Applicant
General Distributors Limited
Case number(s)
200920082
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 December 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a mortgage in 7.8266 hectares of land at Grants Road, Frankton, Queenstown.
Consideration$11,000,000
ApplicantGeneral Distributors Limited
Australia (98.98%)
New Zealand (0.78%)
Various (0.24%)
VendorRedwood Group Limited
New Zealand (100.0%)
Background

The Applicant is seeking to expand its operations across New Zealand and the land is being acquired to enable the Applicant to implement its business investment plans. The acquisition will enable the Applicant to increase its presence in the Queenstown/Frankton area.

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)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments

More informationEdward Dunphy
Russell McVeagh (Auckland)
PO Box 8
AUCKLAND