| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and Hon Stuart Nash |
| Decision Date | 29 September 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:
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| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act |
| Applicant | Fletcher Residential Limited New Zealand Public (52.31%) Australian Public (47.34%) Various overseas persons (0.35%) |
| Vendor | S B Cashin Limited New Zealand (100%) W H & L W Kay Limited New Zealand (100%) |
| Background | Fletcher Residential Limited (Fletchers) develops residential land and builds new dwellings. Fletchers is acquiring a freehold interest in land in Taupaki, northwest of Auckland. Fletcher Residential proposes to acquire the land and pursue a rezoning for urban use, given the fast-growing Auckland population and the attractive features of the location. It intends to subdivide and rezone the land in order to construct an urban village, together with roads, parks and supporting infrastructure. Fletchers expects the development to be completed by 2045. Once complete, the investment is likely to result in additional investment, the construction of new dwellings (subject to the rezoning of the land and obtaining the necessary resource consents) and up to 87 jobs associated with construction and development. As part of the development, the bed of the Kumeu river on the land will be sold to the Crown and cycle and walking paths will be created along the riverbank. Fletchers has agreed to a number of conditions that will protect and enhance the populations of native wildlife in the Kumeu River. Fletchers has a previous history of investments that have benefitted New Zealand, and its NZX listing means that New Zealanders will have the ability to participate in this investment. |
| More information | Gregory Allen Simpson Grierson Private Bag 92518 AUCKLAND 1141 |