Applicant
Thomas Muster
Case number(s)
201520111
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date17 October 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 37 hectares of land at Long Beach Road, Russell.
Consideration$5,650,000
ApplicantThomas Muster
Austria (100%)
VendorThe trustees of the SGA Edwards Trust
New Zealand (100%)
Background

The Applicant intends to use the Land as a holiday/life style residence. Included in the Applicant’s plans is an extensive ecological programme to restore native vegetation on the Land and the creation of enduring legal public walking access around the coastline.

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) – Jobs
17(2)(b) – Indigenous vegetation/fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(d) – Historic heritage
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy

More informationSam Nelson
Lane Neave
P O Box 701
Queenstown