Applicant
Domain Gardens Development Limited
Case number(s)
202100658
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005 (Schedule 2)
Decision MakerOverseas Investment Office
Decision Date23 November 2021
Pathway(s)Residential land development (Increased housing - one-off purchase)
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 1.05 hectares of residential (but not otherwise sensitive land) located at 1 Domain Drive, Auckland (Land). 
Consideration$33,500,000
ApplicantDomain Gardens Development Limited
Malaysia (73.82%)
New Zealand (3.13%)
Various (23.05%)
VendorDomain Student Accommodation Limited
Background

The Applicant is part of the global DIALOG Group which has been operating in New Zealand since 2011 through DIALOG Fitzroy Limited. The Applicant is creating a new modular construction division to install prefabricated residential dwelling modules in New Zealand.

We consider the Investment is likely to:

  • meet one of the increased housing outcomes - being the construction of approximately 140 new residential dwellings on the Land through a three-stage residential development (to replace current long-term accommodation facilities on the land providing approximately 91 bedrooms);
  • meet the on-sale outcome - which means that after completing the development the Applicant must on-sell all interests in the Land (by the end of 2028 at the latest);
  • meet the non-occupation outcome - which means the Applicant and certain related persons must not occupy the Land for residential purposes.
More informationChristina Lefever
Lefever Law
PO Box 33064 Barrington
Christchurch 8244 

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