| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 June 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.7782 hectares of land at 60 Westney Road, Manukau, Auckland. |
| Consideration | To be advised |
| Applicant | Goodman Nominee (NZ) Limited as nominee of the Goodman Property Trust Australian Public (51.8689%) New Zealand Public (32.3008%) Various overseas persons (6.4163%) Goodman Family, New Zealand (5.164%) Macquarie Bank Limited, Australia (4.25%) |
| Vendor | Workstore Developments Limited Balcombe-Langridge (Richard, Glenda Eveleen and Andrew) as trustees of the Chiswick Trust, New Zealand (50.0%) Scott (Terrence John) as trustee of the Terrence John Scott Trust, New Zealand (25.0%) Verissimo (Christopher) as trustee of the Christopher Verissimo Trust, New Zealand (25.0%) |
| Background | In November 2007 Goodman Nominee (NZ) Limited and Goodman Nominee (No 2) Limited received consent (refer 207720067) to acquire a leasehold interest in 2.062 hectares at 60 Westney Road Manukau, Auckland from Workstore. This land was sub-leased to DHL Global Forwarding (New Zealand) Limited (DHL) to be utilised for warehouse and distribution facilities. On 9 December 2010, the Goodman companies and Workstore agreed to vary the Head Lease to include the land that is the subject of this application, (the DHL expansion land). Under the sub-lease DHL has an option to acquire a sub-leasehold interest in the, "DHL Expansion Land". Goodman Nominee (NZ) Limited is acquiring the DHL Expansion Land to ensure that, if DHL exercises its option to lease the DHL Expansion Land from Goodman Nominee (NZ) Limited, that Goodman Nominee (NZ) Limited will have the ability to grant a lease to DHL. Any development of the DHL Expansion Land is contingent on DHL exercising its option to lease the DHL Expansion Land. Goodman Nominee (NZ) Limited considers that the nature of the development is likely to be ancillary warehousing and distribution facilities to complement DHL's existing premises. 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 | Natalie Steur Russell McVeagh (Auckland) PO Box 8 AUCKLAND |