| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 September 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1.1207 hectares of land at 271 Richmond Road, Grey Lynn, Auckland. |
| Consideration | $18,350,000 |
| Applicant | Goodland Limited Jeffrey Yih Peir Hing, Singapore (50.0%) Bei Keen Wong, Singapore (50.0%) |
| Vendor | Defensive Investments Limited Michael Steele Judd, New Zealand (17.0%) Bell Family and Yates Allison Trust Partnership, New Zealand (16.67%) Colin Steele Judd, New Zealand (16.5%) Richard Daniel Judd, New Zealand (16.5%) Yates Allison Family Trust No. 2, New Zealand (16.0%) Bell Family Investment Trust, New Zealand (16.0%) Phillip Graeme Bell, New Zealand (0.665%) Greig Anthony Allison, New Zealand (0.665%) |
| Background | The owners of the Applicant are commercial property investors and own other commercial properties in Auckland. The acquisition of the land is consistent with the Applicant’s investment strategy in commercial property. The land has a supermarket built on it, which the Applicant will continue to lease to General Distributors Limited, the operators of Countdown supermarkets. 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 Regulations 2005 |
| More information | Angela Beros Lowndes Jordan PO Box 5966 AUCKLAND |