Overseas investment decision for case 201900217 - 357NWR Limited

An overseas investment in residential (but not otherwise sensitive) land under the increased housing test, being the Applicant's acquisition of approximately:

• 0.002 hectares of freehold land at 3 New Windsor Road, Avondale, Auckland; and
• 0.2054 hectares of freehold land at 5 and 7 New Windsor Road, Avondale, Auckland.

The Applicant is a New Zealand registered company established for the purpose of acquiring and developing the investment properties. 

To meet the increased housing test, the Applicant proposes to remove the two existing dwellings and construct 15 new townhouses. The construction of the townhouses will be completed in stages, with all 15 townhouses anticipated to be completed and sold by December 2024.

We consider the Investment is likely to:

• meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land;
• meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land by December 2024; and
• meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.