Overseas investment decision for case 201900225 - Since20181 Development Limited

The Applicant plans to construct an apartment development on the land and neighbouring land (that it already owns). The development will contain at least 75 new residential dwellings and approximately three commercial units. 

The Applicant plans to begin construction of the development immediately after obtaining all required consents. The Applicant must complete construction of the development by December 2025.

The Applicant will not occupy or retain any residential apartments in the development and must sell them all by the end of December 2026.

The Applicant plans to retain three ground floor units within the development, which the Applicant can only use for non-residential purposes. The Applicant intends to lease these three commercial units as shops to service the apartment residents.

To meet the increased housing test, 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; and
• meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.

To meet the non-residential use test, the commercial units in the Investment are likely to be: 

• used for non-residential purposes in the ordinary course of business for the relevant business; and
• not be used, nor held for future use, for any residential purposes.