| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 26 March 2021 |
| Pathway | Benefit to New Zealand (S&I) |
| Investment | Acquisition of a freehold interest in 20.2365 hectares of land at Dairy Flat Highway, Dairy Flat, Auckland. |
| Consideration | $18,750,000 |
| Applicant | Fletcher Development Limited Australia (55.4%) New Zealand (21.3%) United States of America (13.0%) United Kingdom (5.5%) United Arab Emirates (1.7%) Rest of the World (3.1%) |
| Vendor | Joyland Investment Limited New Zealand (100%) |
| Background | The Applicant is a wholly-owned subsidiary of Fletcher Building Limited. The Applicant is acquiring and developing the land to yield a minimum developable area of 8 hectares for the subdivision and creation of industrial lots. The Investment will enable oversight and participation by New Zealanders, and likely to result in the introduction of additional investment for development purposes and job opportunities at a time that is critical to the New Zealand economic recovery. The riverbed of John Creek runs through the land and has been offered back to the Crown as Special Land. The Investment will allow for the protection and enhancement of a portion of John Creek, and some public walking access will be created on the Land. |
| More information | Tara Wylie Simpson Grierson (Auckland) Private Bag 92518 AUCKLAND 1141 |
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