| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 16 October 2019 |
| Pathway(s) | Residential land – increased housing |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2.8007 hectares of land located at 47 McQuoids Road, Flat Bush, Auckland. |
| Consideration | $7,200,000 |
| Applicant | Neil Construction Limited Malaysia (80%) Singapore (20%) |
| Vendor | Aureus Star Limited New Zealand (100%) |
| Background | This consent has been granted in accordance with the increased housing test set out in Schedule 2(11) of the Act. The Applicant is part of Neil Group, a well-established national property developer. Neil Group acquires residential land to develop into completed lots in residential subdivisions, and for construction of residential dwellings. The land is residential (but not otherwise sensitive) land. The land will be subdivided into a minimum of 30 new residential sections, which will be on-sold once development is complete. |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND 1140 |