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Foreign investment in Aotearoa/New Zealand

Overseas Investment Office - June 2009 Decisions

UK Interests Restart Point Ridge Gated Community

A very quiet month at the OIO. Firstly on June 17, 2009, the OIO approved an overseas investment in sensitive land, being Tomcat Holdings Pte Limited United Kingdom (except Isle of Man and the Channel Islands) (100%) acquisition of a freehold interest in 2.4 hectares of land at 140 Gills Road, Point Ridge, Albany; and a mortgage in 2.4 hectares of land at 140 Gills Road, Point Ridge, Albany. The vendor was Urban Developments Limited New Zealand (100%). Consideration was "confidential". The OIO states:

"Point Ridge is a gated community north of Albany. Resource consent has been granted to develop 237 dwellings in a staged development. To date, 95 apartments and villas have been completed in stages 1, 2 and 3 of the six stage development. This leaves up to a further 142 lots available for construction under the resource consent. Development of Point Ridge has stopped. The Applicant has entered into agreements to purchase two parcels of property in the Point Ridge development: the uncompleted portion of the development or 'future development units' and four completed units. The Applicant intends to appoint McConnell Property Limited to act as development and project manager to complete the Point Ridge development".

Decision # 200910060

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Fletcher Concrete Acquires Buffer For Hunua Quarry

Fletcher Concrete and Infrastructure Limited New Zealand (66.11%), Australia (33.56%), Various (0.33%) received approval to acquire a freehold interest in 19.7900 hectares of land at 482-484 Hunua Road, Hunua. The vendor was Joy Eunice Calway New Zealand (100%). Consideration was $2,200,000. The OIO states: "The Applicant has extensive land holdings in New Zealand for its quarry operations. It owns the Hunua Quarry which is in the near vicinity of the relevant property. The Applicant views the acquisition of the property as part of its strategy to establish non-residential buffer zones around its quarry sites so as to:

(i) protect neighbours from the affects of its operations; and

(ii) operate the Hunua Quarry more efficiently and productively".

Fletcher Concrete has previously purchased land to serve as a "buffer" around the Hunua Quarry in March 2008. See Decisions in March & July 2007 as well as June 2008 for further purchases by this company.

Decision # 200910053

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Another Vineyard Gets New US Owners

Greystone River Limited United States of America (100%) received approval to acquire a freehold interest in eight hectares of land at Selmesbrook Lane, Marlborough . The vendor was Christopher Francis Stokes, Jennifer Mary O'Donovan and Martin Carmalt Welsford as trustees of the Stokes O'Donovan Family Trust New Zealand (100%). Consideration was $5,090,625. The OIO states: "The sole directors/shareholders of the Applicant are intending to reside in New Zealand indefinitely. The relevant land contains an established vineyard and residence. The Applicant intends to continue to operate the vineyard business. The Applicant seeks consent to purchase the land in order to operate the vineyard and to provide a New Zealand residence for the Applicant's sole directors/shareholders".

Decision # 200910067

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Other June Decisions

The South Side Trust NZ Australia (100%) received approval to acquire a freehold interest in 4.9588 hectares of land at 22 Albany Lane, Havelock North. The vendor was Bryan and Noela Austen-Smith New Zealand (100%). Consideration was $1,800,000. The OIO states: "The Applicant is a discretionary trust. Peter John Whitney and Marnie Anne Griffith, both Australian citizens, are the settlors, trustees and discretionary beneficiaries of the trust. The Applicant intends to purchase a lifestyle block to be used by Peter Whitney and Marnie Griffith as their principal place of residence in New Zealand, as they intend to reside in New Zealand indefinitely".

Decision # 200910084

Government of Samoa, Samoa (100%) received approval to acquire a freehold interest in 1.7425 hectares of land at 49 & 51 Norana Avenue, Favona, Auckland. The vendor was Yong Hui Liu New Zealand (100%). Consideration was $2 million. Norana Ave is a cul-de-sac at the end of a peninsula jutting into the Manukau Harbour. The Applicant intends to acquire the land to build a consular residence.

Decision # 200910114

Martin and Michelle Bullock United Kingdom (except Isle of Man and the Channel Islands) (100%) received approval to acquire a freehold interest in 0.9343 hectares of land at 9c Waima Crescent, Titirangi. The vendor was David Warren Wheeler, Christine Emma Hafermalz-Wheeler and Peter Kurt Michael Moses as trustees of the Hafermalz and Wheeler Trust New Zealand (100%). Consideration was $760,000. The Applicants intend to use the property as their principal place of residence in New Zealand.

Decision # 200910117

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Summary Statistics June 2009

All investments

	June 2009	Jan-June 2009	Jan-June 2008
Number of approvals	6	68	61
Net Investment $	Confidential	Confidential	156,073,073
Gross value of consideration	Confidential	Confidential	3,227,614,788
Asset Value	0	11,454,999,858	N/A

Freehold land approved for sale

	June 2009	Jan-June 2009	Jan-June 2008
Number of approvals	6	61	48
Net land area (ha)	25	13,499	5,319
Gross land area (ha)	38	198,445	12,834

Other interests in land approved for sale (for example leases and crown pastoral leases)

	June 2009	Jan-June 2009	Jan-June 2008
Number of approvals	1	11	12
Net land area (ha)	2	918	103
Gross land area (ha)	2	90,632	10,430

Fishing Quota

As usual there was no fishing quota approved for sale this month.

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