Decision number200710074
Application number200710052
Date27 June 2007
Offeror/applicantMacquarie Goodman Nominee (NZ) Limited as nominee for the Macquarie Goodman Property Trust
Ultimate applicant beneficial ownership68.5191 percent - New Zealand, New Zealand Public
20.4659 percent - Australia, Australian Public
8.4293 percent - Various, Various overseas persons
2.5857 percent - New Zealand, Goodman Holdings
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed28.8952 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Manukau City Council of New Zealand
Business activitiesProperty & Business Services - Property
Details of land involved5.1296 hectares of freehold situated at 179 James Fletcher Drive, Otahuhu, Manukau being CT NA136B/865 (North Auckland Registry).
Regions involvedSouth Auckland
Total consideration$4,612,500
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 proposes to acquire the land to develop an industrial estate with associated office space. The land is located in the vicinity of the Applicant's Savill Link development (refer A200410076/D200410064). The acquisition will also assist with access to the main Savill Link development with the Manukau City Council to undertake infrastructure works on the adjacent land in order to complete vehicular access between James Fletcher Drive and the two properties.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. enhanced domestic services in the commercial and industrial property market;
  3. the introduction into New Zealand of additional investment for development purposes; and
  4. the vendor of the relevant land undertaking other significant investment in New Zealand.
ContactDavida Dunphy/Phillip Alexander
Bell Gully
PO Box 4199
AUCKLAND