| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 1 (of 12) |
| Decision Date | 20 April 2021 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.1835 hectares of Land at 18-22 Gateway Avenue, Beachlands, Auckland. |
| Consideration | $2,018,500 plus GST |
| Applicant | Metlifecare Pohutukawa Landing Limited 100% owned by EQT Partners Infrastructure Fund IV, which is 100% overseas owned. No one entity holds more than 5% of this fund. |
| Vendor | Pine Harbour Holdings Limited |
| Background |
Metlifecare Limited was granted a standing consent based on the Increased Housing test on 12 June 2019. This permits Metlifecare Limited, or any wholly-owned subsidiary such as the Applicant, to acquire up to a total of 120 hectares of residential (but not otherwise sensitive) land in up to 12 transactions by 13 June 2022. This is the first acquisition of land under the standing consent. The Applicant intends to use the land for further development of the Applicant’s existing retirement village which is located adjacent to the land. Under the standing consent the Applicant must use the land to construct, or increase the number of dwellings in, a long-term accommodation facility. |
| More information | Camille Warnaar Metlifecare PO Box 37463 Auckland 1151 |