Applicant
Universal Homes Limited
Case number(s)
201900365
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date20 September 2019
Pathway(s)Residential land – increased housing
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.3709 hectares of land at 81-85 Tonar Street, and 43 Cadness Street, Northcote, Auckland.
Consideration$4,079,910
ApplicantUniversal Homes Limited
The People's Republic of China 100%
VendorHLC (2017) Limited as agent for Housing New Zealand Limited
New Zealand 100%
Background

The Applicant is a New Zealand registered property development company and has been in the property development market since 1959.

The Applicants development of this land makes up part of the wider Northcote Development project taking place which is plans to replace old Housing New Zealand houses with warm modern homes. The 3 Housing New Zealand dwellings which were previously located on the land have already been removed.

To meet the increased housing test, the Applicant proposes to construct 24 new residential dwellings on the Land. 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 31 January 2022; and
  • meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.
More informationMatthew Ockleston
Kensington Swan
Private Bag 92-101
AUCKLAND 1142