| Decision number | 200710021 |
|---|---|
| Application number | 200620138 |
| Date | 14 March 2007 |
| Offeror/applicant | Macquarie Goodman Nominee (NZ) Limited and Macquarie Goodman Nominee (NZ) No 2 Limited as nominee of the Macquarie Goodman Property Trust and Macquarie Goodman Group |
| Ultimate applicant beneficial ownership | 52.0829 percent - Australia, Australian Public 34.2596 percent - New Zealand, New Zealand Public 5.1929 percent - New Zealand, Goodman Holdings 4.25 percent - Australia, Macquarie Bank Limited 4.2147 percent - Various, Various overseas persons |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 60.5476 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Workstore Developments Limited 50 percent - New Zealand, Balcombe-Langridge (Richard, Glenda Eveleen and Andrew) as trustees of the Chiswick Trust 25 percent - New Zealand, Verissimo (Christopher) as trustee of the Christopher Verissimo Trust 25 percent - New Zealand, Scott (Terrence John) as trustee of the Terrence John Scott Trust |
| Business activities | Property & Business Services - Property |
| Details of land involved | 1.202 hectares of leasehold situated at 60 Westney Road, Manukau, Auckland being part CT 53370 (North Auckland). |
| Regions involved | Auckland |
| Total consideration | CONFIDENTIAL |
| Consent sought - 1995 Regs | To acquire an estate or interest in land which an estate or interest in land which, exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space. |
| 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 Applicant has received consent (Refer A200420076) to enter into options to lease all of or part of a 34 hectares property located at 60 Westney Road, Manukau, Auckland. The Applicant proposes to enter into a ground lease of the subject property (which forms part of the 34 hectare property) from Workstore Developments Limited (Workstore) for an initial term of 20 years. The ground lease will be perpetually renewable. The Applicant proposes to undertake a commercial property development on the subject land which will be sub-leased to Gluck IDS Limited to be utilised for warehouse and distribution facilities. The entry into a sublease which will facilitate the proposed development is to be undertaken by the Applicant. The proposal is likely to result in the following benefits:
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| Contact | Sara Fuller Russell McVeagh PO Box 8 AUCKLAND |