| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 30 April 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.3590 hectares of land at 18 Hibiscus Coast Highway, Silverdale, Rodney, North Auckland. |
| Consideration | CONFIDENTIAL |
| Applicant | Bunnings Limited Australian Public (59.06%) HSBC Custody Nominees (Australia) Limited, Australia (13.86%) JP Morgan Nominees Australia Limited, Australia (13.39%) National Nominees Limited, Australia (9.8%) Citicorp Nominees Pty Limited, Australia (2.76%) Various overseas persons (1.13%) |
| Vendor | Rodney District Council Rodney District, New Zealand (100.0%) |
| Background | The Applicant intends to open a 6000 square metre hardware and building improvement store on the Land, operating under the Bunnings Warehouse brand. The store will sell home and garden improvement products and building materials to retail and trade customers. The Investment will benefit New Zealand by creating jobs, introducing capital for investment purposes, and creating consequential benefits. The Applicant has a history of successful investment in New Zealand. 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 | Greg B Towers Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |