| 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 | 25 August 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 388.7589 hectares of land located at 139 Grange Road, Burnham, Canterbury |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Fletcher Concrete and Infrastructure Limited Australia (55.40%) New Zealand (21.30%) United States of America (13.00%) United Kingdom (5.50%) Various (3.10%) United Arab Emirates (1.70%) |
| Vendors | Burnham Farm Limited New Zealand (100%) |
| Background | The Applicant is a large New Zealand concrete and aggregates company, and subsidiary of NZX and ASX listed Fletcher Building Limited. The Land is currently used as farm grazing for dairy support. The Applicant intends to use the Land in stages to develop an aggregate quarry that will provide materials for construction and infrastructure works in and around the Christchurch region. The Land will continue to be leased for farming activities where it is not used for quarrying activities. The investment is also likely to result in the creation and retention of full-time equivalent jobs (to operate the quarry), increased processing of primary products (creating high specification aggregate), and advancing significant Government polices around infrastructure and housing development. 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 | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |