| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 September 2021 |
| Pathway(s) | Benefit to New Zealand |
| Investment | 3.0307 hectares of land located at 40 Otonga Road, Springfield, Rotorua |
| Consideration | $850,000 |
| Applicant | Heritage Lifecare Limited Australia (46.20%) United States (18.64%) New Zealand (12.55%) Cayman Islands (9.14%) Luxembourg (4.95%) United Kingdom (1.48%) Canada (1.13%) Other (5.92%) |
| Vendor | Jamie Marion Main New Zealand (100%) |
| Background | The Applicant is part of the Heritage Group, which owns and manages a portfolio of aged care assets in New Zealand. The Applicant seeks to acquire the land at 40 Otonga Road, Springfield, Rotorua. The land is zoned residential and has a dwelling on it. The land is adjacent to a piece of land already owned by the Applicant, on which it operates Cantabria Lifecare and Village. Part of the Land is currently used by the Applicant as a garden for its residents. The Applicant wishes to maintain the use of the garden, and intends to develop a dementia garden on the land. We consider the development of the garden will result in capital expenditure introduced into New Zealand for development and enhanced domestic services in New Zealand. The Applicant has also demonstrated benefit to New Zealand through previous investments. The Applicant has also satisfied the residential use outcome criterion. |
| More information | Tom Heard |