| Notification |
Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 1 (of 19) |
| Decision Date | 16 July 2020 |
| Investment | A freehold interest in a single residential property in the Auckland region. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
| Applicant |
Kiwi Property Group Limited (KPGL) & associated entities New Zealand Public (approximately 60.13%) North American Public (approximately 13.68%) Australian Public (approximately 17.18%) Various overseas persons (approximately 9.01%) |
| Vendor | A private New Zealand seller |
| Background |
The Applicant was granted a standing consent based on the Increased Housing/Non-Residential Use tests on 28 January 2020. This permits the Applicant to acquire up to 6 hectares of residential (but not otherwise sensitive) land in up to 19 transactions by 31 January 2023. This is the first acquisition of land under the standing consent. The Applicant intends to use the acquired land primarily for the construction of new residential dwellings, which will then be rented or leased out to non-associated third parties. Under the standing consent the Applicant must increase the number of dwellings on the land, or use the land for non-residential purposes (which may include retail, commercial, entertainment, car parking and community spaces). |
| More information |
David Butler Russell McVeagh PO Box 8 48 Shortland Street AUCKLAND 1140 |