Applicant
Evolution Rehab Limited
Case number(s)
202100520
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date1 October 2021
Pathway(s)Residential land development (Incidental residential use - One-off purchase)
InvestmentThe following residential (but not otherwise sensitive land):
  • A cross lease interest in Flat 1: 1/505 Aberdeen Road, Te Hapara Gisborne comprising a 1/6 share of the freehold interest in approximately 0.2206 hectares and a leasehold interest in the flat; and 
  • A cross lease interest in Flat 2: 2/505 Aberdeen Road, Te Hapara Gisborne comprising a 1/6 share of the freehold interest in approximately 0.2206 hectares and a leasehold interest in the flat.
Consideration$920,000
ApplicantEvolution Rehab Limited (company number 8135844), which is owned by certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, PEP's affiliates and certain New Zealand and Australia based management shareholders.
Vendor

Kay Melissa Tomlinson and Prudence Mary Roberts

Patrick Fraser Holden and James Wylie McGregor (as Executors)

Background

The Applicant is a New Zealand registered company which is ultimately wholly owned by Pacific Healthcare HoldCo Limited. One of the businesses of the Pacific Healthcare HoldCo Limited group of companies is private healthcare, including the provision of facilities and patient care.

The Applicant owns a healthcare facility directly adjoining the investment which provides patient accommodation and rehabilitation services. The Applicant will integrate the investment into its existing facility to increase the capacity of patient accommodation and rehabilitation services in the facility.

We consider the Investment is likely to meet the incidental residential use test:

  • the Investment is likely to be used for residential purposes but only in support of the relevant business (which is not in the business of using land for residential purposes); and
  • the Investment is being acquired in the ordinary course of the business of the Applicant.
More information

Anna Crosbie
Russell McVeagh (Auckland)
PO Box 8
Auckland 1140