| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 3 September 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
| Consideration | $2,871,619 |
| Applicant | Transpacific Industries Group (NZ) Limited Australian Public (78.3654%) United Kingdom Public (10.9119%) Various overseas persons (7.0246%) New Zealand Public (3.6981%) |
| Vendor of land at Seaview Road | Seaview Recycle and Transfer Station Limited Robert McWhirter and Diane McWhirter, New Zealand (100%) |
| Lessor of land at Port Road | BP Oil New Zealand Limited North American Public (38.0%) United Kingdom Public (36.0%) European Public (14.0%) Various overseas persons (12.0%) |
| Lessor of land on Waiheke Island | Auckland City Council New Zealand (100%) |
| Background | Transpacific Industries Group (NZ) Limited (“Transpacific”) was one of New Zealand's leading recycling, waste management and industrial services companies, providing a range of environmental services to industrial, municipal and commercial customers. Transpacific sought to acquire the land at Gracefield and Waiheke Island to operate refuse transfer stations. The land at Port Road contains part of an office building used by Transpacific. 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 Regulations 2005 |
| More information | John Brown Brown Partners Lawyers PO Box 1496 Shortland Street Auckland 1140 |
| Retrospective penalty | $14,000 |