| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 April 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.9574 hectares of land at Apartment 1201, 45 Stanley Point Road, Stanley Point. |
| Consideration | $3,400,000 |
| Applicant | Francois Mandy Belgium (100%) |
| Vendor | Bruce Robert Bathurst & Robyn Joy Bathurst as trustees of the Stoneleigh Family Trust New Zealand (100%) |
| Background | The Applicant invested significant funds in New Zealand forestry ventures in the 1990s. Consent is sought for the acquisition of one residential unit and related car parks and storage units in the apartment complex situated at Stanley Point, Auckland. The Applicant and his wife plan to retire in the next few years, in particular to Auckland. The proposed purchase of the apartment is for that purpose. It is intended to be a permanent New Zealand residence for the Applicant and will be used in the future as the base from which to manage his New Zealand investments. 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 | Angela Beros Graham Jordan |