| Notification | Notification of a transaction under a Standing Consent Section 12(1)(a) and Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Notification number | 8 (of 15) |
| Decision date | 29 September 2023 |
| Pathway(s) | Sensitive land – Residential land development (one off) |
| Investment | Acquisition of a freehold interest in approximately 3.1601 hectares at 30 Kauriki Terrace and 80 Korere Terrace, Stonefields, Auckland. |
| Asset value | $27,000,000 |
| Applicant | Fletcher Residential Limited Australia 56% New Zealand 21% United States of America 13% United Kingdom 5% Various 5% |
| Vendor | Templeton Projects Limited |
| Background | The Consent Holder was granted a residential standing consent under the Increased Housing and Non-residential Use tests on 3 March 2021. This permits the Consent Holder to acquire up to 200 hectares of land in up to 15 transactions by 31 December 2028. This is the eighth acquisition of Land under the standing consent. The Consent Holder intends to build 81 new residential dwellings made up of 65 houses and 16 apartments over 2 stages. The Consent Holder expects to complete the subdivision and development of all residential lots and apartment units in stage 1 by 30 March 2025, and the residential lots in stage 2 by 30 November 2025. They expect to have sold all the new residential lots and apartment units in stage 1 by 30 June 2026 and the residential lots in stage 2 by 30 June 2027. |
| More information | Greg Allen Simpson Grierson 151 Cambridge Terrace City Central, Christchurch 8013 |