Decision number200710053
Application number200710035
Date23 May 2007
Offeror/applicantPrice (Robert Athelstan) and Weiers (Carl-Josef Hubert)
Ultimate applicant beneficial ownership50 percent - United Kingdom, Price (Robert Athelstan)
50 percent - Germany, Weiers (Carl-Josef Hubert)
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Spiers (Adam John Allan and Annabel Sara) and McPhail (Michael Allan of New Zealand
Business activitiesAgriculture - Grain, Sheep, Beef, Cattle - Mixed Farming
Details of land involved477.7857 hectares of freehold situated at 1066 Mayfield Klondyke Road, Mondalto, South Canterbury being CTs CB25A/1293, CB25A/1294, CB35B/167 and CB34D/392 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$8,961,980
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 Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

Background
The Applicants intend to lease the Property to a farming partnership known as the "Amberside partnership" once the acquisition is completed. Athel Price and Carl Weiers will be the two partners responsible for running and farming the property. This Application is firstly to acquire the Property and secondly to lease it to the Partnership.

Rationale for Proposed Development
Mr Price believes New Zealand farmers are at the forefront of new agricultural technology and efficiencies. He has a strong desire to be part of it and to gain a full understanding of the science and the practice of livestock farming under New Zealand conditions. Mr Weiers has similar aspirations and hopes to diversify his family's agricultural base as agricultural land in Germany is tightly held making it difficult to expand.

Our Assessment
The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. increased productivity in New Zealand;
  3. the introduction into New Zealand of investment for development purposes; and
  4. increased export receipts for New Zealand exporters.
ContactA C V Brown
Wynn Williams & Co
P O Box 4341
CHRISTCHURCH 8140