| Decision | Consent granted retrospectively Sections 12((a) and 12((b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 15 July 2021 |
| Pathway(s) | Residential land development (Increased housing - One-off purchase) |
| Investment | An overseas investment in sensitive land, being the acquisition of interests in approximately 0.1012 hectares of residential (but not otherwise sensitive) land at 4 Cambridge Road, Manukau (the Land). |
| Consideration | $1,370,000 for the initial purchase of the Land Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicants | Cambridge Homes NZ Limited Vishal Agarwal and Jagadeesh Kunda |
| Vendors | Gagan Saxena Kay Edith Savage |
| Background | To meet the increased housing test, the Applicants propose to remove the existing dwelling on the Land and construct six new residential dwellings. We consider that the Investment is likely to:
Vishal Agarwal and Jagadeesh Kunda (overseas persons) sought consent to acquire 24.5% each of the shares in Cambridge Homes NZ Limited (CHNZ), which owns an interest in the Land. A retrospective consent was also required as, at the time CHNZ purchased its interest in the Land in December 2020, the Overseas Investment Office (OIO) considers that it was acting in as associated capacity with overseas persons (Vishal Agarwal and Jagadeesh Kunda). The Applicants satisfied the OIO that the breach was inadvertent and that CHNZ did not realise that consent was required at this time. CHNZ has paid an administrative penalty imposed under the Act. |
| More information | Christina Lefever Lefever Law christina@lefeverlaw.co.nz |
| Retrospective penalty | $20,000 |