Applicant
Grand Equity Investment NZ Limited
Case number(s)
202100298
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date30 June 2021
Pathway(s)Residential land development (Increased housing - one-off purchase)
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition (through a subsidiary) of a freehold interest in approximately 3.2 hectares of residential (but not otherwise sensitive) land at 195 Styx Mill Road, Casebrook, Christchurch (the Land).
ConsiderationWithheld under s9(2)(b)(ii) of the Official Information Act 1982
ApplicantGrand Equity Investment NZ Limited
China, People's Republic of (100.00%) 
VendorAllan Neil Edwin Rich and Joan Elizabeth Rich
New Zealand (100%)
Background

The Applicant is an experienced residential housing developer both in New Zealand and overseas. The Applicant intends to acquire the Land in order to undertake development works to enable an increase in the number of residential dwellings constructed on the Land. 

We consider the Investment is likely to:

  • meet 1 of the increased housing outcomes - being the undertaking of development works to support the construction of approximately 48 new residential dwellings (to replace the existing single dwelling on the Land); 
  • meet the on-sale outcome - which means that after completing the development the Applicant must on-sell all interests in the Land (by June 2024 at the latest);
  • meet the non-occupation outcome - which means the Applicant and certain related persons must not occupy the part of the land being used to increase housing.
More informationTessa Baker
Chapman Tripp 
PO Box 2206
Auckland 1140