| Decision | Consent Granted 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 9 April 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.6638 hectares of land at 481 Pakuranga Road, Pakuranga, East Auckland. |
| Consideration | $480,000 + GST per annum |
| Applicant | Fletcher Distribution Limited New Zealand Public (52.84%) Australian Public (45.82%) Philippines Public (1.05%) Various (0.29%) |
| Vendor | Yun Hwa Investments Limited Eliza Fan, New Zealand (99.99%) David Fan, New Zealand (0.01%) |
| Background | Fletcher Distribution Limited is the retail trading arm of Fletcher Building Limited, trading under the name ‘PlaceMakers’, and traces its history in New Zealand back to 1910 (as Fletcher Merchants Limited). Fletcher Distribution Limited currently occupies the land under a lease since 1977. The Investment is a renewal and variation of the lease. The land adjoins a reserve and is therefore sensitive land. Fletcher Distribution Limited has a history of investments that have been of benefit to New Zealand. The Investment will allow Fletcher Distribution Limited to continue to operate their timber and building product retail business from the land without the delay or the disruption of moving to a new site, thus retaining the jobs on the land. Fletcher Distribution Limited’s parent company is publicly listed on the NZX and New Zealanders currently hold over 50% of the shares, so New Zealanders are likely to be able to oversee or participate in Fletcher Distribution Limited. |
| More information | Edward Dunphy Anthony Harper Box 2646 Auckland 1146 |