| 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 2.4972 hectares of land at the corner of Brigham and Hamer Streets Freemans Bay Auckland. |
| Lease Value | $15,977,078 |
| 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 | Auckland Waterfront Development Agency New Zealand (100%) |
| Background | The acquisition in June 2010 of the leasehold interest in the Wynyard Point terminal allowed the Applicant to integrate the terminal with its nearby Hamer Street bulk chemical storage facility, providing economies of scale, efficiency benefits, and the ability to relocate products between the terminals to lower the chemical risk at the terminals. The Applicant has now sought retrospective consent for that 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 Act 2005 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 |