Overseas investment decision for case 200520070 - Nelson Quarter Depot Site Limited

To acquire:

1. an estate or interest in land which the consideration for the land exceeds $10 million; and
2. an estate or interest in land which together with any associated land exceeds five hectares in area.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has 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.

The subject property which comprises a three-level commercial building rented to various tenants, adjoins 2.8822 hectares of land over which the Applicant has acquired a leasehold interest (refer A200410135/D200420005). The Applicant proposes to undertake a development over a five to six year timeframe creating a fully integrated mixed use 28,000 square metre urban development comprising approximately 4,000 square metres of retail space, 5,000 square metres of commercial space, a boutique hotel, approximately 1,000 residential apartments and 2,000 car parks. It is proposed that the land will be developed as an artistic and cultural precinct including open communal gathering space. The subject land will be incorporated into the Applicant's development. The Applicant advises that the Auckland City Council has encouraged it to purchase the subject property so as to achieve better street alignment for the overall development that it is proposing to undertake.

The overall development proposal is likely to result in the following benefits:

1. the creation of new employment opportunities;
2. the introduction of development capital; and
3. enhanced domestic services for consumers.