| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.1892 hectares of land at Gabador Place, East Tamaki, Auckland. |
| Lease Value | $2,334,180 |
| Applicant | Marstel Terminals Limited State Authorities Superannuation Trustee Corporation, Australia (45.0%) Marstel Holdings Limited, New Zealand (50.0%) Oleate Pty Limited, Australia (5.0%) |
| Vendor | Ports of Auckland Limited New Zealand (100%) |
| Background | The acquisition in July 2007 of the leasehold interest in the land at Gabador Place allowed the Applicant to support the Wynyard Quarter redevelopment and in agreement with Ports of Auckland Limited (POAL) work together to achieve the eventual relocation of the Applicant’s Hamer Street terminal. The Applicant has now sought retrospective consent for the acquisition. 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 | Neil Millar/Amanda Spratt Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |
| Retrospective penalty | $4,000.00 |