| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 November 2014 |
| Investment | Overseas investments in sensitive land, being the Applicant’s acquisition of a leasehold interest in 0.4375 hectares of land at 43 Ben Lomond Crescent, Pakuranga Heights, Auckland. |
| Lease Payments | 2005 - $2,100,000 2009 - $2,364,360 |
| Applicant | Brunswick International Limited Brunswick Corporation, United States of America (100.0%) |
| Vendor | Ben Lomond Property Limited Christopher James Reeve, New Zealand (100.0%) |
| Background | The Applicant has been granted retrospective consent to acquire leasehold interests in the land in 2005 and 2009 for the premises of its wholly owned subsidiary Rayglass Sales and Marketing Limited (Rayglass). Rayglass is a designer and manufacturer of a large range of fibreglass power boats. The overseas investment 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 | Mark Stuart Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $8,000 |