Bridgecorp Holdings has increased its stake in the 2.8ha block of central Auckland land where a new 800-unit village, hotel, shops and offices are being planned.

Although Rod Petricevic's Bridgecorp is based in Auckland and is one of the country's most active property funders, it has an Australian parent so had to apply to the Overseas Investment Commission to get consent for the land deal.

Bridgecorp, which is also one of the funders of the $600 million development, previously owned a 24 per cent stake in the land-owning company which holds 61-87 Cook St.

Now it has won the commission's permission to increase that stake to 50 per cent. Auckland developer Jamie Peters' Starline Group owns the other half share.

Petricevic said the matter was "somewhat complex" but that the Australian developers had lodged their resource consent application for the new village late last year.

"This is a development of the leasehold interest in the land," he said, adding that Bridgecorp and Starline were not involved in the property development.

Australians Doug Rikard-Bell and Duncan Bull, of Sydney-based Emerald Logic, said last September that they planned a low-rise development on the old Auckland City Council depot site.

Buildings of up to 10 levels are planned over a five to six-year development phase.