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Decision Summary - Waterfront Fund

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Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 12 March 2009
Investment An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 508.4679 hectares of land at Purerua Road, RD1, Kerikeri, Bay of Islands.
Consideration $30,200,000
Applicant Waterfront Fund
New Zealand (61.0%), Australia (31.0%), United Kingdom (except Isle of Man and the Channel Islands) (8.0%)
Vendor Williams Capital Holdings No.1 Limited
New Zealand (100.0%)
Background Purchasing the land will allow the Applicant to develop the land known as Wiroa Station by providing 25 lifestyle blocks and increasing the productivity of the existing farm business, with the objective of providing a commercial return to the Applicant's investors.

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
    • 17(2)(a)(i) – Creation/Retention of jobs
    • 17(2)(a)(iv) – Added market competition/Productivity
    • 17(2)(a)(v) – Additional investment for development purposes
    • 17(2)(a)(vi) – Increased processing of primary products
    • 17(2)(b) – Indigenous Vegetation/Fauna
    • 17(2)(d) – Historic Heritage
    • 17(2)(e) – Walking Access
    • 17(2)(f) – Offer to sell seabed/foreshore to the Crown
  • Overseas Investment Regulations 2005
    • 28(a) – Consequential Benefits
More information Chris Linwood
Russell McVeagh (Auckland)
PO Box 8
AUCKLAND

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