Overseas investment decision for case 202200414 - Fisher & Paykel Healthcare Properties Limited

The Applicant is part of the Fisher & Paykel Healthcare Group which has been headquartered in New Zealand since 1969. The Group operates a research and development and manufacturing campus in East, Tamaki, Auckland. The land is currently used primarily for pastural purposes including grazing and horticulture (a tomato hot house business) and a lease to a refrigerated produce transport business.

The Applicant's existing campus is nearing capacity, so the Applicant is acquiring the land for the purpose of constructing a second research and development and manufacturing campus.  Operations will include research and development activities, pilot manufacturing, and associate commercial and administration services.

This will enable and support ongoing expansion of the Applicant's business activities in New Zealand. The campus will be constructed in three phases with completion of the first phase anticipated to be complete in 2029.

The main benefits to New Zealand from phase one of the development are likely to include economic benefits via significant capital expenditure of approximately $230–300 million, the creation of 300–600 permanent FTE jobs along with hundreds of temporary construction roles, development of new technology, increased productivity and increased export receipts.  The investment is also likely to advance the Government’s Research, Science and Innovation Strategy, Economic Plan and Employment Strategy.

Consent was granted as the Applicant met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefit to New Zealand.