| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 29 September 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.6358 hectares (or such lesser amount following a proposed boundary adjustment) of land at 494 Rosebank Road, Avondale, Auckland ("the Land"). |
| Consideration | $5,900,000 |
| Applicant | Bunnings Limited Wesfarmers Limited, Australia (100%) |
| Vendor | 494 Rosebank Road Limited Partnership New Zealand (100%) |
| Background | The Applicant operates a network of hardware stores trading under the brand names "Bunnings", "Bunnings Warehouse" and "Bunnings Trade Centres". The Applicant intends to build a new trade centre on the Land which will employ approximately 20 people. 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 | Greg B Towers Simpson Grierson Private Bag 92518 AUCKLAND 1141 |