| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 6 (of 12) |
| Decision Date | 30 June 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.7074 hectares of Land at 25 Barbarich Drive, Stonefields, Auckland. |
| Consideration | $4,500,000 |
| Applicant | Fletcher Residential Limited New Zealand Public (21.8%) Australian Public (54.4%) Various overseas persons (23.8%) |
| Vendor | Templeton Stonefields Limited |
| Background |
The Applicant was granted a standing consent based on the Increased Housing/Non-Residential Use tests on 18 April 2019. This permits the Applicant to acquire up to 200ha of residential (but not otherwise sensitive) land in up to 12 transactions by 1 May 2022. This is the sixth acquisition of land under the standing consent. The Applicant intends to subdivide and develop the land, for the purpose of constructing approximately 25 houses. It is intended that construction will be completed by 30 December 2023. Under the standing consent the Applicant must increase the number of dwellings on the land, or undertake development works to support, and must divest all interests in the sensitive land within 10 years. |
| More information | Gregory Allen Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |