| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 June 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 1.3192 hectares of land at the corner of Glenfield Road and Downing Street, Glenfield (“the Land”). |
| Consideration | Annual rent of $155,000 plus GST |
| Applicant | DB Breweries Limited Heineken International B.V., Netherlands (100%) |
| Vendor | Hospitality Assets Limited (in receivership) Alfred Ernest Wallis, New Zealand (50%) Ian Garnett Shaw, New Zealand (50%) |
| Background | The Applicant has leased the land to develop and operate a new gastro bar named The Postman’s Leg. The Applicant will manage the Investment through its 60% shareholding in Barworks Group Limited (“Barworks”). The Investment will further advance Barworks’ goal of being New Zealand’s leading hospitality company in terms of quality and profitability. 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 | Craig Nelson Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |
| Retrospective penalty | No penalty applied. |