Applicant
Fletcher Concrete and Infrastructure Limited
Case number(s)
200920016
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date2 September 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.1455 hectares of land at Hewlett Street, Whangarei.
Consideration$152,021
ApplicantFletcher Concrete and Infrastructure Limited
New Zealand (66.11%)
Australia (33.56%)
Various (0.33%)
VendorWhangarei District Council
New Zealand (100.0%)
Background

The Applicant owns the land adjoining the property and acquiring the property at Hewlett Street is likely to enhance the Applicant's existing facilities. The acquisition of the property is likely to lead to greater efficiencies for the operations undertaken on the adjoining property.

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)(iv) – Added market competition/productivity

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(g) – Enhance the viability of other investments

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