DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date29 September 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.6358 hectares (or such lesser amount following a proposed boundary adjustment) of land at 494 Rosebank Road, Avondale, Auckland ("the Land").
Consideration$5,900,000
ApplicantBunnings Limited
Wesfarmers Limited, Australia (100%)
Vendor494 Rosebank Road Limited Partnership
New Zealand (100%)
Background

The Applicant operates a network of hardware stores trading under the brand names "Bunnings", "Bunnings Warehouse" and "Bunnings Trade Centres".  The Applicant intends to build a new trade centre on the Land which will employ approximately 20 people.

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)(i) – Jobs
17(2)(a)(iv) – Added market competition
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationGreg B Towers
Simpson Grierson
Private Bag 92518
AUCKLAND 1141