Overseas investment decision for case 200720070 - Grande Pacific New Zealand Syndicate | Toitū Te Whenua

Applicant: Grande Pacific New Zealand Syndicate
Case number(s): 200720070
Decision date: 6 Dec 2007
Type: Decision

Decision number	200720070
Application number	200720044
Date	7 December 2007
Offeror/applicant	Grande Pacific New Zealand Syndicate
Ultimate applicant beneficial ownership	66.025 percent - Australia, Australian Public 33 percent - New Zealand, New Zealand Public 0.975 percent - Various, Various overseas persons
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	67 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Eastcliffe Tamaki Retirement Care Limited 100 percent - New Zealand, The Proprietors of Taharoa C Block
Business activities	Health & Community Services - Community Services
Details of land involved	2.3382 hectares of leasehold situated at 106 Rukutai Street, 110-160 Rukutai Street, 50-64 Te Arawa Street, 63-65 Te Arawa Street and 80-82 Aotea Street, Orakei, Auckland being CTs NA22C/1052, NA99C/193, NA99C/194, NA99C/195 and NA133C/590.
Regions involved	Auckland
Total consideration	$14,044,844
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. Background: The Applicant is a partnership between Hallmount (NZ) limited and Grande Pacific (NZ) Limited, each partner having 50% interest in the Applicant. The Applicant has been established in order to acquire the interests of Eastcliffe Tamaki Retirement Care Limited, including its interest in the lease of the land and to continue the operation of the Eastcliffe Tamaki Retirement Village on the land. Outline and Rationale of Proposed Investment: Part of the land is currently used as a retirement village comprising a communal facility, 78 serviced apartments, a 20-bed geriatric hospital and 58 independent townhouses/apartments. The Applicant proposes to acquire the land and to develop the currently vacant part of the land into a retirement village, the Eastcliffe Tamaki Retirement Resort. The Eastcliffe Tamaki Retirement Resort is intended to comprise apartments for the elderly and a range of community facilities that are of high quality and managed by skilled and experienced personnel. The Applicant will continue the development, marketing, advertising and operation of the Eastcliffe Tamaki Retirement Village. Rationale of Proposed Investment: The purchase of development sites in Auckland (separate application) and Tauranga, is an important part of the Applicant's strategy to build, own and operate high quality life-style retirement resorts throughout Australia and New Zealand. The proposal is likely to result in the following benefits: increased competition in the retirement village market; and additional investment for development purposes.
Contact	Allan McRae Minter Ellison Rudd Watts PO Box 3798 AUCKLAND

Back to top