|Date||10 March 2006|
|Offeror/applicant||Ernslaw One Limited|
|Ultimate applicant beneficial ownership||100 percent - Malaysia, Tiong Family|
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Aupouri (Phillip Graham) of New Zealand|
|Business activities||Lifestyle Property|
|Details of land involved||6.0136 hectares of freehold situated at 334 Te Araroa Road, Ruatoria being CT 104175 (Gisborne Registry).|
|Regions involved||Gisborne/Hawkes Bay|
|Consent sought||To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
The Applicant, who manages 49,000 hectares of forest in the Gisborne/East Coast region, proposes to acquire the subject property as a residence for the Applicant's Ruatoria Forest manager and his family. The land is situated in close proximity to the Applicant's Ruatoria Forest, which extends in a number of blocks as far as Te Araroa being 1 hours drive north. The Applicant proposes to establish a fire store on the land where firefighting equipment will be stored. In the event of a fire in the Ruatoria Forest, firefighting will be managed from this land.
The proposal is likely to result in the following benefits:
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