DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date3 September 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 32.7698 hectares of land at Oruarangi Road, Mangere, Auckland.
Consideration$19,000,000
ApplicantFletcher Residential Limited
New Zealand Public (44%)
Australian Public (30%)
Various overseas persons (26%)
VendorGavin H Wallace Limited
New Zealand (100%)
Background

The Applicant intends to subdivide the land and create residential housing on the land.

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 Act 2005
17(2)(a)(iv) – Greater efficiency
17(2)(d) – Historic heritage
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(j) – Oversight and participation by New Zealanders

More informationGreg Allen
Simpson Grierson
Private Bag 92518
AUCKLAND 1141