| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 1 (of 7) |
| Decision Date | 30 August 2021 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.0799 hectares of land located at Finch Street, Morningside, Auckland. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | Targa Capital limited New Zealand (100%) |
| Background |
The Applicant was granted a standing consent under the Increased Housing test on 24 January 2020. This permits the Applicant to acquire up to 20ha of residential (but not otherwise sensitive) land in up to 7 transactions by 25 January 2023. The Applicant is an overseas person because one of three directors is not a New Zealand citizen nor ordinarily resident here and it is ultimately controlled and receives the majority of its funding from Mr Alexander Abramov of Russia. This is the first acquisition of land by the Applicant under their standing consent. The Applicant has an interest the land through a limited partnership, which intends to construct a new apartment block of 39 residential dwellings on the land acquired under this transaction. Under the standing consent the Applicant must increase the number of dwellings on the land, or undertake development works to support, and must divest all interests in the sensitive land within 2 years of completion. |
| More information | Geoff Hosking Anthony Harper PO Box 2646 AUCKLAND 1146 |