| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Minister of Finance |
| Decision date | 11 February 2024 |
| Pathway(s) | Sensitive land – farm land benefit test |
| Investment | Acquisition of a freehold interest in approximately 42.63 hectares of land at 1350 Diary Flat Highway, Diary Flat, Auckland |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | AW Holdings 2021 Limited New Zealand 50% United States 27% Australia 17% Various 6% |
| Vendor | Yue Teng Limited New Zealand 100% |
| Background | The Applicant is a subsidiary of global surf park developer, Aventuur, Inc. The land is currently farmland, grazed by cattle. The Applicant plans to develop New Zealand's first surf park on the land. As well as a surf lagoon, the surf park will include accommodation, retail, and hospitality amenities. The Vendor will retain an interest in part of the land, through a joint venture with the Applicant. This part of the land may be developed into a solar farm and data centre, either by the Applicant or a third party. The main benefits to New Zealand are likely to be increased capital expenditure, the creation of jobs, and the introduction of new technology. Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment is likely to benefit New Zealand. |
| More information | Tessa Baker Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |