| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 2 (of 15) |
| Date | 30 November 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in a total of 4.9506 hectares of land at 241 Park Estate Road, Rosehill, Auckland (the Land). |
| Consideration | $36,920,000 |
| Applicant | Fletcher Residential Limited Australia (55.5%) New Zealand (21%) United States of America (13.3%) United Kingdom (5.4%) Various (4.8%) |
| Vendor | Kara Brookview Limited, Richard Norman Reynolds and Kirsten Suzanne Reynolds as trustees of the Richard Reynolds Family Trust as to a ½ share and Richard Norman Reynolds and Kirsten Suzanne Reynolds as trustees of the Kuhanui Reynolds Family Trust. |
| Background |
This standing consent (the second granted to the Applicant) has been granted in accordance with the Increased Housing and Non-Residential Use tests set out in Schedule 2 of the Act. This permits the Applicant to acquire up to 200 hectares of yet to be identified residential (but not otherwise sensitive) land in up to 15 transactions by 28 February 2024. Under this standing consent, the Applicant and its associates are not permitted to occupy any land acquired under this standing consent and must sell all interests in land acquired under this standing consent within 10 years of the date of acquisition. The Applicant will develop the Land for new housing and build 174 new residential dwellings on the new residential title that are to be created as 60 units for a retirement village and 114 residential dwellings to be on sold. |
| More information | Gregory Allen Simpson Grierson Private Bag 92518 Auckland 1141 |