Commercial Real Estate

Commercial real estate includes vacant land for commercial development and developed commercial property.

Proposals to acquire the following require notification and approval:

1. vacant land, regardless of value;
2. an accommodation facility, regardless of value;
3. property being acquired by a foreign government or its agent, regardless of value;
4. developed commercial real estate subject to heritage listing valued at $5 million or more; and
5. developed commercial real estate where the total value of the property being acquired is $50 million or more.

Under the Act, a foreign person is:

* a natural person not ordinarily resident in Australia;
* a corporation in which a natural person not ordinarily resident in Australia or a foreign corporation holds a controlling interest (that is, a holding of 15 percent or more);
* a corporation in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate controlling interest (that is, a total holding of 40 percent or more);
* the trustee of a trust estate in which a natural person not ordinarily resident in Australia or a foreign corporation holds a substantial interest; or
* the trustee of a trust estate in which 2 or more persons, each of whom is either a natural person not ordinarily resident in Australia or a foreign corporation, hold an aggregate substantial interest.

A substantial foreign interest (ie, a controlling interest) occurs when a single foreigner (and any associates) has 15 per cent or more of the ownership or several foreigners (and any associates) have 40 per cent or more in aggregate of the ownership of any corporation, business or trust.