Decision Summary - Morgan (Paul James and Glenda Jean) of Australia

Decision number	200720004
Application number	200710087
Date	12 July 2007
Offeror/applicant	Morgan (Paul James and Glenda Jean) of Australia
Ultimate applicant beneficial ownership	100 percent -Australia
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Moreton (Joseph Ashley & Caroline Rose) & Knapps Lawyers Trustee Co. 2004 (No.2) Ltd as trustees of the JA &CR Moreton Family Trust of New Zealand
Business activities	Agriculture - Casual Grazing Agriculture - Native Bush
Details of land involved	30.923 hectares of freehold situated at 301 Owen Valley East Road, Murchison being CT NL125/203 (Nelson Registry).
Regions involved	Nelson/Marlborough
Total consideration	$815,000
Consent sought	To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987. Background: The Applicants wish to settle and retire in New Zealand. This is a lifestyle property application. Outline of Proposed Development: The Applicants propose to live on the property and use the surrounding land to graze cattle, reforest 5 hectares into native bush and develop vegetable gardens and fruit trees. The Applicants will consolidate their assets into Australia as an interim measure to transferring the assets to New Zealand. During this process the Applicants will not live full time in New Zealand. The Applicants intend to reside in New Zealand permanently by mid 2008. The Applicants have purchased furniture for the house, and intend to purchase motor vehicles and open bank accounts on their next visit to New Zealand. Rationale for Proposed Development: The Applicants are Australian citizens who wish to purchase this lifestyle property in order to begin their retirement in New Zealand.
Contact	Ron Thomson Smythes P O Box 279 NELSON

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