DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date11 January 2016
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 19.1536 hectares of land at 761 Malaghans Road, Arrowtown.
Consideration$2,700,000
ApplicantGlenorchy Homestead Limited
Malaysia (85.0%) Singapore (15.0%)
VendorPaul Adrian Davies
New Zealand (100%)
Background

The Applicant intends to acquire the property for use as a home by the persons with control of the Applicant when they visit New Zealand.

The Applicant will consult with the Department of Conservation (“DOC”) to determine what the Applicant can reasonably do to protect or enhance any existing areas of significant indigenous vegetation or significant habitats of indigenous fauna on the land, and implement (at the Applicant’s cost) any environmental protection reasonably recommended by DOC.

The Applicant will also make a $100,000.00 donation to the Wakatipu High School Foundation which must be used to provide financial assistance or hardship allowances for students at the school.

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)(b) – Indigenous vegetation/fauna

Overseas Investment Regulations 2005
28(a) – Consequential benefits

More informationElliot Goldman
Goldman Legal
PO Box 1399
Queenstown