| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 5 (of 12) |
| Date | 19 December 2022 |
| Investment | Acquisition of a freehold interest in 3.4210 hectares of Land at Brookvale and Davidson Road, Havelock North. |
| Consideration | $11,500,000 |
| Applicant | Metlifecare Limited 100% owned by EQT Partners Infrastructure Fund IV, which is 100% overseas owned. No one entity holds more than 5% of this fund. |
| Vendor | Greenstone Land Developments Limited |
| Background |
Metlifecare Limited was granted a standing consent based on the Increased Housing test on 12 June 2019. This permits Metlifecare Limited, or any joint venture with a non-overseas person, in which Metlifecare Limited holds at all times at least a 50% ownership and control interest, such as the Applicant, to acquire up to a total of 120 hectares of residential (but not otherwise sensitive) land in up to 12 transactions by 13 June 2022. This is the fifth acquisition of land under the standing consent. The Applicant intends to use the land to develop a retirement village and aged care facility. The consent holder intends to gain Resource Consent Approval for Q3 in 2024, Engineering & Building Consent Approvals – Q4 2024, the Village to be Under Construction – Q4 2025, for the Village to open – 2026 and the Village Complete by End of 2029. |
| More information | Andrew Peskett Metlifecare PO Box 37463 Auckland 1151 |