Overseas investment decision for case 200710046 - Howes (Terry John and Carol Pearl) | Toitū Te Whenua

Applicant: Howes (Terry John and Carol Pearl)
Case number(s): 200710046
Decision date: 2 May 2007
Type: Decision

Decision number	200710046
Application number	200710051
Date	2 May 2007
Offeror/applicant	Howes (Terry John and Carol Pearl) of United Kingdom
Ultimate applicant beneficial ownership	100 percent -United Kingdom
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	100 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	Ron Zwarst Holding Company Limited 50 percent - New Zealand, Saxton (Christopher John) 50 percent - New Zealand, Zwarst (Ronald John)
Business activities	Lifestyle Property
Details of land involved	5.9279 hectares of freehold situated at 589 Old West Coast Road, West Melton, Christchurch being CT CB31K/832 (Canterbury Registry).
Regions involved	Canterbury
Total consideration	$1,170,000
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 purchase the property in order to establish a family home for their family. The location outside of Christchurch city suits the family's desire to maintain a small lifestyle type of living. Outline of Proposed Development The principal use of the property will be for residential use for the applicants own family unit and includes the house and garden, outbuildings, garaging, access driveway, the swimming pool and tennis court areas. The remaining areas of the property will be used to support small lifestyle interests which will include the continued production of the existing olive grove and use of the paddock areas for the rearing of small numbers of livestock. Rationale for Proposed Development The Applicants wish to acquire the land in order to use the property as a family home. The Applicants are intending to permanently live on the land and they are intending to reside in New Zealand indefinitely.
Contact	Stephen Slade Cashmere Law PO Box 28 069 Beckenham CHRISTCHURCH

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