Decision number200710071
Application number200710053
Date20 June 2007
Offeror/applicantAriadne Australia Limited
Ultimate applicant beneficial ownership95.78 percent - Australia, Australian Public
3.93 percent - New Zealand, New Zealand Public
0.29 percent - Various, Various overseas persons
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed96.07 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Orams Marine Village Unit Trust, Orams Management Limited, Orams Marine Boatpark Limited and Orams Marine Holdings Limited of New Zealand
Business activitiesTransport & Storage - Water Transport
Details of land involved

1.9274 hectares of leasehold situated at 142 Beaumont Street, Auckland being CTs NA81B/907, NA473/255, NA473/252, NA79D/768 and part CT NA78C/340 (North Auckland Registry).

Licence interest in 1 hectare of foreshore and waterspace described in Part Lot 1, Deposited Plan 133386 being the foreshore and waterspace described in the Foreshore and Waterspace Licence dated 4 June 1998 entered into between Ports of Auckland Limited (Licensor) and Orams Marine (Auckland) Limited (Licensee).

Regions involvedAuckland
Total consideration$42,900,000
Consent sought

To acquire:

  1. an interest in land which, either alone or together with any associated land of that type, is or includes the foreshore or seabed; and
  2. an interest in land which, either alone or together with any associated land, exceeds 0.2 hectares and adjoins the foreshore.
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.

Background:
Ariadne is currently pursuing marina and marine services related acquisition opportunities, which will complement its existing marine portfolio.

Outline of Proposed Investment:
Ariadne has a strong capital backed investor network and an experienced management team that plans to further increase the reputation of Orams as a world class boat stacking and marine services facility. The Ariadne Marina will apply its existing knowledge and in house marina and property management skills to the asset.

Rationale for Proposed Investment:
Orams Marine Village is located in a strategic area close to the Auckland CBD and is of significant importance to the Auckland boating sector. Ariadne understands that New Zealand is a significant player in the world marine services industry. The Applicant wishes to ensure the businesses operating at the site continue to prosper by deploying appropriate resources and management techniques.

The proposal is likely to result in the following benefits:

  1. promotion of Auckland and New Zealand as a super yacht refit market; and
  2. management and expertise which will benefit the tenants at the Orams Marine village.
ContactDavid Boswell/Andrew Petersen
Bell Gully
P O Box 4199
AUCKLAND