| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 17 February 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.6224 hectares of land at 146 Riri Street, Mangakakahi, Rotorua. |
| Consideration | $1,130,000 |
| Applicant | Reesby Rotorua Limited United Kingdom (100%) |
| Vendor | Reesby Property Holdings Limited New Zealand (100%) |
| Background | The Applicant is a holding company for Sir Brian Souter, a long-established owner of commuter transport investments in New Zealand. The Applicant is currently leasing the land to operate a bus depot for its transport business in Rotorua. The Applicant has advised that it intends to continue using the Land as a bus depot and to expand its use to become a hub for the city to city operations of the Applicant’s related entities. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Paul G Foley Minter Ellison Rudd Watts PO Box 2793 WELLINGTON |