Overseas investment decision for case 200720063 - Neil Construction Limited

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is a road, that adjoins the sea or a lake.

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, which is part of The Neil Group of Companies, acquires land for residential subdivision, development and resale. The Applicant proposes to acquire the subject land to add it to the company's portfolio of land for residential subdivision. The land is currently used by the vendor as a dairy farm. The Applicant proposes that the acquisition of the subject land will provide for comprehensive residential development of up to 200 residential/lifestyle sections. The development of the subject land is likely to be completed in five or six stages with the construction of the first stage expected to commence in late 2008.

The proposal is likely to result in the following benefits:

1. the creation of new employment opportunities through the subdivisional work required; and
2. the introduction of additional investment for development purposes.