Decision number200620008
Application number200610089
Date18 July 2006
Offeror/applicantMarkham (Barry Thomas) and Bowen (Eileen Joan) of United Kingdom
Ultimate applicant beneficial ownership100 percent - United Kingdom
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Mistra Developments Limited
50 percent - New Zealand, Spruit (Stephen and Tracey) and Hart (Mary)
50 percent - New Zealand, Smith (Janet) and Perkins (Michael)
Business activitiesProperty & Business Services - Property
Details of land involved0.9775 hectares of freehold situated at Access Road, Kerikeri being CTa 303954, 303955 and 303960 (North Auckland Registry).
Regions involvedNorthland
Total consideration$1,080,000
Consent SoughtTo acquire an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the Regulator under section 37.
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 land, which is three lots of a subdivision development being undertaken by the vendor, is being acquired by the Applicants as part of their business strategy to expand their property rental, renovation and land development business to New Zealand. The Applicants propose to build individually designed homes for sale to New Zealand residents.

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.
ContactNicole Prosser
Law Direct
PO Box 497
KERIKERI