Applicant
Kiwi Property Group Limited and Kiwi Property Holdings No. 2 Limited
Case number(s)
201710092
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date5 September 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately:
  • 29.8430 hectares of land at 133 Fitzgerald Road, Drury; and
  • 0.8000 hectares of land at 97 Brookfield Road, Drury; and
  • 8.5808 hectares of land at 68, 108, and 114 Flanagan Road, Drury.
Consideration$36,375,000
ApplicantKiwi Property Group Limited and Kiwi Property Holdings No. 2 Limited
New Zealand (72.23%)
United States of America (13.68%)
Australia (4.08%)
United Kingdom (3.48%)
Japan (1.13%)
Norway (1.64%)
Various overseas persons (3.76%)
VendorsAnnette Mary Flanagan, Michael Anthony Flanagan, and Annette Mary Flanagan (as trustee of the estate of Maisie Flanagan)
New Zealand (100%)
Annette Mary Flanagan
New Zealand (100%)
James Holmes and Barbara Noeleen Holmes
New Zealand (100%)
Background

The Applicant is a New Zealand based property investor and developer.

Part of the land being acquired is used as separate residences with the remainder being used as a small dairy farm, with other land used for stock run off and grazing, and a small cottage. The Applicant intends to create a residential property and town centre development in Drury.

The benefits to New Zealand include:     

  • creating direct jobs in relation to the town centre construction;
  • creating ongoing indirect jobs in relation to town centre services;
  • additional investment for the development; and
  • creating large and integrated infrastructure, transport, retail, and community services in Drury.
More informationDavid Butler
Russell McVeagh 
PO Box 8
AUCKLAND