Section 12(a) Overseas Investment Act 2005
|Decision Date||29 September 2017|
|Investment||An 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”).|
|Consideration||Land exchange (see below for the Background)|
|Applicant||Fletcher Residential Limited|
Various overseas persons (34.35%)
Australian Public (24.1%)
New Zealand Public (22.15%)
North American Public (19.4%)
New Zealand (100%)
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:
|More information||Gregory Allen|
Private Bag 92518