DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date19 September 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 6.5120 hectares of land at 277 Grasslands Drive, Cambridge.
Consideration$950,000
ApplicantNZ Rural Holdings Limited
Benedict Nga-Yan Sin, Australia (100.0%)
VendorBells Feed & Grain Limited
Michele Louise Bell, New Zealand (50.0%)
John William Bell, New Zealand (50.0%)
Background

The Applicant intends to further develop the bloodstock business operated on the property. This is likely to result in new job opportunities, increased exports of race horses from New Zealand and the introduction of additional capital for development purposes.

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

Overseas Investment Act 2005
17(2)(a)(i) – Creation of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes

More informationMartin Thomson
DLA Phillips Fox
PO Box 160
AUCKLAND