Applicant
Bunnings Limited
Case number(s)
201120082
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date31 January 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.6783 hectares of land at 57-63 Molesworth Street, New Plymouth.
Consideration$4,265,000
ApplicantBunnings Limited
Wesfarmers Limited, Australia (100.0%)
VendorConstellation Enterprises Limited
Christopher Bruce, New Zealand (50.0%)
Nyall Colin Simkin Simkin, New Zealand (50.0%)
Background

The acquisition of the land is in line with Bunnings commercial priorities, namely to expand and grow its store network throughout New Zealand.

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)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationGreg Towers
Simpson Grierson (Auckland)
Private Bag 92518
Wellesley Street
AUCKLAND