| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 June 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.17 hectares of land located at 668 Robinsons Road, Selwyn, Christchurch |
| Consideration | $720,000 |
| Applicant | Fletcher Concrete and Infrastructure Limited Australia (55.40%) New Zealand (21.30%) United States of America (13%) United Kingdom (5.50%) Various (3.10%) United Arab Emirates (1.70%) |
| Vendor | Bruce William Sullivan and Rebecca Mary Sullivan as trustees of The Sullivan Family Trust New Zealand (100%) |
| Background | The Applicant is a large New Zealand concrete company, and subsidiary of NZX and ASX listed Fletcher Building Limited. The Land is currently used to graze cattle. The Applicant intends to use the Land to expand the adjoining Wheatsheaf quarry which will support the supply of processed rock in the Christchurch region where there is ongoing demand as part of the Canterbury rebuild. The investment is also likely to result in the retention of full-time equivalent jobs (to operate the quarry), increased processing of primary products (processing quarried rock), enhancing the viability of the Wheatsheaf quarry (by extending the life of the quarry), and advancing significant Government polices by supporting New Zealand Upgrade Programme projects. The OIO granted consent to the investment because it considered the benefit likely to occur as a result of the investment to be substantial and identifiable. |
| More information | Tara Wylie Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |