| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.8876 hectares of land at 36 Shetland Street, Dunedin. |
| Consideration | $1,406,250 |
| Applicant | Summerset Villages (Dunedin) Limited and Summerset Properties Limited Australia (97.0%) New Zealand (3.0%) |
| Vendor | Grey Ghost Property Limited New Zealand (100.0%) |
| Background | The Summerset Group owns and operates a portfolio of 12 retirement villages situated throughout the North Island. In addition the Summerset Group owns three further properties which are land banked for further development. The proposed acquisition is part of Summerset's strategy to expand throughout New Zealand and this will be their first acquisition in the South Island. 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 | Carolyn Hintz Bell Gully (Wellington) PO Box 1291 WELLINGTON |