| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 October 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.6340 hectares of land at 104-118 High Street, Motueka. |
| Consideration | CONFIDENTIAL |
| Applicant | Wholesale Distributors Limited Australian Public (98.98%) New Zealand Public (0.78%) Various overseas persons (0.24%) |
| Vendor | Motueka Market Limited Roger and Helen Gibbons, New Zealand (100.0%) |
| Background | The Applicant is a property and franchise owning vehicle for Progressive, holding real estate assets, leases and franchise agreements from which Progressive operates its supermarket business. The Applicant currently leases the land and intends to enter into a new lease arrangement. The land will continue to be leased for use as a supermarket, but the supermarket on the land will be refurbished. 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 | Sam Nelson Lane Neave PO Box 13-149 CHRISTCHURCH |