Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
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Decision date | 24 May 2013 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 3.2688 hectares of land at Boulcott Street and Hathaway Avenue, Lower Hutt. |
Consideration | $7,000,000 |
Applicant | Welhom Developments Limited New Zealand Public (61.75%) Perpetual Trustee Company Limited, Australia (26.93%) QPE Co-investment Pty Limited, Australia (10.47%) Summerset LTI Trustee Limited, New Zealand (0.85%) |
Vendor | Boulcott's Farm Heritage Golf Club (Incorporated) New Zealand (100%) |
Background | Summerset Group Holdings Limited intends to acquire the land to establish a retirement village. 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 | Jeannie Warnock Greenwood Roche Chisnall PO Box 25501 WELLINGTON 6011 |