Overseas investment decision for case 200620040 - Neil Construction Limited

1. an interest in land which, either alone or together with any associated land of that type, exceeds 0.4 hectares and is or includes land subject to a heritage order, or a requirement for a heritage order, under the Resource Management Act 1991 or by the Historic Places Trust under the Historic Places Act 1993; and
2. 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.

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 carries on business principally in Auckland, Tauranga and Christchurch acquiring land for subdivision, development and resale. The land is zoned Future Urban under the Rodney District Council's Proposed District Plan and adjoins 5.443 hectares of land previously acquired by the Applicant for a 65 lot residential subdivision. The Applicant proposes to undertake a residential subdivision development which will provide approximately 48 residential lots to assist in meeting the demand for residential lots in the Rodney district. The development will be undertaken in one stage commencing in October 2007.

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.