|
US company buys aged care provider, Guardian Health Care
Deutsche Post buys 50% of NZ Post’s
courier services
Macquarie Goodman Industrial buys
Trinity Park development, Auckland …
… and with Macquarie Goodman
Property acquires Manukau leasehold …
… some of which Linfox of Australia
subleases for commercial development
Fletcher Residential spends $425m on
property in Auckland and Queenstown
Gallo of the US buys 25.2% of
Whitehaven Wine Company, Marlborough
Pan Pac buys 1000 ha. state forestry
lease of Te Kowhai Forest, Hawkes Bay
Roger Dickie organises two
international consortia to buy land for forestry
Land for forestry
Other rural land sales
Summary statistics
US company buys aged care provider, Guardian Health Care
Pacific Equity Partners Fund II, managed by Pacific Equity Partners Pty Limited,
owned 82% in the U.S.A. and 18% in Australia, has approval to acquire up to 100% of Guardian
Healthcare Group Limited for $110,000,000. Guardian Healthcare was
owned 97.69% in Aotearoa, 2.09% in Australia, 0.19% in
the U.K., and 0.03% in the U.S.A. and owns 5.5 hectares at 921 Tararu Road, Thames, Coromandel.
The OIC states:
The Applicant is a fund managed by Pacific Equity
Partners Pty Limited (PEP) that proposes to acquire the shares of Guardian
Healthcare Group Limited (Guardian). Guardian owns and operates facilities providing
aged care facilities, retirement villages and other services.
PEP is an Australian based private equity management
company that invests in management buyouts, industry consolidations,
divestitures, late stage venture capital opportunities and other complex
merchant banking situations. PEP’s strategy is to invest in business
opportunities where its management expertise, capital resources, and
understanding of financial structuring enables it to improve the operating
performance and create value in the relevant business.
PEP, though its subsidiary, Skoob
Limited, received OIC approval to acquire WH Smith Aspac Limited for
$91,000,000 in May 2004 which includes the bookseller chains Whitcoulls and Bennetts. The New Zealand Herald
reports that PEP is looking at acquiring the sawmills and plywood plants of
Tenon (the former Fletcher Challenge Forests). The objective of acquiring
Guardian appears to be further acquisitions in the same sector. According to
the Herald, Guardian “Founder and managing director David Renwick
said: ‘The takeover represents a springboard, as far as we’re concerned, to
selectively acquire within the industry.’” (New Zealand Herald, “Australia’s Pacific Equity eyes Tenon’s
sawmills”, by Paul Panckhurst, 25/11/04.)
PEP is hardly the first choice of a
company for Guardian’s clients, who would want it to have a sympathetic view
of the needs of the elderly rather than a primary interest in taking advantage of their position to increase its
profits.
Guardian says it is
New Zealand’s largest private owner/operator of rest
homes and hospitals. We have 25 rest home and hospital facilities with a
total of 1,680 beds. We are building independent units and serviced
apartments close to our rest homes and hospitals to create ‘care villages’
where people can live independently, but with practical help and care
available whenever they need it.
We are a major player in New Zealand’s medical alarm
business through our subsidiary Guardian Healthcare. We also sell life care
products and offer support to older people living at home through our
companionship and day care programmes. (http://www.guardianhealthcare.co.nz,
accessed 8/1/05.)
It changed its name from MASS Healthcare
in April 2004, and the Guardian Healthcare Group was formerly known as Harbourside
Group Holdings.
In August 2004, Guardian’s Parklands Hospital in Christchurch
was picketed by its staff who are members of the New
Zealand Nurses Organisation because Guardian had
given non union members a 3.75% pay increase and given union members nothing.
Guardian had refused to join a national collective agreement, and staff had
had no pay rises since a 1% increase in 2002 (New Zealand Nurses Organisation,
“Angry Parklands Staff To Picket”, 12/8/04, http://www.nzno.org.nz/SITE_Default/SITE_News/Latest/Parklands_12_08_04.asp).
[Decision number 200420057.]
In a partial privatisation, Deutsche Post AG, owned 81.2% in
Germany, 7.3% by “Other
overseas shareholders”, 6.4% in the U.K. and
5.1% in the U.S.A., has approval to acquire up
to 50% of Express Couriers Limited for a suppressed amount from New
Zealand Post Limited, owned by The Crown.
