Applicant
Fletcher Residential Limited
Case number(s)
201310017
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date15 May 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 47.3746 hectares of land at Great South Road, Takanini.
Consideration$43,000,000
ApplicantFletcher Residential Limited
New Zealand Public (48.1%)
Australian Public (20.9%)
United States Public (18.5%)
Unknown Overseas Persons, Various (12.5%)
VendorManukau Golf Club Incorporated
New Zealand (100%)
Background

The Applicant intends to subdivide the land and create residential housing on the land.

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)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(e) – Previous investments28(j) – Mitigating factor

More informationGreg Allen
Simpson Grierson
Private Bag 92518
Wellesley Street
AUCKLAND