CDL gets the nod for Hawke’s Bay land deal

1st April 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

CDL Land New Zealand Limited has received consent from the Overseas Investment Office to purchase the freehold interest in approximately three hectares of sensitive land at 139 Te Aute Road, Havelock North, Hawke’s Bay.

CDL, ultimately owned by Singapore-listed City Developments Limited, will integrate the land with its adjoining property and will use both to carry out a residential subdivision development.

“Part of the land will be used to create 34 residential lots to be on sold on the open market. The remaining land area will be used for roading and stormwater purposes to support the residential subdivision,” stated the OIO in its summary of its decision.

The purchase price was not disclosed.

The applicant is a subsidiary of NZX-listed CDL Investments New Zealand Limited and is a residential property developer with investments throughout New Zealand. 

The land is currently used as a residential home. The Applicant will integrate the land with its adjoining land and will use both to carry out a residential subdivision development.

Part of the land will be used to create 34 residential lots to be on sold on the open market. The remaining land area will be used for roading and stormwater purposes to support the residential subdivision. 

The main benefits to New Zealand are likely to include increased capital expenditure, and support government’s housing policy.

Consent was granted as the Applicant has met the investor test criterion and the Investment is likely to benefit New Zealand.