A valuation was released by New Zealand Post, under public pressure, in
January 2005. The business was worth between $160 million and $180 million,
the price being subject to adjustment after earnings to 30 June 2005 were
known. DHL would pay half the valuation. New Zealand Post said it had always
been the intention to release the valuation when the final price was set
( Press , “NZ Post discloses DHL venture value”, by Pamela Graham,
22/1/05 , p.C3). According to the OIC,
New Zealand Post Limited and the Applicant propose to
establish a joint venture, through a newly incorporated entity, Express
Couriers Limited, to operate the businesses known as Skyroad, Courier Post
(including road line haul operations), Pace!, and Contract
Logistics.
The Applicant operates in three major business areas
being Mail/Global Mail, Express & Logistics and Financial Services. The
Applicant currently operates in New Zealand under the DHL Express and
the DHL Danzas Air & Ocean businesses. The proposed acquisition is
likely to enable the Applicant to develop a more significant presence in New
Zealand. The Applicant’s existing New Zealand business is primarily
connected with the market for international services, and the proposed
acquisition is likely to provide a complementary domestic market operation.
The deal is part of an
international expansion by Deutsche Post. In announcing the deal, it said:
The announcement comes after DHL’s recent acquisition
of Blue Dart in India, and over US$215 million investment commitment in China.
With these developments, DHL became the first international express company
with domestic and international offerings in the two Asian giants – India and
China.
Mr Scott Price, Chief Executive Officer, DHL Express
Asia Pacific said, “After consolidating our business opportunities in China
and India, we feel that it is an opportune time for us now to do the same in
New Zealand, a market that will enable us to propel our business in the Oceania
region.” (Deutsche Post press release, “DHL and New Zealand Post Partner for
Growth – Strategic move in New Zealand follows recent developments in India
and China”, 20/12/04.)
The sale was controversial amongst
competitors, the New Zealand Herald reporting (“NZ Post-DHL link
annoys rivals”, by Pam Graham, 21/12/04):
State-owned New Zealand Post has spurned rivals to sell
its courier businesses into a joint venture with Deutsche Post-owned DHL. The
sale was condemned as a partial privatisation of a state business without a
contestable process to find out if anyone else wanted to pay more.
New Zealand-owned Freightways was annoyed that it did
not get a look in despite asking for the chance several times. Also excluded
was Toll Holdings of Australia, which has started a small courier business in
New Zealand to exploit cross-selling opportunities from its road and rail businesses.
“We just wanted a level playing field,” said Dean Bracewell,
managing director of Freightways. He condemned yesterday’s deal as lacking
transparency – no financial details were disclosed.
Toll chief financial officer Neil Chatfield said the
company was disappointed it did not get an opportunity to be involved. He
said it was a strange way to sell a public asset.
Rivals have no idea what NZ Post’s courier business is
worth because no accounts have been published…
Freightways estimates the business has just over 40% of
the New Zealand express package market but until recently was not turning a
profit. Freightways, which has a similar market share and runs the NZ Couriers,
Castle Parcel and Post Haste brands, earned $6.5 million last year.
New Zealand Post had been using Deutsche
Post subsidiary, DHL, as an international courier. According to the Herald,
the Express Couriers operation has 30,000 customers, 1,275 employees, 840
contractors, and also half owns AirPost, with a fleet of eight aircraft.
[Decision number 200420063.]
Macquarie Goodman Industrial Trust of Australia has approval to acquire “property being an
industrial development known as Trinity Park situated at 600 Great
South Road, Auckland” for $63,450,000 from ECM Developments Limited
owned by Edward Colin Manson of Aotearoa. The details of the land
are not given.
The OIC states:
The Macquarie Goodman Industrial Trust (MGI) is an
Australian listed unit trust which invests in industrial and commercial
properties in Australia and New Zealand. MGI is managed by Macquarie Goodman
Funds Management Limited, which is a subsidiary of Macquarie Goodman Management
Limited.
The Macquarie Goodman Industrial Trust has entered into
an agreement to purchase the yet to be completed “Trinity Park” located at 600
Great South Road, Auckland. ECM Developments Limited (the vendor) has
started construction of buildings, facilities, and other improvements on the
property and it is expected that it will be completed in November 2005 at
which stage settlement of the acquisition will occur.
[Decision number 200420065.]
… and
with Macquarie Goodman
Property acquires Manukau
leasehold …
Macquarie Goodman Nominee (NZ) Limited, as
nominee for Macquarie Goodman Industrial Trust and Macquarie Goodman Property Trust, owned 60% in Australia and 40% in Aotearoa, has approval to acquire 7.2
hectares of leasehold at 60 Westney
Road, Manukau, Auckland for a suppressed amount from Workstore Developments Limited of
Aotearoa.
