The world's second-largest retailer has New Zealand clearance from an arm of the state to make its debut in this country with its first giant store.

The Overseas Investment Office has just announced it has given consent for Costco Wholesale New Zealand to buy land at Massey's Westgate in Auckland where the retailer will open its first store.

Costco, second only to Walmart globally, needed state consent here because the land it is buying is classified as sensitive. It applied to buy a freehold interest in 2.7ha of land at the corner of Maki St and Gunton Dr at Westgate near the Harvey Norman store.

It also needed consent because it plans to establish a business in this country where the expenditure involved exceeded $100m - the land purchase and the development of the giant new store with its fuel station, food court, pharmacy, hearing aid sales centre, etc.

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Source: NZ Herald