DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date16 June 2017
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in 1.8286 hectares of land at 1-3 Selwood Road and 6-8, 10-12 The Concourse, Henderson, Auckland.; and
  • a freehold interest in 2.1664 hectares of land at 5-9 and 11 Selwood Road, Henderson.
ConsiderationWithheld under s(9)(2)(b)(ii) of the Official Information Act
ApplicantGoodman 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%)
Vendor

Alloy Yachts International Limited
New Zealand (100%)

Selwood Road Holdings Limited
Russia (100%)

Background

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
17(2)(a)(i) – Jobs

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(j) – Oversight and participation by New Zealanders

More informationJoe Biddles
Thompson Blackie Biddles
P O Box 1996
Shortland Street
AUCKLAND 1140