| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 February 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.3443 hectares of land at Eastvale Close, Greenhithe, Auckland. |
| Consideration | $23,593,080 |
| Applicant | Fletcher Residential Limited New Zealand Public (48.1%) Australian Public (20.9%) North American Public (18.5%) Various overseas persons (12.5%) |
| Vendor | Kyle Road Limited Cameron David Wilson, New Zealand (100%) |
| Background | Fletcher Residential Limited (“FRL”) is a subsidiary of Fletcher Building Limited (“FBL”), an NZX listed construction company 48% owned by New Zealanders. FRL is the largest specialist home building company in New Zealand and is acquiring the relevant land to build around 84 residential houses. 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 | Greg Allen Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |