| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 22 January 2020 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in three parcels of land totalling approximately 15.69 hectares at Trig Road and Brigham Creek Road, Whenuapai, Auckland. |
| Consideration | $28,280,435 |
| Applicant | Neil Construction Limited (Malaysia 89%; Singapore 11%) |
| Vendor | John Gionis and Daphne Gionis New Zealand (100%) Paul Christopher Matthews, Kevin Richard Walker, David John Warwick Nicoll and Wendy Faye Matthews New Zealand (100%) Trevor David Ridley, Caroline Anne Ridley and KW Ridley Trust Company Limited New Zealand (100%) |
| Background | The Applicant, Neil Construction, is one of is one of New Zealand’s oldest property development companies. It has operated throughout the country since the 1950s. In 1993, the Applicant was acquired by a high net worth Malaysian family, the Tiongs. The Applicant has carried out numerous beneficial residential and industrial property developments in New Zealand. The Applicant intends to combine, subdivide and develop the land, which is currently used as lifestyle blocks. The result will be new residential and industrial freehold lots to add to the supply in the Auckland property market. The Applicant intends to spend $18m developing the land. The Applicant’s plans include creating 32-35 new jobs during the construction phase of the development, plus 300 new indirect roles in the Business Park that will ultimately be built on the land. The Applicant will create increased walking access on the land. |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND 1140 |