DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date24 September 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 273.5347 hectares of land at Awatere Valley Road, Marlborough.
Consideration$17,000,000
ApplicantCraggy Range Vineyards Limited
Terrence Elmore Peabody, Australia (99.0%)
Stephen Mark Smith, New Zealand (1.0%)
VendorBlack Birch Holdings Limited
Lisa Marie Cooper, New Zealand (100.0%)
Background

The investment will allow the Applicant to expand and develop its export wine markets. It will also provide the Applicant with security of grape supply for its existing winery.

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 of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) - Greater productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(e) – Previous investments
28(i) – Economic interests

More informationJohn Brown
Brown PartnersLawyers
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