| Decision number | 200710032 |
|---|---|
| Application number | 200620136 |
| Date | 30 March 2007 |
| Offeror/applicant | Neil Properties Limited |
| Ultimate applicant beneficial ownership | 100 percent - Malaysia, Tiong Family |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Jean Kittow Trust and MacDiarmid (Hugh) 50 percent - New Zealand, Kittow (Jean Gordon) and Boone (John Elliot) as trustees of the Jean Kittow Trust 50 percent - New Zealand, MacDiarmid (Hugh Campbell) |
| Business activities | Property & Business Services - Property |
| Details of land involved | 7.1286 hectares of freehold situated at Goldsmith and Coleridge Street, Cambridge being CTs SA21B/1044, SA21B/1045, SA21B/1046, 18425, SA1048/24 and SA132/57 (South Auckland Registry). |
| Regions involved | Waikato |
| Total consideration | $9,620,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37. |
| 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. The Applicant which is part of The Neil Group of companies acquires land for residential subdivision, development and resale. The Applicant proposes to acquire the subject land to add it to the company's portfolio of land for residential subdivision. The land is currently used for residential purposes. The Applicant proposes that the acquisition of the subject land will provide for comprehensive residential development of up to 150 to 180 residential units. The development of the subject land is likely to commence in 2008 and be completed in 2012. The proposal is likely to result in the following benefits:
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| Contact | Deirdre Norris Glaister Ennor PO Box 63 Auckland |