| Decision | Consent Granted Retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 4 November 2020 |
| Pathway(s) | Sensitive land – benefit to New Zealand Residential land – incidental residential use/non-residential use |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 0.0283 hectares of land at 15A Cunliffe Road, Redwood, Christchurch. |
| Consideration | $290,000 |
| Applicant | Ryman Healthcare Limited New Zealand Public (61.90%) United States Public (13.0%) Germany Public (6.6%) Australian Public (5.0%) United Kingdom Public (2.6%) Canadian Public (2.3%) Switzerland Public (1.1%) Various Overseas Public (7.5%) |
| Vendor | James Morris as executor of the estate of Nancy Powell New Zealand (100%) |
| Background | The Applicant is Ryman Healthcare Limited, a retirement village operator listed on the NZX. We note the Applicant is no longer an overseas person for the purpose of the Overseas Investment Act 2005, however, consent was required for this transaction as it was entered into before the Applicant ceased to be an overseas person. The Applicant was previously granted consent by the Overseas Investment Office (OIO) for the purchase of a piece of land adjoining the land subject to this consent, on which it intends to develop an aged care facility. The Applicant may use the land subject to this consent to extend the aged care facility. The Applicant entered into the agreement for sale and purchase without first obtaining consent under the Act. The Applicant satisfied the OIO that the breach was inadvertent. The OIO considers the Applicant has previously undertaken investments that have been of benefit to New Zealand, is substantially controlled by New Zealand individuals, and that the purchase of the land may facilitate the possible extension of the aged care facility. The OIO is satisfied that the investment will benefit New Zealand and satisfies the relevant residential land outcome. |
| More information | Andrew Woods Chapman Tripp PO Box 2510 CHRISTCHURCH |
| Retrospective penalty | $20,000 |