Summer services update
| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 15 August 2024 |
| Pathway | Sensitive land – Benefit test |
| Investment | Cross-lease interests in villas 1-10 and villas 12-28 at Bupa Remuera Retirement Village, 10 Gerard Way, Saint Johns, Auckland |
| Consideration | $26,000,0001 |
| Applicant | Bupa Retirement Villages Limited United Kingdom 100% |
| Vendors | Various landowners |
| Background | The Applicant is retirement village operator which is an indirect subsidiary of the British United Provident Association Limited. The Applicant seeks consent to acquire up to 27 villas at Bupa Remuera Retirement Village. The villas are currently individually owned and occupied by retirement village residents. The Applicant may buy the villas, as they come to the market, to address outstanding long-term maintenance of the villas and to streamline management of the villas with its operation of the wider retirement village. Consent was granted to this investment as the Applicant met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | David Gilbert MinterEllisonRuddWatts (Auckland) PwC Tower, Level 22/15 Customs Street West Auckland 1010 |
1The consideration reflects the current Auckland Council capital valuations. The villas are anticipated to be purchased between 2024 and 2034. The future market values and purchase prices are currently unknown.
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