Applicant
GMP Pharmaceuticals Limited
Case number(s)
201410050
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date21 August 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.7450 hectares of land at 10 Averton Place, East Tamaki, Auckland.
Consideration$1,270,000
ApplicantGMP Pharmaceuticals Limited
Australia (100%)
VendorMurray Stewart Stringer
New Zealand (100%)
Background

The Applicant will acquire land to facilitate with the running of an existing pharmaceutical business and associated activities.

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)(e) – Walking access  

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments

More informationSusie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140
Retrospective penalty$2,000