The Overseas Investment Office (OIO) says it has begun to review and update the list of reserves,public parks and other sensitive areas of land requiring consent under the Act.
Section 37 of the Overseas Investment Act 2005 requires the OIO to compile and publish the list. Subsequent ministerial directive letters have clarified that the land included in the list should not be smaller than 0.4 hectares.
The OIO says its review and updating of the list will see the implementation of changes in two stages. The first stage, effective on 11 May 2017, involved amending the existing list to implement the o.4 ha threshold. The updated list is available on the OIO website.
The second stage will involve a wider review of land included in the list.
The OIO says the 0.4 ha threshold will mean that approximately one application a year will not need consent.