| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 April 2021 |
| Pathway(s) | Residential land development (Increased housing - One-off purchase) |
| Investment | 7/7A Edgar Street Queenstown |
| Asset Value | $1,565,217.40 |
| Applicant | An American Couple United States of America (100%) |
| Vendor | Regents Park Close Limited |
| Background | The Applicants applied for consent to acquire residential land in Queenstown, which it will develop in conjunction with neighbouring land they already own. The Applicant plan to construct at least three residential dwellings. The Applicant must complete the development by December 2024 and must sell all interests in the land by the end of December 2025. The Applicant will not occupy any residential dwellings on the land. To meet the increased housing test, the Investment is likely to: i. meet 1 or more of the increased housing outcomes, being an increase in the number of residential dwellings constructed on the residential land; ii. meet the on-sale outcome, which means the Applicant must on-sell all interests in the residential land; and iii. meet the non-occupation outcome, which means the Applicant or certain related persons must not occupy the land. |
| More information | Matthew Edwards Berry & Co (Queenstown) PO Box 179 QUEENSTOWN 9348 |