| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 January 2022 |
| Pathway(s) | Benefit to New Zealand (substantial and identifiable) |
| Investment | Acquisition of freehold interest in approximately 10.08 hectares of sensitive land located at 186 Gordonton Road, Puketaha, Hamilton (the Property) for the development of residential sections |
| Asset Value | $13,250,000 |
| Applicant | CDL Land New Zealand Limited New Zealand (38.7%); Singapore (54.34%); Various regions (6.96%) |
| Vendor | Judith Elizabeth Smith, Margaret Joyce Smith and Philip William Rogers, as trustees of the R W H & L M Crampton Family Trust New Zealand (100%) |
| Background |
The Applicant is an experienced residential property developer and has existing development land located nearby the Property. The Applicant seeks consent to acquire the Property and to develop residential sections. The property will be aggregated with the Applicant’s existing development land and developed into a residential subdivision, yielding a significant number of residential sections of various sizes and sold on the open market, expected to be to New Zealand residents / citizens, home builders, or persons who will be entitled to buy residential land under the Act. The investment is subject to resource and territorial authority consent processes. The development of the Property and the existing development land is likely to lead to efficiencies in works undertaken on the properties as well as development timeframes. The Applicant has also offered additional investment including undergrounding power transmission lines on the Property. The Applicant has shown strong ownership and participation by New Zealanders in the proposed transaction. All its directors are New Zealand citizens and reside in New Zealand. The Applicant is also incorporated and based in New Zealand and its parent is listed on the New Zealand Stock Exchange with many New Zealand shareholders. The Applicant has undertaken residential property developments that have been of benefit to New Zealand. It has delivered on jobs and additional investments. The OIO is satisfied that the benefit to New Zealand test and the investor test has been met. |
| More information | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |
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