| Decision | Retrospective consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 03 November 2023 |
| Pathway(s) | Sensitive land – Residential land development (one off) |
| Investment | Acquisition of freehold interest in approximately 0.2074 hectares of residential (but not otherwise sensitive land) at 389 Massey Road, Mangere East, Auckland. |
| Consideration | $2,650,000 |
| Applicant | Restaurant Brands Properties Limited Mexico 75% Various 25% |
| Vendor | Massey Road Limited New Zealand 100% |
| Background | This is a retrospective consent as the Applicant entered into an agreement for sale and purchase to buy the land but the agreement was not conditional on the Applicant obtaining consent under the Act. As such, the Applicant gave effect to an overseas investment transaction without consent as it acquired an equitable interest in sensitive land. The Applicant notified LINZ that it had breached the Act. LINZ considers that the breach was inadvertent. The Applicant obtained retrospective consent before settling the transaction and obtaining legal title to the land. The Applicant is the property holding company for the Restaurant Brands Group, which operates quick service restaurants under the brand names of KFC, Carl's Jr, Pizza Hut, and Taco Bell. The Applicant is owned by NZX and ASX listed company, Restaurant Brands New Zealand Limited. The land is currently used for accommodation. The Applicant intends to use the land to develop and operate a KFC restaurant. Consent was granted as the Applicant met the investor test and the investment is likely to result in a non-residential use outcome. |
| More information | Danae Weston Meredith Connell PO Box 2213 Auckland |
| Retrospective penalty | $30,000 |