| Decision |
Consent approved |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 15 March 2023 |
| Pathway(s) | Residential land development (More than one purpose - One-off purchase) |
| Investment | 100% of the shareholding in Bayhill Functions Limited which is registered owner of 3.4310 hectares located at 243 Waitao Road, Western Bay of Plenty, contained in Record of Title SA71C/291 (the Land). |
| Consideration | $1,976,472 |
| Applicant |
CPC International Investments LLC |
| Vendor | Global Investment Holding AS |
| Background |
The Applicant is a Delaware limited liability company, which is associated with the a Christian Church. The entity to be acquired is Bayhill Functions Limited, a New Zealand company registered as a charitable entity. This entity owns the Land, which contains residential land and two residential properties. The Applicant intends to continue with the existing lease agreement in place for use of the function area and supporting amenities on the Land. The Applicants primary reason for the acquisition is to consolidate assets affiliated with the Church. LINZ is satisfied that the investor test has been met and that the incidental residential use and non-residential use outcomes are likely to occur on the Land. |
| More information |
Christina Lefever |
| Retrospective penalty | $20,000 |