Section 12(a) Overseas Investment Act 2005
|Decision Date||16 June 2017|
An overseas investment in sensitive land, being the Applicant's acquisition of:
|Consideration||Withheld under s(9)(2)(b)(ii) of the Official Information Act|
|Applicant||Goodman Nominee (NZ) Limited|
New Zealand Public (67.4%)
Australian Public (25.6%)
North American Public (5.5%)
Asian Public (0.8%)
European Public (0.7%)
Alloy Yachts International Limited
Selwood Road Holdings Limited
The Applicant is ultimately owned by the Goodman Property Trust (“GMT), an NZX listed property trust, with investments in warehouse/distribution centres, industrial estates, business parks and office parks throughout New Zealand.
The Applicant is acquiring the land for redevelopment into an industrial estate.
The redevelopment is expected to deliver 21,500 square metres of new industrial estate over an approximate three year period. It will be designed to accommodate high to medium-high technology manufacturing. The land was previously used for yacht construction but is currently vacant.
The key benefits of the investment include: employment opportunities for construction workers and other contractors, and significant expenditure on the estate’s construction and development. GMT also has a significant New Zealand shareholder base and has previously made investments which have been of benefit to New Zealand.
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||Joe Biddles|
Thompson Blackie Biddles
P O Box 1996