Decision number200620006
Application number200610080
Date17 July 2006
Offeror/applicantSilver Stream Estates Limited
Ultimate applicant beneficial ownership100 percent - New Zealand, Hayson (Sadie Mary)
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed0 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Cone St Developments Limited
100 percent - New Zealand, Glen-Osborne (Stephen Gordon and Robyn Mary Elise)
Business activitiesProperty & Business Services - Property
Details of land involved20.558 hectares of freehold situated at 263 Giles Road, Kaiapoi being CTs CB36D/778, CB39C/347, CB19F/1019 and CB293/231 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$5,625,000
Consent SoughtTo 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.
Rationale

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 proposes to acquire the subject land, which is currently used for dairy farming, to undertake a residential subdivision comprising 240 residential lots. The Applicant advises that the land has been identified by the Kaiapoi Community Board and recommended to the Waimakariri District Council as an area for rezoning to Deferred Residential Status, to cope with predicted shortfalls in residential land in Kaiapoi.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand; and
  2. the introduction into New Zealand of development investment for development purposes.
ContactHugh Lindo
Duncan Cotterill
P O Box 5
CHRISTCHURCH