DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date5 March 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 11.085 hectares of land at 46 Cornish Point Road, Bannockburn, Central Otago.
Consideration$2,878,000
ApplicantBeecom (NZ) Limited
Isao Mita, Japan (71%)
Yasuhiro Mita, Japan (23%)
Yuka Mita, Japan (3%)
Chiho Tsukada, Japan (3%)
VendorBlair Linn and Estelle Jeanette Hunt
New Zealand (100%)
Background

The Applicant seeks consent to acquire a 11.085 hectare vineyard in Central Otago known as Bald Hills. Bald Hills is a boutique vineyard currently planted with 7 hectares of grape vines. The Applicant plans to expand the vineyard by planting an additional 2 hectares of grape vines and export the majority of wine produced to overseas markets such as Japan.

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) – 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

More informationTara Wylie
Simpson Grierson
Private Bag 92518
AUCKLAND 1141