| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 10 July 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | 69.4543 hectares of sensitive land located at Iona Road, Lane Road, & Middle Road, Havelock North |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | CDL Land New Zealand Limited Singapore (55.81%) New Zealand (43.86%) Various (0.32%) |
| Vendors | Graeme Lowe Properties Limited Lowe Family Holdings Limited Andrew Graeme Lowe, Sarah Mary White, & Katherine Joan Stace as Executors |
| Background | The Applicant is a company that undertakes residential subdivision developments throughout New Zealand, and is a subsidiary of NZX listed CDL Investments New Zealand Limited. The Land is currently used for casual sheep grazing. The Applicant intends to use the Land to carry out a residential property subdivision that will create new sections to support additional housing. The investment is likely to result in the creation and retention of full-time equivalent jobs (relating to planning, subdivision, and construction work) and additional investment (to complete the development). The Applicant also has a significant level of New Zealand ownership and participation (NZX listed with approximately 45% New Zealand ownership) and has undertaken a number of previous investments that have resulted in benefit to New Zealand (new jobs, additional investment, and new sections to support additional housing). Ministers granted consent to the investment because they considered the benefit likely to occur as a result of the investment to be substantial and identifiable. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |
See the attached Assessment report linked below, which was published in response to an Official Information Act request: