| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 11 September 2019 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 6.9813 hectares of land at 42-70 Favona Road, Auckland |
| Consideration | $29,000,000 |
| Applicant | Goodman Nominee (NZ) Limited New Zealand (65.6%) Australia (26.3%) United States of America (5.6%) Various (2.5%) |
| Vendor | Favona Road LP New Zealand (100%) |
| Background | The Applicant is ultimately owned by Goodman Property Trust, an NZX-listed property trust that owns, develops, and leases property and specialises in developing industrial estates. The Applicant intends to acquire the land to develop a high-quality industrial estate that will build industrial warehouses, each with its own office, canopy and yard areas and on-site parking. The proposed development is expected to create over 30,000 sqm of rentable industrial space. The benefits to New Zealand include the creation of new jobs involved in the construction of the industrial estate, added market competition with the creation of the industrial estate, New Zealand ownership and participation in Goodman Property Trust, and previous investments in predominantly industrial developments. |
| More information | Ed Crook Russell McVeagh PO Box 8 AUCKLAND |