| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 1 and 2 (of 20) |
| Date | 16 September 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in altogether 0.1582 hectares of Land at 1 and 3 Ander Place, Takapuna, Auckland (the Land). |
| Consideration | $7,025,000.00 plus GST (if any) |
| Applicant |
Ryman Healthcare Limited *valid when the Standing Consent was granted; the Applicant is now not an overseas person as per section 7 of the Overseas Investment Act. |
| Vendor | Cherry Christine Nicholson and Kong Ping Tang (1 Ander Place) Zhengmao Ding (3 Ander Place) |
| Background |
Ryman Healthcare Limited was granted a standing consent based on the Increased Housing test on 24 July 2019. This permits Ryman Healthcare Limited and any 100% owned subsidiary to acquire up to a total of 500 hectares of residential (but not otherwise sensitive) land in up to 25 transactions by 31 July 2022. 1 Ander Place settled on 31 March 2021 and 3 Ander Place settled on 30 June 2021. These comprise the first and second acquisitions of land under the standing consent. The Applicant intends to use the Land for the development of a retirement village on the Land and on adjoining land. Under the standing consent the Applicant must use the Land to construct, or increase the number of dwellings in, a long-term accommodation facility. |
| More information | Andrew Woods Chapman Tripp PO Box 2510 Christchurch |