| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 June 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
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| Consideration | CONFIDENTIAL |
| Applicant | Tomcat Holdings Pte Limited United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Vendor | Urban Developments Limited New Zealand (100.0%) |
| Background | Point Ridge is a gated community north of Albany. Resource consent has been granted to develop 237 dwellings in a staged development. To date, 95 apartments and villas have been completed in stages 1, 2 and 3 of the six stage development. This leaves up to a further 142 lots available for construction under the resource consent. Development of Point Ridge has stopped. The Applicant has entered into agreements to purchase two parcels of property in the Point Ridge development: the uncompleted portion of the development or 'future development units' and four completed units. The Applicant intends to appoint McConnell Property Limited to act as development and project manager to complete the Point Ridge development. The overseas investment transaction 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 Overseas Investment Regulations 2005 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |