DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date13 March 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,037.3361 hectares of land at 404 Armstrong Road, Whatatutu, Gisborne.
Consideration$5,500,000
ApplicantTe Hau Station Limited
Phillip Maxwell Colebatch, Australia (100%)
VendorBremner Pastoral Properties Limited
William Andrew Douglas Bremner, New Zealand (50%)
Rosemary Jane Bremner, New Zealand (50%)
Background

The Applicant has been granted consent to acquire a 1,037 hectare sheep and beef farm known as Wheturau Station. The Applicant plans to integrate Wheturau Station into its existing farming operation (which includes an adjoining farm) and implement a range of environmental initiatives.

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)(iv) – Greater efficiency
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationAndrew Petersen
Bell Gully
PO Box 4199
AUCKLAND 1140