| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 April 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 8.4299 hectares of land at 108, 122 and 160 Arataki Road, Havelock North. |
| Consideration | $8,767,108 |
| Applicant | CDL Land New Zealand Limited Singapore (53.2986%) New Zealand (39.9666%) United States of America (3.2913%) United Kingdom (0.6908%) Various (3.7527%) |
| Vendors | Christine Margaret Hawley & James Christopher Hawley & Martin Graham Speeden New Zealand (100%) Carolyn Elizabeth Wallis New Zealand (100%) |
| Background | The Applicant is a New Zealand incorporated company which has been acquiring and developing undeveloped land in New Zealand for more than two decades. The Applicant plans to develop the land into a subdivision of approximately 120 residential sections of various sizes and then sell the sections on the open market. The benefits that are likely to result from the Investment include creation of jobs, introducing additional investment into New Zealand, oversight of and participation in the Investment by New Zealanders, added efficiency due to the Applicant’s plans to develop the land in the short to medium term, the Applicant’s previous investments having been benefit to New Zealand, and advancing the National Policy Statement on Urban Development Capacity by creating sections available for additional residential housing. |
| More information | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request: