| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 October 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.4277 hectares of land at 1 Tennis Lane, Stanley Street, Auckland. |
| Consideration | $2,566,872 |
| Applicant | Next Generation Clubs Australia Pty Limited and Next Generation Clubs NZ Limited United Kingdom (except Isle of Man and the Channel Islands) (91.8%), Various (8.2%) |
| Vendor | Tennis Auckland Region Incorporated New Zealand (100.0%) |
| Background | The ASB Bank Tennis Centre (Tennis Centre) is constructed on the land. Tennis Auckland Region Incorporated (Tennis Auckland) leases the land from the Auckland City Council (ACC). Tennis Auckland has agreed with ACC to take a new lease of the land for the purposes of allowing the Applicant to redevelop the tennis courts and other tennis facilities, developing the Tennis Centre into a sports and lifestyle centre (leisure centre) and to take a sub-lease of certain areas of the Tennis Centre for the operation of the leisure centre. The proposal will facilitate a substantial upgrade and redevelopment of the existing ASB Tennis Stadium and the associated facilities on the land, including the upgrading of the tennis facilities and the development of the leisure centre and new underground carparking. 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 |
| More information | Emma Tonkin Kensington Swan (Auckland) Private Bag 92-101 AUCKLAND |