DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date3 September 2014
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in approximately 0.6405 hectares of land at 27 Seaview Road, Gracefield, Wellington; and
  • a leasehold interest in approximately 0.1046 hectares of land at 53 Port Road, Lower Hutt, Wellington; and
  • a leasehold interest in approximately 0.6075 hectares of land at 108-110 Ostend Road, Waiheke Island.
Consideration$2,871,619
ApplicantTranspacific Industries Group (NZ) Limited
Australian Public (78.3654%)
United Kingdom Public (10.9119%)
Various overseas persons (7.0246%)
New Zealand Public (3.6981%)
Vendor of land at Seaview RoadSeaview Recycle and Transfer Station Limited
Robert McWhirter and Diane McWhirter, New Zealand (100%)
Lessor of land at Port RoadBP Oil New Zealand Limited
North American Public (38.0%)
United Kingdom Public (36.0%)
European Public (14.0%)
Various overseas persons (12.0%)
Lessor of land on Waiheke IslandAuckland City Council
New Zealand (100%)
Background

Transpacific Industries Group (NZ) Limited (“Transpacific”) was one of New Zealand's leading recycling, waste management and industrial services companies, providing a range of environmental services to industrial, municipal and commercial customers.

Transpacific sought to acquire the land at Gracefield and Waiheke Island to operate refuse transfer stations. The land at Port Road contains part of an office building used by Transpacific.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments
28(j) – Oversight and participation by New Zealanders

More informationJohn Brown
Brown Partners Lawyers
PO Box 1496
Shortland Street
Auckland 1140
Retrospective penalty$14,000