Section 12(1)(a) Overseas Investment Act 2005
|Toitū Te Whenua Land Information New Zealand
|4 August 2023
|Sensitive Land – benefit test
|Acquisition of a freehold interest in approximately 6.46 hectares of land at 173 Owen Valley East Road, Owen Valley, Nelson, New Zealand.
|Withheld under section 9(2)(b)(ii)
|Owen River Lodge Propco LLC
|Owen River Lodge Limited as trustee for Felix Borenstein Family Trust and Owen Valley Property Limited as trustee for Owen Valley Property Trust
New Zealand (100%)
The Applicant is part of a group which collectively operates under the brand Eleven. The Eleven brand provides luxury adventure tourism experiences through a portfolio of private residences and lodges around the world.
The Applicant has been granted consent to acquire the Land which includes the Owen River Lodge. The lodge sits on the banks of the Owen River, among 16 acres of garden and includes six guest cottages.
The Applicant will continue to operate the lodge and will undertake improvements to the lodge and guest facilities over the next three years, during the fly-fishing off-season.
The main benefits to New Zealand are likely to include capital investment by the Applicant to improve the lodge and guest cottages, including the installation of solar panels at the lodge. The Applicant intends to retain the current staffing levels, and to employ a further 1.9 full time equivalent positions over a three year period, to undertake the capital improvements on the Land.
The Applicant will also leverage its association with the Eleven brand and Cedar Lodge in Otago to diversify the product offerings at Owen River Lodge.
Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the investment would result in benefit to New Zealand.
PO Box 4199