,250
Consent soughtTo 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.
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.

Background:
The Applicant is a wholly owned subsidiary of Reading New Zealand Limited (RNZ). RNZ is in the business of owning and operating cinemas and related real property interests in New Zealand. The Applicant has no other business other than the proposed ownership of the property to which this application pertains. The land is to be owned by Landplan Property Partners New Zealand Limited in its capacity as Trustee of the Landplan Property Partners Manukau Trust.

Outline of Proposed Development:
The Applicant intends to seek a rezoning of the relevant land and the adjoining properties to create an environment for future commercial and industrial growth. The zoning change that is being sought is for industrial and commercial use to allow a combination of offices and warehouses. The Applicant will allow part of the site to be available to owner-occupiers to develop themselves, which will allow them to meet their own requirements. The remaining land will be developed and leased to businesses on long-term commercial leases.

Rationale for Proposed Investment:
Reading is currently in the real estate business in Australia and the United States, and owns the real estate associated with some of its New Zealand cinema assets. Reading intends to expand its New Zealand real property holdings, principally through investments in real estate holding trusts such as the Trust.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand; and
  2. the introduction into New Zealand of additional investment for development purposes.
ContactFiona Coughlan
Gibson Sheat
PO Box 2966
Wellington