| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 December 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 377.0058 hectares of land at Kereta Farm, 429 Manaia Rd, SH 25, Coromandel. |
| Consideration | $8,353,125 |
| Applicant | Ohana LP The Giannamore Family, France (100.0%) |
| Vendor | Spatial Enterprises Limited Lesley Anne Bundock, New Zealand (50.0%) Michael Stephen Bundock, New Zealand (50.0%) |
| Background | The Applicant intends to further develop the current sheep and cattle farming operation on the property. Development plans include increasing stock numbers, an enhanced fertilizer programme, new fencing around streams and natural bush, replanting of deteriorating bush, and improvements to facilities including water supply, yards, sheds and fencing. The objective in the medium term is to make the farming operation profitable and it is possible that a small horse breeding operation may commence. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Alisdair Morrison O'Sullivan Clemens PO Box 646 ROTORUA |