| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 June 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 3.5515 hectares of land at Beaumont Street, Wynyard Quarter, Auckland for a term of 125 years. |
| Consideration | $51,460,000 |
| Applicant | Orams Group Limited Sir Ron Brierley, New Zealand (30.0%) Solomon Lew, Australia (20.0%) Ariadne Australia Limited (50%) being Dr Gary Weiss, Australia (18.97%) Australian Public (17.545%) Thorney Holdings Pty Limited, Australia (5.32%) Leigh Vanessa Seymour, Australia (5.315%) Kayaal Pty Limited, Australia (2.85%) |
| Vendor | Panuku Development Auckland Limited Auckland Council, New Zealand (100%) |
| Background | The Applicant and its parent entities are specialists in the provision of marine services in New Zealand and Australia. The Applicant already holds a leasehold interest in part of the Investment and this transaction will increase its interest and expand the term of its lease. The Applicant intends to expand the current marine maintenance and refit facility operating on the land, and further develop part of the land for residential development purposes. The Applicant intends to enhance domestic services through the provision of additional marine facilities and specialist marine machinery and provide New Zealanders with the opportunity to participate in the investment. |
| More information | Andrew Harmos Harmos Horton Lusk PO Box 28 Shortland Street AUCKLAND |