Decision Summary - Jacks Point Limited

To acquire:

1. an estate or interest in land which exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space; and
2. an estate or interest in land which exceeds five hectares in area.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

On 11 December 2001, consent was granted (A200120122/D200120116) to Jacks Point Limited (JPL) to acquire 403.589 hectares of land situated at Jacks Point in Queenstown. The Jacks Point development will include an 18 hole championship golf course, a lodge, resort accommodation, residential homes, a club house, gym, equestrian facilities, village and business centre.

This transaction is for JPL to lease 24 hectares of land from the neighbouring developer, Henley Downs Holdings Limited (Henley), in order to complete the development of the proposed golf course. Seven holes of golf will be developed on the subject leased land.

The proposal is likely to enable the completion of the golf course which is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand; and
2. the introduction into New Zealand of development investment for development purposes.