According to the OIC,
The Applicant (co-owned by the Macquarie Goodman
Industrial Trust and the Macquarie Goodman Property Trust) has received
consent to enter into options to lease all of or part of a 34 hectare
property located at 60 Westney Road, Manukau, Auckland. The Applicant
proposes to enter into a ground lease of the subject property (which forms
part of the 34 hectare property) from Workstore Developments Limited for an
initial term of 20 years. The ground lease will be perpetually renewable.
The Applicant proposes to undertake a commercial
property development on the subject land which will be sub-leased to Linfox
Logistics (NZ) Limited to be utilised for a logistics operation and
warehousing. The entry into a sub-lease with Linfox will facilitate the
proposed development to be undertaken by the Applicant.
For details of the Linfox involvement,
see the next item.
Workstore’s ownership is: 50% Richard Balcombe-Langridge, Glenda Eveleen Balcombe-Langridge and Andrew Balcombe-Langridge as trustees of the Chiswick Trust, 25% Christopher Verissimo as trustee
of the Christopher Verissimo Trust, and 25% Terrence John Scott as trustee of the Terrence John Scott Trust, all of Aotearoa.
[Decision number 200420069.]
Linfox Logistics (NZ) Limited, owned 100% by Lindsay Edward Fox and Paula Fox
of Australia, has
approval to acquire 5.2 hectares of leasehold at 60 Westney Road, Manukau, Auckland for $22,106,613 from Macquarie Goodman Nominee (NZ)
Limited as nominee for Macquarie Goodman Industrial Trust and Macquarie
Goodman Property Trust, owned 60% in Australia and 40% in Aotearoa.
This is a sublease of some of the 7.2
hectares which Macquarie Goodman Nominee gained approval to lease in the
previous item.
According to the OIC,
The Applicant proposes to enter into an agreement to
sub-lease the subject property from Macquarie Goodman Nominee (NZ) Limited (Macquarie)
(co-owned by the Macquarie Goodman Industrial Trust and the Macquarie Goodman
Property Trust). The proposed transaction is likely to result in enhanced
efficiencies to the Applicant’s business.
Macquarie has received consent to lease all of or part
of 34 hectares located at Westney Road, Manukau, Auckland. Macquarie has
entered into an agreement with Workstore Developments Limited, under which Macquarie
will undertake a commercial property development on the land. Workstore
wishes to develop the property through an effective joint venture with the Macquarie.
Workstore has agreed to install certain infrastructure on the property and to
carry out certain works so that those parts of the property to be further
developed are suitable for development.
[Decision number 200420071.]
In three decisions, Fletcher
Residential Limited has been given OIC approval to acquire three
residential developments. They are a substantial addition to its portfolio:
their prices total $425 million. Fletcher Residential is owned:
·
29.4% in Australia;
·
12.3% in the U.S.A.;
·
6.7% in the U.K.;
·
3.82% by “Unknown Overseas Persons”; and
·
47.78% in Aotearoa
The three acquisitions are as follows.
·
17.5 hectares at Schnapper Rock Road, Albany, Auckland for $80,411,250 from Landco Schnapper
Rock Road Limited and Landco Albany Limited of Aotearoa. The OIC
states: “The Applicant has entered into Agreements for Sale and Purchase with the vendors (Landco
Schnapper Rock Road Limited and Landco Albany Limited) requiring the vendors
to undertake a subdivision of the land and then sell various sections to the
Applicant. The property being acquired by the Applicant comprises 350
residential lots in total.” [Decision number 200420066.]
·
60 hectares at College Road, Morrin Road and Lunn
Avenue, Auckland for $299,811,271 from Landco Mt
Wellington Limited of Aotearoa. The OIC states: “The Applicant has
entered into Agreements for Sale and Purchase with the vendor (Landco Mt Wellington Limited)
requiring the vendor to undertake a subdivision of the land and then sell
various sections to the Applicant. The land forms part of the old quarry site
situated in Mt Wellington which is being subdivided by the vendor. The
property being acquired by the Applicant comprises 1,722 residential lots and
4 apartment sites in total.” [Decision number 200420068.]
