| Decision | Consent approved Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 16 December 2020 |
| 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 about 20 hectares of land in Riverhead northwest of Auckland comprising of:
|
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Fletcher Residential Limited Australia (49.10%) New Zealand (19.90%) United States of America (15.80%) Various (7.90%) United Kingdom (7.30%) |
| Vendor | Withheld under s9(2)(a) of the Official Information Act 1982 New Zealand (100%) |
| Background | Fletcher Residential Limited (Applicant) develops residential land and builds new dwellings. The land being acquired is about 20 ha of rural land in Riverhead northwest of Auckland. The Applicant intends to rezone the land for urban use, given the fast-growing Auckland population and the features of the location. The Applicant proposes to develop and subdivide the Land, and construct residential housing on the Land. The construction of houses is likely to occur between five and eight years sooner with the investment due to the earlier rezoning. This is likely to advance the Government’s goal of delivering more housing, quicker. As one of NZ’s largest home builders, the Applicant has made a number of previous investments that have been of benefit to New Zealand. The Applicant’s NZX listing also enables New Zealanders to participate in the Fletchers Group. |
| More information | Gregory Allen Simpson Grierson Private Bag 92518 AUCKLAND 1141 |
See the attached Assessment report linked below, which was published in response to an Official Information Act request: