DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date24 November 2010
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 437.9666 hectares of land known as “Kahutara Downs” located on SH1, 16km South of Kaikoura.
Consideration$3,487,500
ApplicantHyde Investments Limited
Margaret Elisabeth Hyde, United States of America (100.0%)
VendorHeaton Investments Limited
David Pritchard and Jacqueline Pritchard, New Zealand (25.0%)
Brian Fitzgerald Interests, New Zealand (25.0%)
Phillip Roger Burmester, New Zealand (25.0%)
David Smallbone and Evan Moore, New Zealand (25.0%)
Background

The Applicant intends to develop the combined "Kahutara Downs" and "Rakanui Station" (refer Case 201010043) properties in accordance with professional business and ecological plans by improving the farming operations, planting a sustainable forest and implementing an ecological restoration programme to protect sensitive ecological values.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Enhancement of Indigenous Vegetation/Fauna
17(2)(d) – Historic Heritage
17(2)(e) – Provision of new Walking Access

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy

More informationSam Nelson
Lane Neave
PO Box 13-149
CHRISTCHURCH