| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 28 November 2025 |
| Pathway | Sensitive land - Residential land development (one off) |
| Investment | Acquisition of a freehold interest in approximately 1.6013 hectares of land located at 31, 35 and 45 Lochy Road, Fernhill, Queenstown (Retrospective Application). |
| Consideration | $5,000,000 |
| Applicant | Lochy Road Queenstown Limited Partnership United States of America 39% Australia 37% New Zealand 23% Singapore 1% |
| Vendor | Krasivaja Invest Corp |
| Background | The Applicant is New Zealand Limited Partnership with 25 limited partners, all of whom are individuals with a less than 25% interest. The land is currently vacant. The Applicant intends to construct 50 new townhouses on the land to on-sell. This was a retrospective application as the Sale and Purchase Agreement was entered into without it being conditional on receiving consent under the Overseas Investment Act 2005. When the investors for the development were finalised, it was decided that a limited partnership would be formed, which is considered an overseas person under the Act due to its ownership. The Applicant voluntarily reported to LINZ when the decision was made to nominate the Limited Partnership to complete settlement under the Sale and Purchase Agreement and retrospective consent was considered to be appropriate given the inadvertent nature of the breach. Retrospective consent was granted as the Applicant has met the investor test criterion and the Investment is likely to result in one of the increased housing outcomes, being the increase in the number of residential dwellings constructed on the residential land. |
| More information | Peter Sygrove Todd & Walker Law PO Box 124 Queenstown 9348 |
| Retrospective penalty | $30,000 |