NZ telecoms infrastructure: Why US investors paid $600k for a Lower Hutt rooftop - and broke our rules
A US-based infrastructure firm, Everest Infrastructure NZ, was fined $20,000 after breaching foreign buyer rules by leasing land under a Lower Hutt hostel for cell tower operations. The incident highlights the growing trend of offshore investment in New Zealand's telecommunications infrastructure.
Why it matters
It underscores the regulatory challenges and scrutiny surrounding foreign ownership of critical national infrastructure.
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A US-owned company paid $600,000 to take over the roof of a Lower Hutt hostel for 35 years – then it “became aware” it had broken foreign buyer rules.
Everest Infrastructure NZ signed a lease for a YMCA building roof in 2024 that allowed it to collect existing and future rent from phone and internet companies wanting to install towers, antennae and gear.
The deal included $255,000 paid upfront for 16sq m below an existing cell tower and $345,000 for the rest of the roof, new Overseas Investment Office (OIO) documents show.
Everest doesn’t own the Pilmuir St building – that is still owned by an arm of the charity YMCA – or the existing tower.
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