DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date4 July 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.0605 hectares of land at Butterfish Bay, Paewhenua Island, SH10, Mangonui.
Consideration$375,000
ApplicantW Hereward & Co Limited
JRA & LE Nottingham & Family, Isle of Man (100.0%)
VendorPaewhenua Estates Limited
Clive Ashley Johnson, New Zealand (100.0%)
Background

The land subject to this application is in the 109ha 'Farm Park Development' on Paewhenua Island near Mangonui in Northland.

The developer's objective in creating the Paewhenua Island farm park is to create a world-class farm park development by rehabilitating a run-down bull farm and creating a vineyard as a productive element alongside a residential subdivision (thereby providing both a special environment for the residents and an amenity for the local community).

The Applicant intends to use the land for private dwellings and grounds. The acquisition will provide further capital for the continued development of the Paewhenua Island farm park.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005.

More informationHoward Thomas
Lowndes Associates
PO Box 7311
Auckland