Applicant
Trans Tasman Properties Limited
Case number(s)
200710016
Decision date
Type
Decision
Decision number200710016
Application number200620065
Date7 March 2007
Offeror/applicantTrans Tasman Properties Limited
Ultimate applicant beneficial ownership77.27 percent - Hong Kong, SEA Holdings Limited
22.73 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed77.27 percent
Offeree(s)/seller(s)Phoenix Properties Limited 100 percent - New Zealand, New Zealand Public
Business activitiesProperty & Business Services - Property
Details of land involved11.7241 hectares of freehold comprising:
  1. 6.2952 hectares situated at Walmsley Road, Mangere, Auckland being CTs NA1072/227, NA1072/226, NA10B/504, NA551/109, NA993/127 and NA 993/186 (North Auckland Registry); and
  2. 5.4289 hectares situated at Walmsley Road, Mangere, Auckland being part CTs NA14C/794 and NA551/115 (North Auckland Registry).
Regions involvedAuckland
Total consideration$8,144,415
Consent soughtTo acquire up to 100 percent of the securities of Waterside Business Centre Limited.
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.

Trans Tasman Properties (TTP), or its wholly-owned subsidiary Asia Pacific Properties Limited, proposes to acquire all of the shares in Waterside Business Centre Limited (Waterside) a company that owns, or has entered into a contract to acquire the subject land. Waterside is currently seeking an amendment to have the land which is zoned Future Development Stage 1 by the Manukau City Council to be rezoned Business 5 (or a proposed new zoning, Business 5 Favona) in order for the development of a proposed business park or light industrial/retail centre. The proposed acquisition of Waterside will further consolidate the Applicant's portfolio of industrial/commercial property development which is consistent with the Applicant's investment strategy in the Auckland region.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. enhanced domestic services for industrial tenants;
  3. the introduction into New Zealand of additional investment for development purposes.
ContactJohn Brown
Brown & Sargent
P O Box 1496
AUCKLAND