Overseas investment decision for case 200810020 - Vision Parnell Limited

To acquire:

1. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land over 0.4 hectares that includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
2. 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.

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 to the Investment:
The proposed investment involves the development of a retirement village on part of Carlaw Park situated in central Auckland. Auckland Rugby League (Incorporated) (ARL) will grant ground leases to CarlawDevelopments Limited (Carlaw Developments) over part of Carlaw Park upon which Carlaw Developments will develop a retirement village.

Outline of the Investment:
Vision Parnell Limited (Vision Parnell) will progressively acquire the retirement village upon completion of each stage by Carlaw Developments and will take assignments of the ground leases over the relevant land. Vision Parnell will market and sell occupation licences for residential units in the development to potential residents. The retirement village will comprise approximately 200 units with community facilities including a restaurant, lounges, library, pool, gym, theatre, gardens and activities area.

Rationale for the Investment:
The proposed investment is part of VSL's strategy to develop, own and operate quality 60 years + retirement villages throughout New Zealand. The application has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied, by particular reference to the following factors:

Overseas Investment Act 2005:
s17(2)(a)(i) - Creation/retention of jobs;
s17(2)(a)(iv) - Added market competition, greater efficiency or productivity, or enhanced domestic services;
s17(2)(a)(v) - Additional investment for development purposes;

Overseas Investment Regulations 2005
r28(e) - Previous investments.