| Decision number | 200620073 |
|---|---|
| Application number | 200620119 |
| Date | 4 December 2006 |
| Offeror/applicant | Gibbston Valley Lodge NZ LLC |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, The Phillip D Griffith Family Trust |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Andrus Family Trust NZ Holdings Limited 55 percent - United States of America, Andrus Family LLC 15 percent - United States of America, R Gary Andrus Revocable Trust 15 percent - United States of America, Andrus Family Children's Trust 15 percent - United States of America, Andrus (Christine Lorraine Metz) |
| Business activities | Agriculture - Horticulture & Fruit - Viticulture |
| Details of land involved | 9.979 hectares of freehold situated at 16 Resta Road, Gibbston Valley, Central Otago being CTs OT19A/1180 and OT9B/1476 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $2,500,000 |
| 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 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant is an associated person of Gibbston Valley Wines Limited (GVWL). This is by virtue of Philip Griffith's interest in the Applicant as the sole trustee of the sole shareholder, and by virtue of Philip Griffith's interest in GVWL as a director and shareholder. GVWL owns land adjacent to the subject land, on which GVWL operates a vineyard, a cheesery and a restaurant. The Applicant is currently planning the construction of a luxury lodge on nearby land. The Applicant proposes to acquire the subject land upon which a vineyard and winery is currently operated. The Applicant proposes to further develop the land. The acquisition is likely to complement the Applicant's and GVWL's operations. The proposal is likely to result in the following benefits:
|
| Contact | Jeremy Blake/Mark Odlin Buddle Findlay P O Box 322 CHRISTCHURCH |