Applicant
General Distributors Limited
Case number(s)
201510008
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date5 May 2015
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a leasehold interest in approximately 1.4692 hectares of land at Countdown Three Kings, 532 Mount Albert Road, Three Kings, Auckland 
  • a leasehold interest in approximately 1.1883 hectares of land at Countdown Timaru, Corner Victoria Street and Browne Street, Timaru 
  • a leasehold interest in approximately 1.2317 hectares of land at Countdown Browns Bay, Corner Anzac Road and Clyde Road, Browns Bay, Auckland.
Lease payments$169,425,977
ApplicantGeneral Distributors Limited
Various overseas persons (54.5%)
Australian Public (27.76%)
United States Public (8.64%)
United Kingdom Public (6.19%)
Hong Kong Public (2.53%)
New Zealand Public (0.38%)
LessorsAntipodean Supermarkets Limited and Antipodean Properties Limited
The William Pears Group of Companies Limited, United Kingdom (75.0%)
Jonathan Berman, United Kingdom (25.0%)
Background

The Applicant leases three supermarkets on the land at 3 Kings, Browns Bay and Timaru, and as part of a wider transaction the existing leases are being surrendered and replaced with new leases.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationAlan Paterson
Russell McVeagh
PO Box 8
AUCKLAND