| Notification | Section 23A Overseas Investment Act 2005 Schedule 4(2) – Residential land – standing consent |
|---|---|
| Notification number | 9 (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 4.763 ha of Land at 423B Omokoroa Road, Omokoroa (the Land). |
| Consideration | $8,000,000 |
| Applicant | Neil Group Limited Malaysia (80%) Singapore (20%) |
| Vendor | Ocean Vines Limited |
| 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 ninth acquisitions of land under the standing consent. The Applicant is undertaking a residential subdivision on the Land. The Applicant intends to carry out development works on the land comprising earthworks, road and footpath construction and connection to services for 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 |