DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date29 September 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.7582 hectares of reserve land at Three Kings, Auckland (“Land”).
ConsiderationLand exchange (see below for the Background)
ApplicantFletcher Residential Limited
Various overseas persons (34.35%)
Australian Public (24.1%)
New Zealand Public (22.15%)
North American Public (19.4%)
VendorAuckland Council
New Zealand (100%)
Background

The Applicant is a specialist home-building company in New Zealand and has a long and established business history of residential housing development in New Zealand.

The Applicant owns a disused quarry next to the Land. It intends to develop its own land, together with the Land, into an integrated residential housing development (“Proposed Development”) to deliver approximately 1200 new residential dwellings and two sports fields.

The Land is reserve land and is administered by the Vendor, the Auckland Council.

The Applicant has entered into a land exchange agreement with the Auckland Council for the Applicant to develop and upgrade significant portions of the Auckland Council’s existing reserve land and vesting 2.6127 hectares of its land to the Auckland Council as a new reserve.

The benefits to New Zealand include:       

  • creating additional direct and indirect jobs in relation to the Proposed Development;
  • benefits to the Auckland region in terms of meeting its growing population and demand for housing in areas with access to supporting infrastructure, amenities and facilities
More informationGregory Allen
Simpson Grierson 
Private Bag 92518
AUCKLAND 1141