Overseas investment decision for case 200520104 - Neil Construction Limited

To acquire:

1. an estate or interest in land which 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.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire the subject property to add it to the company's portfolio of land for residential subdivision. The property is zoned Living 1 under the Christchurch City Council's Operative District Plan. The Applicant proposes to undertake a residential subdivision development which will provide sections to assist in meeting the demand for residential lots in the Christchurch region. It is expected that the development of the property will result in 45 residential sites. The development will be undertaken in one stage commencing in 2006.

The proposal is likely to result in the following benefits:

1. the retention of existing employment opportunities and the creation of new employment opportunities through the subdivisional work required; and
2. the introduction of additional investment for development purposes.