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 8.9585 hectares of land at Ellen Johnson Terrace, Lake Hayes, Queenstown; together with a 14/60th share as tenants in common in 149.2296 hectares of land at Marshall Avenue, Lake Hayes, Queenstown.
Consideration$2,500,000
ApplicantJustin Alan Crane and Kirsty Mactaggart
United Kingdom (100.0%)
VendorThreepwood Nominees Limited
Bruce Donald Gemmell, New Zealand (100.0%)
Background

The Applicant intends to undertake a major restoration of, and make additions to, the historic Threepwood Homestead to make it suitable as a long term residence.  The Applicant also intends to fund and facilitate a wetland restoration project at Lake Hayes.

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)(d) – Historic heritage

Overseas Investment Regulations 2005
28(a) – Consequential benefits

More informationJohn Brown
Brown Partners Lawyers
PO Box 1496
Shortland Street
Auckland 1140