·
16.1 hectares at State Highway 6, Jacks Point,
Queenstown, Otago for $45,000,000
from Jacks Point Land Holdings Limited of Aotearoa. The OIC states: “The
Applicant proposes to acquire the subject property comprising approximately
200 residential lots which are part of a subdivision being carried out by the
vendor at Jacks Point, Queenstown. The vendor is completing the necessary
infrastructure for the residential subdivision. The subdivision is part of a
development that is being undertaken by the vendor that includes a golf
course, accommodation lodge, and residential and commercial developments.” [Decision
number 200420067.]
Fletcher Residential “concentrates its
business on residential housing development rather than residential land
subdivision.”
E & J Gallo Winery, owned by the Gallo family of the U.S.A., has approval to acquire up
to 25.2% of Whitehaven Wine Company Limited for a suppressed
amount from its owners in Aotearoa. Whitehaven owns a 50% interest in 35.9
hectares at Lanark Lane, Pauls Road and Battys Road, Blenheim, Marlborough.
According to the OIC,
E. & J. Gallo (Gallo) is a private family-run
company and is one of the largest winemaking companies in the world. Gallo’s
operating base is from its wineries in California, United States of America. Gallo
sells its wines both within the United States and in over ninety countries
world wide. Gallo has entered into a wine supply agreement with Whitehaven
Wine Company Limited (Whitehaven) under which Gallo was appointed an
exclusive distributor to the United States of America and Canada. Whitehaven
is a winemaking company based in Marlborough that produces wine for the both
the domestic and international markets. The acquisition of the shares in
Whitehaven is likely to further Gallo’s commercial relationship with
Whitehaven. Whitehaven owns a 50% interest in the subject land which is
utilised as a vineyard and winery.
According to Whitehaven’s web site, Whitehaven
Wine Company was established in 1994 by majority shareholders, Greg and Sue
White, and winemaker, Simon Waghorn. Waghorn had been senior winemaker at Corban’s
Gisborne winery. In 2001 the company purchased 40 acres of “prime grape
growing land” at Pauls Road, Rapaura
and built a new 2,500 tonne winery, planting the remainder of the land in
vines. It was expected to be at full capacity for the 2004 vintage, producing for Whitehaven’s own
labels and for several contract clients. “Whitehaven sources fruit from 90
acres of its own vineyards and from over 20 contracted growers located in
proven vineyard sites across Marlborough’s Wairau and Awatere valleys.” It owns a restaurant in Blenheim. (http://whitehaven.co.nz/about/, accessed
8/1/05.)
[Decision number 200420058.]
Pan Pac Forest Products Limited, owned 87% by Oji Paper Co Limited of Japan and 13% by Nippon Paper Industries Company Limited of Japan,
has approval to acquire 1,007 hectares of leasehold at Te Kowhai Forest, Hawkes Bay for $789,944 from Whakatu
Afforestation Trust of Aotearoa.
According to the OIC,
The Applicant proposes to acquire a State Forestry
Lease (Stumpage Sharing) of the Te Kowhai Forest block located near Napier. The
land is adjacent to other forests planted in pinus radiata from which the Applicant
sources wood fibre for its processing plant. The land has been planted in pinus
radiata forestry and harvesting and second rotation planting is in progress. The
Applicant proposes to acquire the lease to ensure a supply of timber for its
nearby mill and processing operations located at Whirinaki, Napier. The
proposed acquisition will improve the Applicant’s self-sufficiency in
sourcing raw material and will help the future security and viability of the
Applicant’s Hawkes Bay operations.
Pan Pac was given retrospective approval
to acquire two blocks of land in Hawkes Bay to feed its processing plant at Whirinaki, in August 2001. See
our commentary for that month for further details.
[Decision number 200420070.]
Roger Dickie of Aotearoa has organised two international consortia to purchase four
blocks of land in Gisborne and Wanganui, for his company to manage forestry development on. The two
consortia have very similar ownership, from the U.S.A., Germany, Pakistan, Australia and Aotearoa, although the first also has an owner in South Africa, and the second also has an
owner in the United Arab Emirates. These consortia have been given retrospective consent for
their acquisitions.
In each case the OIC states:
The overseas participants in the [Partnership] are
investing with New Zealand investors in an intensively managed plantation
forestry operation…
While New Zealand has the fastest growing plantation
forests in the world, there is a limited amount of investment capital
available in New Zealand to expand those plantation forests. Roger Dickie
(NZ) Limited, the promoter of the [Partnership], promoted the partnership
widely to New Zealanders by way of the offer of Participatory Securities in
the Partnership under a registered prospectus and investment statement dated 9
September 2002 [for the first partnership; 29 August 2003 for the second]. However
in order for the Participatory Securities to be fully subscribed, the
participation of overseas investors was necessary.
