Overseas investment decision for case 202000481 - Fletcher Residential Limited

An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in about 20 hectares of land in Riverhead northwest of Auckland comprising of:

• approximately 7 hectares of land at Riverhead Road;
• approximately 1 hectare of land in another block at Riverhead Road;
• approximately 8 hectares of land at Lathrope Road; and
• approximately 4 hectares of land in another block at Lathrope Road.

Fletcher Residential Limited (Applicant) develops residential land and builds new dwellings. The land being acquired is about 20 ha of rural land in Riverhead northwest of Auckland.

The Applicant intends to rezone the land for urban use, given the fast-growing Auckland population and the features of the location. The Applicant proposes to develop and subdivide the Land, and construct residential housing on the Land.

The construction of houses is likely to occur between five and eight years sooner with the investment due to the earlier rezoning. This is likely to advance the Government’s goal of delivering more housing, quicker.

As one of NZ’s largest home builders, the Applicant has made a number of previous investments that have been of benefit to New Zealand. The Applicant’s NZX listing also enables New Zealanders to participate in the Fletchers Group.