DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date18 February 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.7983 hectares of land at 315 Wainui Road, Silverdale, Auckland.
Consideration$3,500,000
ApplicantTrig Hill Road Limited
Gull New Zealand Trust, Australia (100.0%)
VendorDonn Anthony Reid and Annette Helen Reid
New Zealand (100%)
Background

The Applicant is acquiring the land to develop a Gull service station, which is likely to increase competition in the Silverdale consumer petroleum products market.

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) – Added market competition/productivity

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationGreg Woodd
Simpson Western
Private Bag 93533
Takapuna
AUCKLAND
Last Updated: 8 March 2017