Overseas investment decision for case 201120094 - Welltech Developments Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	29 May 2012
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 7.6200 hectares of land at 1 and 2 Squadron Drive, Hobsonville, Auckland.
Consideration	$7,000,000
Applicant	Welhom Developments Limited New Zealand Public (44.22%) Perpetual Trustee Company Limited, Australia (40.14%) QPE Co-investment Pty Limited, Australia (15.64%)
Vendor	Michael Ronald and Ann Kathleen Evans New Zealand (100%)
Background	The Applicant is a wholly owned subsidiary of the Summerset Group and intends to establish a high quality retirement village on the land. 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/Retention of jobs 17(2)(a)(iv) – Added market competition/productivity 17(2)(b) – Indigenous vegetation/fauna 17(2)(d) – Historic heritage 17(2)(e) – Walking access 17(2)(f) – Offer to sell foreshore to the Crown Overseas Investment Regulations 2005 28(e) – Previous investments 28(j) – Mitigating factor
More information	Jeannie Warnock Greenwood Roche Chisnall PO Box 25501 WELLINGTON