| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 December 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.8847 hectares of land at 550 McLeans Island Road, Christchurch. |
| Lease Payment | $85,754 plus GST per annum, subject to review |
| Applicant | Isaac Asphalt Limited Downer EDI Limited, Australia (50.0%) Robert Geoffrey McGregor Clarke, William James Luff and Alister Gordon McDonald as Trustees of the Isaac Conservation and Wildlife Trust, New Zealand (49.7%) Robert Geoffrey McGregor Clarke as trustee of the Estate of Diana, Lady Isaac, New Zealand (0.3%) |
| Vendor | Robert Geoffrey McGregor Clarke, William James Luff and Alister Gordon McDonald as Trustees of The Isaac Conservation and Wildlife Trust New Zealand (100%) |
| Background | The applicant is a joint venture between Downer New Zealand Limited and The Isaac Construction Co. Limited which, was formed to own and operate an asphalt processing plant which is situated on 1.8847 hectares of land at McLeans Island Road. The formation of the joint venture will allow Downer and Isaac to continue their existing upper South Island asphalt operations in a cost effective manner. 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 Overseas Investment Regulations 2005 |
| More information | Pip England/Tessa Baker Chapman Tripp PO Box 2206 AUCKLAND 1140 |