Applicant
Welhom developments Limited
Case number(s)
201220093
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date24 May 2013
InvestmentAn 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
ApplicantWelhom 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%)
VendorBoulcott'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
17(2)(a)(i) – Creation of jobs
17(2)(a)(iv) – Added market competition/greater efficiency or productivity

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(j) – Mitigating factor

More informationJeannie Warnock
Greenwood Roche Chisnall
PO Box 25501
WELLINGTON 6011