Applicant
Great Northern Developments Limited
Case number(s)
200720028
Decision date
Type
Decision
Decision number200720028
Application number200720028
Date12 September 2007
Offeror/applicantGreat Northern Developments Limited
Ultimate applicant beneficial ownership65.1311 percent - New Zealand, New Zealand Public
31.6589 percent - Australia, Australian Public
2.46 percent - Various, Various overseas persons
0.75 percent - New Zealand, O'Sullivan (John)
Beneficial overseas ownership 
- Asset current95.51 percent
- Asset proposed34.1189 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Lion Nathan Limited
49.24 percent - Australia, Australian Public
46.13 percent - Japan, Kirin Brewery Company Limited
4.49 percent - New Zealand, New Zealand Public
0.14 percent - Various, Persons who may be "overseas persons"
Business activitiesProperty & Business Services - Property
Details of land involvedNone.
Regions involvedAuckland
Total consideration$172,000,000
Consent soughtTo acquire the property situated at 262-368 Khyber Pass Road, Newmarket, Auckland.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Background:
Following an evaluation of the subject property, the Vendor decided to sell as a key component of evaluation was a finding that staying on the property would require significant capital expenditure commitment by the Vendor to achieve the operational efficiencies needed for the business going forward.

Outline of Proposed Development:
The Applicant proposes, subject to receiving the required resource consents, to redevelop the property to mixed-use development including: commercial office, residential and retail space with integrated public transport and other infrastructure.

Rationale for Proposed Development:
The subject acquisition will compliment the Applicant's existing investments and enhance returns to its investors.

ContactCathy Quinn
Minter Ellison Rudd Watts
P O Box 3798
AUCKLAND