Applicant
Forest Lake Gardens Properties Limited
Case number(s)
201120053
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date21 December 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.3460 hectares of land at Minogue Drive, Hamilton.
Consideration$287,500
ApplicantForest Lake Gardens Properties Limited
Waikato Racing Club Incorporated, New Zealand (45.0%)
New Zealand Public (17.7799%)
Arcus Holdings (NZ) Limited, New Zealand (17.545%)
Australian Public (14.6449%)
Various overseas persons (5.0302%)
VendorWaikato Racing Club Incorporated
New Zealand (100%)
Background

The Applicant intends to acquire the Land to expand the adjoining Forest Lake Gardens retirement village by constructing a further 10 units.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(j) – Mitigating Factor

More information

Reuben Woods
DLA Phillips Fox (Auckland)
PO Box 160
AUCKLAND

Jess Hogan
DLA Phillips Fox (Auckland)
PO Box 160
AUCKLAND