| Decision |
Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Toitū Te Whenua LINZ |
| Decision Date | 20 December 2022 |
| Pathway(s) | Sensitive land (Benefit to New Zealand) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.8773 hectares of land located at 130 Iona Road, Havelock North (Land) |
| Consideration | $6,010,000 |
| Applicant |
CDL Land New Zealand Limited New Zealand (38%) Singapore (57%) Various (5%) |
| Vendor |
Slow Trustee Company Limited and Sarah Mary Whyte as trustees of the Slow Trust Andrew Ross Wares, Sarah Mary Whyte and Hamish John Ogilvie Whyte as trustees of the Coastal Cowgirl Trust New Zealand 100% |
| Background |
The Applicant undertakes residential subdivision developments throughout New Zealand and is a subsidiary of NZX listed CDL Investments New Zealand Limited. The Applicant intends to use the Land to carry out a residential subdivision development that will create new sections to support 9 additional housing units. The Applicant also owns associated surrounding land which the Applicant will integrate the Land with. LINZ granted consent as it considered the Applicant to have met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefits to New Zealand. The main benefits to New Zealand include capital investment of $1.4 million and greater efficiency and productivity of the Land through the creation of additional residential allotments. The Investment will also contribute to advancing government policies relating to urban development and increased housing. |
| More information |
Andrew Petersen |