| Decision number | 200620059 |
|---|---|
| Application number | 200620048 |
| Date | 13 October 2006 |
| Offeror/applicant | Bank of New Zealand |
| Ultimate applicant beneficial ownership | 100 percent - Australia, National Australia Bank Limited |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | CentrePort Limited 76.92 percent - New Zealand, Wellington Regional Council 23.08 percent - New Zealand, Manawatu Wanganui Regional Council |
| Business activities | Finance & Insurance - Financial Institutions |
| Details of land involved | 1.5 hectares of leasehold situated at 90 Waterloo Quay, Wellington being part CT WNB3/681 (Wellington Registry). |
| Regions involved | Wellington |
| Total consideration | $55,491,752 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore. |
| Rationale | 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 Bank of New Zealand (BNZ) proposes to enter into a lease with CentrePort Limited (CentrePort) in respect of a commercial office building to be constructed on the subject land. CentrePort is to construct the new building of which it is intended that the BNZ will occupy as the main tenant. Construction is due to be completed in June 2009. The BNZ will lease part of the ground floor area for retail premises and car parking and 15,000 square metres of office space for office premises. The proposal will provide the BNZ with new office premises. The proposal is likely to facilitate the development of the commercial building by CentrePort Limited which is likely to result in the following benefits:
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| Contact | Mark Crosbie Bell Gully P O Box 4199 AUCKLAND |