Applicant
Coxco Farming & Horticulture Limited
Case number(s)
201900419
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date30 September 2019
Pathway(s)Residential land – incidental residential use
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 0.6070 hectares of land at 720 Matawai Road and 645 Tucker Road, Gisborne expiring no later than 7 April 2055.
Consideration$300,000
ApplicantCoxco Farming & Horticulture Limited
New Zealand 9.19%
Netherlands 39.98%
United Kingdom 30.78%
Switzerland 12.1%
Germany 5.97%
Singapore 0.93%
Hong Kong 0.82%
Australia 0.23%
VendorAndrew James Teesdale
New Zealand 100%
Background

The Applicant is a horticulture (including the provision of labour solutions) business based in Gisborne. The Applicant is a New Zealand registered company established in 1996.

The Investment includes a leasehold interest in land, and the two and three-bedroom dwellings on the land.

The Applicant is acquiring the leasehold interest as worker accommodation, primarily for seasonal workers it hires under the Recognised Seasonal Employer Scheme.

We consider the Investment is likely to meet the incidental residential use test:

  • the Investment is likely to be used for residential purposes but only in support of the relevant business (which is not in the business of using land for residential purposes); and
  • the Investment is being acquired in the ordinary course of the business of the Applicant.
More informationChristina Lefever
Duncan Cotterill
PO Box 5
CHRISTCHURCH 8140