| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 5 (of 10) |
| Date | 17 August 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 4.2428 ha of Land at 62 Prole Rd, Omokoroa, Bay of Plenty (the Land). |
| Consideration | $11,000,000 |
| Applicant | Neil Group Limited Malaysia (80%) Singapore (20%) |
| Vendor | The Mac Family Trust New Zealand (100%) |
| Background |
The Applicant was granted a standing consent based on the increased housing and non-residential use tests on 6 September 2019. This permits the Applicant to acquire up to 400ha of residential (but not otherwise sensitive) land in up to 10 transactions by 1 September 2022. Under the standing consent the Applicant must increase the number of dwellings on the land, or undertake development works to support the increase in the number of dwellings and must divest all interests in the sensitive land within 10 years of acquisition. The Applicant is undertaking a residential subdivision on the Land. The Applicant intends to subdivide the Land into approximately 100 new residential lots. |
| More information | Deirdre Norris Glaister Ennor PO Box 63, Shortland Street Auckland |