The forestry operation is managed by Forest Management
New Zealand Limited, a New Zealand company which is owned by Roger Dickie,
with over 25,000 hectares of forest under its management.
The two Partnerships, and the four blocks
of land involved, are as follows.
Eagle Forest Partnership, has approval to acquire:
·
201 hectares at Bushy Knoll Road, Gisborne for $430,598 from Wyangala Limited
of Aotearoa [Decision number 200420059]; and
·
241 hectares at Creek Road, Wanganui for
$344,055 from HDL Limited of Aotearoa [Decision number
200420060].
According to the OIC,
The operation comprises two properties totalling 441.82
hectares being 201.23 hectares of farm land located 57 km west of Gisborne
and 240.59 hectares being part of the Mangamahu forest east of Wanganui
which was planted in 1996.
This partnership is owned
·
20.55% - Christian Werner and Gudrun Werner of Germany;
·
10.28% - Paul Graben of the U.S.A.;
·
8% - Pradeep Mathew and Tarak Mathew of the U.S.A.;
·
5% - Bradley Mullen of the U.S.A.;
·
4% - Milan Shah of the U.S.A.;
·
3.14% - Dave Boudwin of the U.S.A.;
·
1.04% - Claude Christiano of the U.S.A.;
·
1% - Robert Johnston, of the U.S.A.;
·
5.3% - Azmat Zuberi of Pakistan;
·
4.12% - Rukhsana Shaukat and Salman Shaukat of Australia;
·
2.22% - David Smith of South Africa; and
·
35.35% - Aotearoa
Pine Ridge Forest Partnership has approval to acquire:
·
444 hectares at Tauwhareparae and Tutumore Roads, Gisborne for $838,124 from Heather
Elizabeth Marcusson of Aotearoa [Decision number 200420062]; and
·
82 hectares at Creek Road, Wanganui for
$328,972 from HDL Limited of Aotearoa [Decision number
200420061].
According to the OIC,
The operation comprises two properties totalling
525.952 hectares being 82.002 hectares being part of the Mangamahu forest
east of Wanganui which was planted in 1994 and 1996 and 443.95 hectares of
farm land located 90 km north of Gisborne.
This partnership is owned
·
10% - Paul Graben of the U.S.A.;
·
10% - Dave Boudwin of the U.S.A.;
·
8% - Pradeep and Tarak Mathew of the U.S.A.;
·
4% - John Aton of the U.S.A.;
·
4% - James Barksdale of the U.S.A.;
·
4% - Michael Yokell of the U.S.A.;
·
2% - Poh Sim Gan of the U.S.A.;
·
2% - Sabine Haupt of Germany;
·
2% - Peter Zimmermann of the U.S.A.;
·
1% - Robert Johnston of the U.S.A.;
·
1% - Thomas Healey of the U.S.A.;
·
12% - Christian Werner and Gudrun Werner of Germany;
·
1% - Marinus Van Os of Germany;
·
4% - Adnan Rana of Pakistan;
·
4% - Rukhsana Shaukat and Shiraz Shaukat of Australia;
·
2% - Imtiaz Ali of the United Arab Emirates; and
·
29% - Aotearoa.
· Thames Timber Investments Limited, owned 100% by the Shearwater
Corporation Inc. of the U.S.A., has approval to acquire land at State
Highway 25, Thames, Coromandel as follows:
· 62 hectares of freehold land at Kopu and Totara; and
· 1.6 hectares of leasehold land at Kopu
for $5,500,000
from Thames Group Limited of Aotearoa. The OIC states: “Thames Timber
Limited owns and operates a sawmill and timber processing plant situated at Thames. It is a timber processing and
export business that has recently experienced financial difficulties. The
proposed acquisition by the Applicant is likely to assist Thames Timber
through its financial difficulties as well as enhancing its ability to
increase production and export sales.” [Decision number 200420056.]
· Tamio Sekiyoshi of Japan has approval to acquire 46
hectares at Ingleton Road, Wellsford, Northland for $528,750
from Stephen Pugmire of Aotearoa. The OIC states: “The Applicant
proposes to acquire the subject property to develop a farmstay business in New Zealand to accommodate Japanese
tourists. A Japanese style house will be constructed on the property to be
used for the farmstay business. The Applicant intends to lease that part of
the property not required for the farmstay to a local farmer. The Applicant
is a holder of a New Zealand Indefinite Returning Residents Visa and intends
to reside permanently in New Zealand. The Applicant is demonstrating a commitment to New Zealand through taking up New Zealand permanent residency.” [Decision
number 200420072.]
