Decision number200520101
Application number200520073
Date15 December 2005
Offeror/applicantGarden Bay Resort Limited
Ultimate applicant beneficial ownership100 percent - Luxembourg, Fellmann (Andreas)
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Montgreenan Holdings Limited
100 percent - Luxembourg, Thiel (Gunter)
Business activitiesAgriculture - Grain, Sheep, Beef, Cattle - Sheep Farming
Accommodation - Hotel/Motel/Lodge
Agriculture - Native Bush
Details of land involved2,122.063 hectares of freehold situated at Pohuenui, Pelorous Sound, Marlborough being CTs MB4A/89, MB3A/367, MB3A/368, MB3D/988, MB3D/989, MB4A/116, MB4A/87, MB4A/88, and MB34/54 (Marlborough Registry)
Regions involvedNelson/Marlborough
Total consideration$4,970,229
Consent Sought - 1995 RegsTo acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Pohuenui Nature Resort Limited.
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.

Consent was granted for Pohuenui Nature Resort Limited (Pohuenui) to acquire the property known as Pohuenui Island, situated at the entrance of Pelorus Sound, on 30 July 2002 (refer A200210154/D200220025). The property is actually a peninsula connected to the South Island by a narrow strip of land, however access is by sea and air only. Consent was granted on 12 February 2004, for the current shareholders Montgreenan Holdings Limited (MHL) and Garden Bay Resort Limited (GBR) to acquire the shareholding held by Vladi Private Islands (Pacific) Limited (VPI) (refer A200320168/D200410014).

Consent is now sought for GBR to acquire 100 percent of the shareholding in Pohuenui by acquiring the shares held by MHL.

Over the past 13 years Pohuenui Island has been developed as a combined farm and tourist operation. Approximately 520 hectares are utilised for sheep farming with the balance of the property in various stages of regenerating native bush. The land operates as a tourist accommodation business for up to 28 guests and contains a 5 bedroom homestead, a 3 bedroom cottage (the farm manager's house), a sleepout, a self-contained treehouse, backpackers accommodation, a cookhouse with accommodation, a woolshed, and a two storey architecturally designed house.

ContactBrian Coburn
Hesketh Henry
Private Bag 92093
AUCKLAND