Applicant
Neil Group Limited
Case number(s)
201900072/8
Decision date
Type
Notification
Notification Section 23A Overseas Investment Act 2005
Schedule 4(2) – Residential land – standing consent
Notification number 8 (of 10)
Date 22 November 2022
Investment An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in approximately 10.2409 ha of Land at 470 Lake Terrace, Taupo (the Land).
Consideration $3,400,000
Applicant Neil Group Limited
Malaysia (80%)
Singapore (20%)
Vendor Taupo District Council
Background

The Applicant was granted a standing consent based on the increased housing and non-residential use tests on 6 September 2019. This permits the Applicant to acquire up to 400ha of residential (but not otherwise sensitive) land in up to 10 transactions by 1 September 2022.

This is the eight acquisition of land under the standing consent.
The Applicant is undertaking a residential subdivision on the Land. The Applicant intends to subdivide the Land into approximately 13 new residential lots (being a mix of terraced houses, duplex units and single dwellings) on the land acquired under this investment.

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 of acquisition.
More information

Glaister Ennor
PO Box 63
Shortland Street
Auckland