| Decision | Retrospective Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 12 July 2022 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 2.861 hectares of land located at 102 Ostend Road, Waiheke Island, Auckland; and A leasehold interest in 0.2534 hectares of land located at 102 Ostend Road, Waiheke Island, Auckland. |
| Consideration | $11,862,452.45 |
| Applicant | Fletcher Distribution Limited Australia (50.7%); New Zealand (26.7%); USA (15.4%); UK (5.5%); United Arab Emirates (1.7%) |
| Vendor | Anthony Ray Pope and Sandra Pope as trustees of the Cory Road No 2 Family Trust New Zealand (100%) |
| Background |
The Applicant is the retail trading arm of Fletcher Building Limited (FBL) and currently trades under the name PlaceMakers. The Applicant is indirectly owned 100% by FBL, which is a public company listed on the NZX. The Applicant applied for retrospective consent for the acquisition of a leasehold interest in land at 102 Ostend Road, Waiheke Island for a term of 9 years with two rights of renewal of 9 years each (with a final expiry date of 7 July 2042). The Applicant currently occupies the land on which it operates its Waiheke Island PlaceMakers store. The store supplies building materials and hardware products to Waiheke Island for the construction (both commercial and residential) industry. it also supplies DIY, garden and hardware products to both retail and trade customers. The Applicant also applied for prospective consent for a leasehold interest in additional land at 102 Ostend Road, Waiheke for a term expiring on 7 July 2042. |
| More information | Tara Wylie Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |
| Retrospective penalty | $20,000 |