| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 September 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 8.0298 hectares of land at 16 Sargeson Street, Stoke, Nelson. |
| Consideration | $7,000,000 |
| Applicant | Summerset Villages (Nelson) Limited and Summerset Properties Limited Australia (98%) New Zealand (2%) |
| Vendor | Gracefield Resort Limited New Zealand (100%) |
| Background | The Applicants are part of the Summerset Group which owns and operates retirement villages throughout New Zealand as well as care centres comprising hospitals, rest homes and/or clinics. They are acquiring the land in order to establish a Summerset retirement village in Nelson. The Applicants intend to significantly expand the vendor’s existing retirement village development. 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 | Miles Dean Minter Ellison Rudd Watts (Wellington) PO Box 2793 WELLINGTON |