| Decision | Consent declined Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 January 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) – Retrospective |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 8.5030 hectares at 80 Laurent Road, Cambridge (Land). |
| Consideration | $6,105,000 |
| Applicant | Trinity Green Estate Partnership New Zealand (50%) Hong Kong (50%) |
| Vendor | New Zealand individual New Zealand (100%) |
| Background | The Applicant applied for retrospective consent for the acquisition of the Land, which occurred in 2016. It is a partnership that was formed between two companies in 2016 to acquire and develop the Land. The Applicant intended to undertake a residential development on the Land but has been unable to make much progress to date. The Land was zoned as deferred residential when acquired so future residential development was likely to occur. For consent to be granted, the decision maker needed to be satisfied the Investment will or is likely to result in substantial and identifiable benefit to New Zealand. Without the investment, the Land was likely to be developed for residential purposes. The Applicant did not satisfy the decision maker that sufficient benefit to New Zealand was likely to occur, additional to that without the Investment. Overall, the decision maker was not satisfied that all of the criteria in section 16 of the Overseas Investment Act 2005 were met. |
| More information | Campbell Stewart Tompkins Wake PO Box 258 HAMILTON |