| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 12 May 2022 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand) and SBA and significant business assets |
| Investment | 6.2044 hectares of land located at Ellerslie Racecourse, Auckland |
| Consideration | $142,000,000 |
| Applicant | Fletcher Residential Limited New Zealand (52.31%) Australia (47.34%) Various (0.35%) |
| Vendor | Auckland Thoroughbred Racing Incorporated New Zealand (100%) |
| Background | The Applicant develops residential land and builds new dwellings. The Applicant has entered into a contract to acquire a freehold interest in approximately 6.2044 ha of land at Ellerslie Racecourse, Auckland. The Applicant proposes to develop 370 residential dwellings on the Land. Construction of the development is anticipated to start in October 2023, contingent upon consent from the Environmental Protection Authority for subdivision of the Land and receipt of all necessary approvals. As currently forecast, the construction programme will take up to eight years. After considering the application, the OIO satisfied that the investment is likely to result in benefit to New Zealand. The development will sustain between 166 to 420 FTE jobs during the construction process and will result in over $300 million of funds being introduced into New Zealand. The 370 new dwellings will help advance the Government’s housing policies and will help alleviate the current undersupply of housing in the Auckland region. |
| More information | Tara Wylie Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |