Section 12(a) Overseas Investment Act 2005
|Decision Date||2 March 2017|
|Investment||An overseas investment in sensitive land, being the Applicant’s or the Moire Road Limited Partnership’s acquisition of a freehold interest in up to 197 residential allotments, being a subdivision of approximately 9.2039 hectares of land at 73-89 Moire Road, Massey, Auckland.|
|Applicant||Fletcher Residential Limited|
Various overseas persons (29.34%)
New Zealand Public (27.54%)
Australian Public (19.21%)
United States Public (17.37%)
United Kingdom Public (6.54%)
|Vendor||Her Majesty the Queen (HMQ) (through the Ministry of Business Innovation & Employment)|
New Zealand (100%)
The Ministry of Business, Innovation and Employment (“MBIE”) is leading a programme of work on behalf of Her Majesty the Queen (“the Vendor”) to identify vacant and underutilised Crown-owned land in Auckland available for housing development and to facilitate development as quickly as possible in collaboration with other parties (“Auckland Crown Land Development Programme”).
The overarching objective of the Auckland Crown Land Development Programme is to contribute to rapidly relieving supply pressure in the Auckland housing market by having additional new houses built on Crown land as soon as possible.
The land at 73-89 Moire Road, Massey, Auckland (“the Land”) is the first of a number of sites in MBIE’s development pipeline under the Auckland Crown Land Development Programme.
MBIE has established three panels of developers capable of delivering low, medium and high density housing under the Auckland Crown Land Development Programme. The Applicant was offered the Land for development as the Applicant is the first ranked developer on the low density housing panel.
The Applicant and Ngāti Whātua Orakei Whai Rawa Limited (“Ngāti Whātua”) have agreed to establish a limited partnership (“the Moire Road Limited Partnership”) to undertake the Investment and the development of the Land. The Applicant will contribute 51% and Ngāti Whātua 49% of the capital required by the Moire Road Limited Partnership.
The Applicant and Ngāti Whātua intend to appoint the Applicant as the development manager for the development of the Land.
If the Moire Road Limited Partnership is not established, the Applicant will proceed by itself with the Investment and the development of the Land.
The Applicant intends to develop 197 residential lots (“Lots”) on the Land of which either the Applicant or the Moire Road Limited Partnership will:
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
Overseas Investment Regulations 2005
|More information||Greg Allen|
Private Bag 92518
Last Updated: 4 April 2018