| Decision number | 200620070 |
|---|---|
| Application number | 200620081 |
| Date | 24 November 2006 |
| Offeror/applicant | Bunnings Limited |
| Ultimate applicant beneficial ownership | 100 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Calder Stewart Industries Limited of New Zealand |
| Business activities | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | 2.0511 hectares of freehold situated at 76 Saxton Road West, Stoke, Nelson being CT 140221 (Nelson Registry). |
| Regions involved | Nelson/Marlborough |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire 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. |
| 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. Bunnings Limited (Bunnings) is one of New Zealand's major suppliers of home and garden improvement products, and building materials and services to retail and trade customers. Bunnings operates a network of hardware stores throughout New Zealand, trading under the brand names Benchmark Building Supplies and Bunnings Warehouse. Bunnings proposes to acquire the subject land to construct and develop a large format Bunnings Warehouse store as part of a continuation of its expansion and capital investment programme. The proposal is likely to result in the following benefits:
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| Contact | Greg Towers Simpson Grierson Private Bag 92518 AUCKLAND |