Overseas investment decision for case 202100480 - Affordable Kiwi Homes Limited

The Applicant is a newly incorporated company established by a German couple who hold New Zealand entrepreneur work visas. This is the Applicant’s first investment in New Zealand that has required consent.

The Applicant applied for consent to acquire the residential land and plans to demolish the existing dwelling and subdivide the land into four lots. On each new lot the Applicant plans to construct a two-bedroom modular dwelling.

The Applicant must achieve certain project milestones and complete the development by 1 September 2024 and must sell all interests in the land by 1 March 2025.

To meet the increased housing test, the Investment is likely to:

1. meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land;
2. meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land; and
3. meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land.