| Notification | Notification of a transaction under a Standing Consent Section 12(1)(a) and Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Notification number | 3 (of 20) |
| Decision Date | 30 August 2023 |
| Pathway(s) | Residential Land Development- Increased housing (Standing consent) |
| Investment | Acquisition of a freehold interest in approximately 0.0824 hectares of land at 21 Ngata Street, Palmerston North. |
| Asset Value | $600,000 |
| Applicant | Metlifecare Limited 100% owned by EQT Partners Infrastructure Fund IV, which is 100% overseas owned. No one entity holds more than 5% of this fund |
| Vendor | Palmerston North Māori Reserve Trust New Zealand (100%) |
| Background |
The Consent Holder was granted a residential standing consent under the Increased Housing pathway on 20 July 2022. This permits the Consent Holder to acquire up to 300 hectares of land in up to 25 transactions by 20 July 2027. This is the third acquisition of Land under the standing consent. The Consent Holder intends to re develop the land to construct 2 single story 2-bedroom dwellings which will be sold to residents of the retirement village. The construction of these dwellings started in April 2023 with completion expect to be in early 2024. |
| More information | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |