Applicant
Antipodean Lands Limited
Case number(s)
200810007
Decision date
Type
Decision
Decision number200810007
Application number200720071
Date22 January 2008
Offeror/applicantAntipodean Properties Limited
Ultimate applicant beneficial ownership75 percent - United Kingdom, The William Pears Group of Companies Limited
25 percent - United Kingdom, Berman (Jonathan)
Beneficial overseas ownership 
- Asset current100 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)SPG Properties Limited
100 percent - Australia, Australian Public
Business activitiesWholesale & Retail Trade - Personal & Household Goods
Details of land involved0.4324 hectares of freehold situated at 111 Lincoln Road, Henderson, Auckland being CT 128C/174 (North Auckland Registry).
Regions involvedAuckland
Total consideration$6,000,103
Consent soughtTo acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the regulator under section 37.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Outline of Proposed Investment:
The Applicant proposes to purchase the property as part of its acquisition of a portfolio of five properties owned by SPG Properties Limited (SPG). SPG is part of the Spotlight group of companies, which operates a chain of fabric, craft and home decoration stores in Australia and New Zealand, and is ultimately owned by the Fraid brothers of Australia.

Rationale of Proposed Investment:
The acquisition complements the Applicant's existing New Zealand property holdings. This comprises the Three Kings Plaza, the Three Kings Shopping Centre, a portfolio of ten supermarket properties and an undivided half share in another portfolio of 18 supermarket properties. The relevant land comprises part of the Lincoln Centre, a well established bulk retail centre. The investment is consistent with the Applicant's intention to invest in New Zealand commercial property with growth potential.

If the proposed investment was refused, New Zealand's image as a place to invest would likely be adversely affected.

The Applicant has undertaken previous investments in New Zealand that have received Overseas Investment Commission and Overseas Investment Office consent. The investment will enhance the ongoing viability of the other overseas investments undertaken by the Applicant, as economies of scale will be achieved through the management and development of the Applicant's retail properties.

ContactMark Nicholson/Tessa Kennings
Chapman Tripp
PO Box 2206
AUCKLAND