| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 11 October 2023 |
| Pathway(s) | Sensitive land – Benefit test |
| Investment | A freehold Interest in approximately 0.3274 hectares of land located at 42B Puketaha Road, Puketaha, Hamilton New Zealand. |
| Consideration | $1,025,000 |
| Applicant | CDL Land New Zealand Limited Singapore 57% New Zealand 39% Various 4 % |
| Vendor | Steven Garnett and Tracey Dallas Garnett New Zealand 100% |
| Background | The Applicant is a residential property developer with investments throughout New Zealand. The Applicant is a subsidiary of NZX listed CDL Investments New Zealand Limited. The land is currently used as a residential home. The Applicant owns adjoining land and will use part of the land to carry out a residential subdivision development. The remaining land area will be used for the development of a stormwater channel. The channel will service the residential lots on the land and enable the Applicant to develop additional houses on its adjoining land. The main benefits to New Zealand are likely to include increased investment for development purposes, increased efficiencies with the existing development, and support for government policy relating to housing. Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment will result in benefit to New Zealand. |
| More information | Andrew Petersen Bell Gully PO Box 4199 Auckland 1140 |