· David John Letsche and Pauline Ann Wright of the U.K. have
approval to acquire 12.0 hectares at Wills
Road, Lower Moutere, Mouteka, Nelson for $540,000 from Westgreen Limited, owned by Robert
Westenbroek and Katherina Helena Maria Westenbroek of Aotearoa. The
OIC states: “The Applicants intend to apply for New
Zealand permanent residency under the Skilled
Migrant category. Their Expression of Interest has been selected for further
consideration by the New Zealand Immigration Service. The Applicants propose
to acquire a lifestyle property situated at Lower Moutere, upon which they intend to construct a dwelling and reside on the
property. The Applicants are demonstrating a commitment to New Zealand through applying for and taking
up New Zealand permanent
residency.” [Decision number 200420055.]
· Van der Werf Farms Limited, owned 100% by Sjoerd Tjitte Bonifatius van der Werf of the Netherlands, has approval to acquire 81 hectares at 170 Edendale Seaward Downs Road, Edendale, Southland for $2,981,250 from Peter Edmond Loveridge
and Maxine Ann Loveridge and Christopher Frederick Schurr as
trustees of the Whitmore Farms Trust No.1 of Aotearoa. The OIC states:
“Mr van der Werf, who has 18 years dairy farming experience in Holland, has incorporated
the Applicant (being the corporate trustee of a discretionary trust established
by Mr van der Werf) to acquire the subject dairy farm. The Applicant proposes
to increase production from the property by utilising the more intensive
European/Dutch dairying systems whereby large wintering barns or sheds or feedlot
platforms are utilised to feed stock on a more intensive basis.” [Decision number
200420064.]
All investments
The value of investment approved in the
year to November 2004 is considerably lower than the previous November year –
mainly due to the sale of the National Bank for $5.7 billion to the Australian owned ANZ bank in November
last year – but the net value (i.e. disregarding sales from one overseas
investor to another, and discounting part New Zealand ownership of the assets)
is now considerable higher. By
far the greatest part of the value of the approvals is for sale from one
overseas investor to another.
|
Value of Investments
approved
|
|
|
November
|
2004
YTD
|
2003
Year to November
|
|
Number of approvals
|
14*
|
140
|
189
|
|
Gross value of consideration
|
725,292,583
|
6,807,974,809
|
12,353,680,048
|
|
Net Investment
|
503,046,894
|
2,824,166,623
|
1,707,001,837
|
|
|
|
|
|
|
Investments Refused
under The Overseas Investment Act 1973
|
|
|
November
|
2004
YTD
|
2003
Year to November
|
|
Number of Refusals
|
0
|
9
|
7
|
|
Gross value of consideration ($)
|
0
|
Confidential
|
4,761,875
|
|
Gross land area (ha)
|
0
|
164
|
210
|
*In addition there were four retrospective approvals
granted during the month. They involved a gross consideration of $1,941,749
(net $1,329,451) and a gross land area of 967 hectares (net 659 hectares).
Investment involving land
As noted over the last few months, gross
sales of land approved by the OIC during the years to November have increased
hugely in area, though net sales have fallen to the point where more is being
recorded as being transferred to New Zealand part-owners hands than passed on to new overseas owners. A large
proportion of the hectares being bought and sold are between one overseas
investor and another. There were again no applications refused this month
(see above).
|
Freehold Land Approved for Sale
|
|
|
November
|
2004
YTD
|
2003
Year to November
|
|
Number of approvals
|
9*
|
108
|
170
|
|
Gross land area (ha)
|
336
|
196,537
|
15,943
|
|
Net land area (ha)
|
234
|
(20,872)
|
13,541
|
|
|
|
Other Interests in
Land Approved for Sale
(For Example, Leases
& Crown Pastoral Leases)
|
|
|
November
|
2004
YTD
|
2003
Year to November
|
|
Number of Approvals
|
4
|
29
|
14
|
|
Gross land area (ha)
|
1,021
|
201,608
|
18,793
|
|
Net land area (ha)
|
1,015
|
72,179
|
12,191
|
* In addition there were four retrospective approvals
granted during the month. See note above.
|
