| Notification |
Standing Consent (Increased Housing & Non-Residential Use tests) granted Sections 12(a) and 23A Overseas Investment Act 2005 |
|---|---|
| Notification number | 1 (of 15) |
| Decision Date | 23 November 2022 |
| Investment | An overseas investment in residential-only sensitive land, being the Applicant's acquisition of a freehold interest in a total of 0.1542 hectares of land at Lot 811, site between Samuel Marsden Place and Rigby Drive, Whenuapai Village, Whenuapai (the Land). |
| Consideration | $1,310,700 |
| Applicant |
Fletcher Residential Limited Australia (55.5%) New Zealand (21%) United States of America (13.3%) United Kingdom (5.4%) Various (4.8%) |
| Vendor | Whenuapai Village Limited |
| Background |
This standing consent (the second granted to the Applicant) has been granted in accordance with the Increased Housing and Non-Residential Use tests set out in Schedule 2 of the Act. This permits the Applicant to acquire up to 200 hectares of yet to be identified residential (but not otherwise sensitive) land in up to 15 transactions by 28 February 2024. Under this standing consent, the Applicant and its associates are not permitted to occupy any land acquired under this standing consent and must sell all interests in land acquired under this standing consent within 10 years of the date of acquisition. The Applicant intends to amalgamate the Land with the Adjoining Land that it has previously acquired from the Vendor to subdivide and develop the Land for new housing and build 26 new residential dwellings on the new residential titles that are to be created as 14 terraced houses and 12 “one over one” apartment units. |
| More information |
Gregory Allen |