| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 December 2019 |
| Pathway(s) | Residential land – non-residential use |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in up to 1.2 hectares of land at 575 Birchs Road, Lincoln. |
| Consideration | Approximately $4,131,375 (plus GST if any) (subject to survey) |
| Applicant | General Distributors Limited Australian Public (99.4%) Various (0.6%) |
| Vendor | Lincoln Developments Limited New Zealand (100%) |
| Background | The Applicant is the property owning and leasing vehicle for Woolworths New Zealand Limited, one of the largest supermarket operators in New Zealand. The consent permits the Applicant to acquire a freehold interest in the land and includes the flexibility to grant itself a leasehold interest in the land. This consent has been granted in accordance with the non-residential use test set out in Schedule 2(13) of the Act. The Applicant will develop the land into a new Countdown supermarket, approximately 160 carparks and a café in the ordinary course of its business. The Applicant intends to complete the development by July 2025 and will not use or hold the land for any residential purposes. |
| More information | Anna Crosbie Russell McVeagh PO Box 8 Auckland 1140 |