| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 26 April 2023 |
| Pathway(s) | Sensitive land (Farm land benefit test) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of freehold interests in approximately 163.4640 hectares of land at Homestead Bay, State Highway 6, Queenstown. |
| Consideration | $70,000,000 |
| Applicant | RCL Henley Downs Limited New Zealand (71.18%) United States of America (13.20%) United Kingdom (8.65%) Cayman Islands (5.31%) Australia (1.66%) |
| Vendor | Lot 8 LP New Zealand (78.66%) Hong Kong (21.34%) |
| Background | The Applicant undertakes residential subdivisions in New Zealand and Australia and is a subsidiary of RCL Real Estate Pty Limited, which is ultimately owned by the Pyne Gould Corporation Limited. The land being acquired is currently being stock grazed for weed control and used as part of a skydiving operation, which includes an airstrip and drop zone. The Applicant intends to use the land to develop between 1,700 and 2,300 residential sections, to be on-sold to third parties, for the construction of residential dwellings. This development will be similar to the Applicant's existing Jack's Point residential development, Hanley's Farm. The main benefits to New Zealand are likely to include – capital investment of $223.5 million and the creation of approximately 252 jobs. The jobs are both ongoing and temporary roles for the development and the operation of the civic assets that result from the development (retail, schools etc). The investment will also contribute to advancing government policies relating to urban development and increased housing. Consent was granted as the Applicants met the investor test criterion and the benefit likely to occur as a result of the Investment would result in benefit to New Zealand. |
| More information | Michael Tinkler Burton Partners P O Box 8889 Auckland 1150 |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
RCL/Torchlight Funds’ acquisition of sensitive land in Queenstown