|Date||26 April 2006|
|Offeror/applicant||Pear Tree Vineyard Limited|
|Ultimate applicant beneficial ownership||45 percent - Australia, Farrah (Matthew Alfred)|
22.5 percent - Australia, Rees (Simon John)
22.5 percent - New Zealand, Ellis (Andrew Edward)
10 percent - New Zealand, Moore (Anthony Louis)
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||67.5 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Henderson (Alexander Philip and Robyn Maree) of New Zealand|
|Business activities||Agriculture - Horticulture & Fruit - Viticulture|
|Details of land involved||21.241 hectares of freehold situated at Waihopai Valley Road, Marlborough being part CT 273054 (Marlborough Registry).|
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 property which is currently used for sheep and cattle grazing. The Applicant proposes to develop 18.4 plantable hectares of the land as a vineyard to produce Sauvignon Blanc wine for the Australian market. The vineyard will be operated in conjunction with a vineyard currently being developed by the Applicant (refer A200510076/D200510057), and a company associated with the Applicant, Catalina Sounds Limited (refer A200520028/D200520033).
The proposal is likely to result in the following benefits: