| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 6 April 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 0.4223 hectares of land at 1-3 Isles Street, Cromwell. |
| Rent | $287,750 per annum |
| Applicant | Wholesale Distributors Limited Australian Public (99.21%) Various overseas persons (0.79%) |
| Vendor | Frost Foundation Limited Frost Family Investment Trust (of which Christine Pamela Frost and Murray Warden Frost are trustees) New Zealand (98%) Christine Pamela Frost, New Zealand (1%) Murray Warden Frost, New Zealand (1%) |
| Background | The Applicant is a subsidiary of Progressive Enterprises Limited, an operating division of Woolworths Limited. The Applicant intends to acquire a long-term leasehold interest in the land and enter a franchise agreement for the operation of a FreshChoice Supermarket. The proposed investment is likely to lead to benefits including the creation of jobs in relation to both the construction of the supermarket and in its operation; added market competition in the retail grocery sector in the Cromwell area; and investment by the lessor of the land and the franchisee in developing the supermarket, which is likely to be of consequential benefit to New Zealand. 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 28(a) – Consequential benefits 28(e) – Previous investments |
| More information | Sam Nelson Lane Neave PO Box 701 Queenstown |