DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date5 September 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately:
  • 29.8430 hectares of land at 133 Fitzgerald Road, Drury; and
  • 0.8000 hectares of land at 97 Brookfield Road, Drury; and
  • 8.5808 hectares of land at 68, 108, and 114 Flanagan Road, Drury.
Consideration$36,375,000
ApplicantKiwi Property Group Limited and Kiwi Property Holdings No. 2 Limited
New Zealand (72.23%)
United States of America (13.68%)
Australia (4.08%)
United Kingdom (3.48%)
Japan (1.13%)
Norway (1.64%)
Various overseas persons (3.76%)
VendorsAnnette Mary Flanagan, Michael Anthony Flanagan, and Annette Mary Flanagan (as trustee of the estate of Maisie Flanagan)
New Zealand (100%)
Annette Mary Flanagan
New Zealand (100%)
James Holmes and Barbara Noeleen Holmes
New Zealand (100%)
Background

The Applicant is a New Zealand based property investor and developer.

Part of the land being acquired is used as separate residences with the remainder being used as a small dairy farm, with other land used for stock run off and grazing, and a small cottage. The Applicant intends to create a residential property and town centre development in Drury.

The benefits to New Zealand include:     

  • creating direct jobs in relation to the town centre construction;
  • creating ongoing indirect jobs in relation to town centre services;
  • additional investment for the development; and
  • creating large and integrated infrastructure, transport, retail, and community services in Drury.
More informationDavid Butler
Russell McVeagh 
PO Box 8
AUCKLAND