| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 7 (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 0.9275 hectares of Land at 20-26 Bader Drive and 13-23 Ventura Street Mangere, Auckland. |
| Consideration | Withheld under 9(2)(b) of OIA |
| Applicant | Fletcher Residential Limited New Zealand Public (21.8%) Australian Public (54.4%) Various overseas persons (23.8%) |
| Vendor | Kāinga Ora Homes and Communities |
| 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 seventh acquisition of land under the standing consent. The Applicant purchased the Land from Kāinga Ora in an agreement to ensure the provision of more dense and affordable housing in Mangere. The Applicant intends to construct approximately 58 residential dwellings over 2 stages of development. It is intended that construction will be completed by 22 February 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 |