Applicant
Grand Equity Investment NZ Limited
Case number(s)
202100368
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date16 August 2021
Pathway(s)Residential land development (Increased housing - one-off purchase)
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition (through a subsidiary) of a freehold interest in approximately 6.5 hectares of residential (but not otherwise sensitive) land at 170 Prestons Road, Redwood, Christchurch (the Land).
Asset ValueWithheld under s9(2)(b)(ii) of the Official Information Act 1982
ApplicantGrand Equity Investment NZ Limited
China, People's Republic of  (100%)
VendorsKenneth Walter Warner and Karen Dawn Warner
Background

The Applicant is an experienced residential housing developer both in New Zealand and overseas. The Applicant intends to acquire the Land in order to undertake development works to enable an increase in the number of residential dwellings constructed on the Land.

We consider the Investment is likely to:

  • meet 1 of the increased housing outcomes - being the undertaking of development works to support the construction of approximately 73 new residential dwellings (to replace the existing single dwelling on the Land);
  • meet the on-sale outcome - which means that after completing the development the Applicant must on-sell all interests in the Land (by July 2024 at the latest);
  • meet the non-occupation outcome - which means the Applicant and certain related persons must not occupy the part of the land being used to increase housing.
    More informationTessa Baker
    Chapman Tripp (Auckland)
    PO Box 2206 AUCKLAND