Applicant
Bunnings Limited
Case number(s)
200920045
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date28 September 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 7.6410 hectares of land at 2182 East Coast Rd, Silverdale.
Consideration$3,262,500
ApplicantBunnings Limited
Australia (99.43%)
New Zealand (0.36%)
Various (0.21%)
VendorThe New Zealand Guardian Trust Company Limited
Australia (100.0%)
Background

The Applicant proposes to establish a Bunnings warehouse store on the property which will provide home and garden improvement products, and building materials and services to retail and trade customers.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(v) – Additional investment for development purposes

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

More informationGreg Towers
Simpson Grierson (Auckland)
Private Bag 92518
Wellesley Street
AUCKLAND