Applicant
Richard Alan Kayne & Suzanne Laughinghouse Kayne
Case number(s)
201220004
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date18 September 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in up to 230.72 hectares of land located at Te Arai, Mangawhai Heads, North Auckland.
Consideration$10,000,000
ApplicantRichard Alan Kayne & Suzanne Laughinghouse Kayne
United States of America (100%)
VendorTe Arai Coastal Lands Limited
New Zealand (100%)
Background

The Applicant is acquiring the land to develop a world class championship standard golf course, related improvements and up to seventeen dwellings. The golf course will be sustainably designed to maintain the integrity of the land and accentuate Te Arai's unique natural character.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of jobs
17(2)(a)(ii) – New business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(c) – Trout, salmon, wildlife and game

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(i) – Economic Interests

More informationElizabeth Edward
Chapman Tripp
PO Box 2206
AUCKLAND 1140