Applicant
General Distributors Limited
Case number(s)
201510047
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date2 July 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1.1999 hectares of land at 2 South Street, Ashburton.
Consideration$2,928,000
Applicant

General Distributors Limited
Various overseas persons (54.5%)
Australian Public (27.76%)
United States Public (8.64%)
United Kingdom Public (6.19%)
Hong Kong Public (2.53%)
New Zealand Public (0.38%)

Vendor

River Crossing Limited
David John Williams, New Zealand (100.0%)

Background

The Applicant is acquiring the land to develop a Countdown supermarket. This will result in the creation of jobs and the introduction into New Zealand of additional investment for development purposes.

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) – Jobs
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationSam Nelson
Lane Neave
PO Box 701
Queenstown 9348