| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 13 August 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.0043 hectares of land at 94 Cryers Road, East Tamaki, Auckland. |
| Consideration | $3,993,750 |
| Applicant | Bunnings Limited Australia (99.43%) New Zealand (0.36%) Various (0.21%) |
| Vendor | ING Properties Limited New Zealand (99.87%) Various (0.13%) |
| Background | The Applicant proposes to establish a Bunnings trade centre serving trade customers on the property. The Applicant will modify and upgrade the existing buildings to enable the trade centre to be established. 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 | Claire Green Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |