| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 October 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.1832 hectares of land at 24-30 Lake Road, Northcote, Auckland. |
| Consideration | $10,291,000 |
| Applicant | Sealy New Zealand Limited Dyer Holdings Pty. Ltd., Australia (50.0%) Sealy Corporation, United States of America (50.0%) |
| Vendor | DJ Cowie & Associates Limited, JKM Smith and HA Rochfort as trustees of the Lake Property Trust New Zealand (100%) |
| Background | The Applicant manufactures Sealy branded bedding under licence from Sealy Corporation. It has been operating its business from the relevant land for several years and wishes to continue to do so. To this end, it has entered into a new lease with the landowners under which the owners have agreed to undertake extensive capital redevelopment works. 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 | Matthew Thomas 1299 Boundary Road Wacol Queensland Australia 4076 |