Overseas investment decision for case 202100722 - Grand Arc Land Development Limited

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 are satisfied that the Applicant, the relevant overseas persons and the individuals with control of the overseas persons are suitable persons to invest in New Zealand.

We are satisfied that the investment will benefit New Zealand. The investment will likely result in additional job opportunities, additional investment for development purposes, increased walking access, will advance Government housing policies, result in consequential benefits through infrastructure development, and will enhance the viability of existing investments. We also note that the Applicant has undertaken a number of previous developments which have been of benefit to New Zealand.

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 49 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; 
• 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.