| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 December 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.3460 hectares of land at Minogue Drive, Hamilton. |
| Consideration | $287,500 |
| Applicant | Forest Lake Gardens Properties Limited Waikato Racing Club Incorporated, New Zealand (45.0%) New Zealand Public (17.7799%) Arcus Holdings (NZ) Limited, New Zealand (17.545%) Australian Public (14.6449%) Various overseas persons (5.0302%) |
| Vendor | Waikato Racing Club Incorporated New Zealand (100%) |
| Background | The Applicant intends to acquire the Land to expand the adjoining Forest Lake Gardens retirement village by constructing a further 10 units. 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 | Reuben Woods Jess Hogan |