| Decision number | 200720061 |
|---|---|
| Application number | 200720068 |
| Date | 8 November 2007 |
| Offeror/applicant | Goodman Nominee (NZ) Limited and Goodman Nominee (NZ) No 2 Limited as nominee of the Goodman Property Trust and the Goodman Group |
| Ultimate applicant beneficial ownership | 48.9648 percent - Australia, Australian Public 32.485 percent - New Zealand, New Zealand Public 12.918 percent - Various, Various overseas persons 5.6322 percent - New Zealand, Goodman Holdings |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 61.8828 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 | 1.2954 hectares of leasehold situated at 60 Westney Road, Manukau, Auckland being part CTs 348117, 348118, 348119 and 348120 (North Auckland). |
| Regions involved | Auckland |
| Total consideration | CONFIDENTIAL |
| Consent sought - 1995 regs | To acquire 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 hectare 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 Supply Chain Solutions (NZ) Limited and Pacific Network Global Logistics Limited to be utilised for warehouse and distribution facilities. The entry into a sub-lease will facilitate the proposed development to be undertaken by the Applicant. The proposal is likely to result in the following benefits:
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| Contact | Ed Crook/Jonathan Mitchell Russell McVeagh P O Box 8 AUCKLAND |