| Decision number | 200620010 |
|---|---|
| Application number | 200610100 |
| Date | 21 July 2006 |
| Offeror/applicant | Trans Tasman Properties Limited |
| Ultimate applicant beneficial ownership | 52.25 percent - Hong Kong, SEA Holdings Limited 42.6646 percent - New Zealand, New Zealand Public 5.0854 percent - Various, Unknown Overseas Persons |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 57.3354 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Gould (Timothy Derrick) of New Zealand |
| Business activities | Property & Business Services - Property |
| Details of land involved | 9.1054 hectares of leasehold situated at Dickeys Road, Belfast, Christchurch being part CT CB136/4 (Canterbury Registry). |
| Regions involved | Canterbury |
| Total consideration | $225,000 |
| Consent Sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | 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. TTP received consent on 7 September 2005 to acquire 39.392 hectares situated at Belfast, Christchurch (refer A200520022/D200520048 and A200520038/D200520049) ("the Belfast land"). TTP proposes to subdivide the Belfast land into approximately 250 residential sites over a two to five year timeframe. If TTP receives consent to acquire the land, it proposes to transfer its leasehold interest to the landlord (the Canterbury Regional Council) at value, in exchange for partial set-off of the reserve contribution that will be required as part of the TTP's Belfast development proposals and for use in construction of a proposed bypass. TTP advises that the construction of the bypass is crucial to the successful completion of TTP's Clearwater and Belfast developments, and that the acquisition of the land will facilitate a satisfactory resolution of the traffic issues necessary to achieve a re-zoning of the land. The proposal to transfer the land to the Canterbury Regional Council is dependent upon a commitment by Transit New Zealand and the local councils to approve and proceed with construction of the bypass. To date, the consultation with the local councils and Transit New Zealand has not focused on a single option to progress construction of the bypass but rather a range of solutions involving the land. TTP advises that even if Transit and the local Councils are unable to commit to construction of the bypass for budgetary reasons, TTP will itself consider initiating construction of the bypass subject to obtaining requisite consents, approvals and agreement over apportionment of costs. The proposal is likely to facilitate TTP's proposed Belfast and Clearwater subdivisions which are likely to result in the following benefits:
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| Contact | Frank McLaughlin/Chris Bougen Chapman Tripp P O Box 993 WELLINGTON |