Applicant
Fletcher Concrete and Infrastructure Limited
Case number(s)
200910053
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date19 June 2009
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 19.7900 hectares of land at 482-484 Hunua Road, Hunua.
Consideration$2,200,000
ApplicantFletcher Concrete and Infrastructure Limited
New Zealand (66.11%), Australia (33.56%), Various (0.33%)
VendorJoy Eunice Calway
New Zealand (100.0%)
Background

The Applicant has extensive land holdings in New Zealand for its quarry operations. It owns the Hunua Quarry which is in the near vicinity of the relevant property.

The Applicant views the acquisition of the property as part of its strategy to establish non-residential buffer zones around its quarry sites so as to:

  1. protect neighbours from the affects of its operations; and
  2. operate the Hunua Quarry more efficiently and productively.

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' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(vi) – Increased processing of primary products

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

More informationGreg Allen
Simpson Grierson
Private Bag 92518
Wellesley Street
AUCKLAND