Decision number200520074
Application number200520078
Date17 October 2005
Offeror/applicantOhsawa Kogyo Co. Limited
Ultimate applicant beneficial ownership57.33 percent - Japan, Ozawa (Taizo)
13.33 percent - Japan, Ozawa (Tsutomu)
10 percent - Japan, Ozawa (Kazuo)
7.5 percent - Japan, Ozawa (Eriko)
5.33 percent - Japan, Ozawa (Taeko)
2.17 percent - Japan, Ozawa (Kaori)
2.17 percent - Japan, Ozawa (Megumi)
2.17 percent - Japan, Ozawa (Naomi)
Beneficial overseas ownership 
- Asset current95 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Craggy Range Vineyards Limited
95 percent - Australia, Peabody (Terrence Elmore)
5 percent - New Zealand, Smith (Stephen Mark and Laura Bridget Cunningham)
Business activitiesAgriculture - Horticulture & Fruit - Viticulture
Details of land involved43.064 hectares of freehold situated at 424 Kereru Road, Hastings being CTs 15691, 15690, and 15689 (Hawkes Bay Registry).
Regions involvedGisborne/Hawkes Bay
Total consideration$1,631,250
Consent Sought - 1995 RegsTo acquire an estate or interest in land which together with any associated land exceeds five hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire the subject land to develop a vineyard, winery, and restaurant facility. The land is currently leased by the vendor to local farmers for stock grazing. The Applicant's business plan is based on the production and export to Japan, and other Asian markets, of premium varietal wines.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities;
  2. the introduction of development capital;
  3. added market competition/productivity;
  4. the development of new export markets; and
  5. the increased processing of primary products.
ContactJunichi Nishimura
Loo & Koo
P O Box 99687
Newmarket
AUCKLAND