Applicant
Teal Developments Limited Partnership and Teal GP Limited
Case number(s)
202000172
Decision date
Type
Decision
Decision

Consent granted

Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date29 July 2020
Pathway(s)Residential land – increased housing
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.1277 hectares of land at 1 and 3 Purewa Road, Meadowbank, Auckland.
ConsiderationWithheld under s9(2)(b)(ii) of the Official Information Act
Applicants

Teal Developments Limited Partnership and Teal GP Limited

New Zealand (50%)

United Kingdom (50%)

MCT NZ Property Limited

United Kingdom (100%)
Vendor

McConnell Developments Limited

New Zealand (100%)
Background

To meet the increased housing test, the Applicant proposes to demolish the two existing dwellings on the land and construct a new apartment building known as ‘Teal on Orakei Basin’ which will contain at least 20 new residential dwellings.

We consider the Investment is likely to:

  • meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land;
  • meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land by 31 March 2024; and
  • meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.
More information

Andrew Petersen

Bell Gully (Auckland)

PO Box 4199

AUCKLAND 1140