DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date2 May 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 316.4155 hectares of land at 489 Pungaere Road, Waipapa, Northland.
Consideration$8,500,000
ApplicantAndrea and Malgorzata Calantzopoulos
Switzerland (100%)
VendorPukenui Holdings Limited
Bonham (Haydn Kerwin and Joanne Margaret) as trustees of the H & J Family Trust, New Zealand (98.0%)
Joanne Margaret Bonham, New Zealand (1.0%)
Haydn Kerwin Bonham, New Zealand (1.0%)
Background

Mr and Mrs Calantzopoulos plan to farm the land in accordance with permaculture principles for breeding beef cattle and sheep.

They are committed to protecting and enhancing significant indigenous vegetation and fauna, both on the land and its surrounds, with the legal protection of a QEII covenant for two significant areas of indigenous forest, additional fencing for other areas of significant indigenous vegetation, native plantings along the Kerikeri River, and pest control across all of the land and surrounding forest fragments in order to create a predator free corridor from the land to the nearby Puketi Forest. These proposals will also give effect to or advance two significant government policies or strategies, being the Predator Free Policy and the Kiwi Recovery Plan.

In addition, they plan to provide or improve walking access over the land, with mechanisms such as a poled walkway route, an esplanade strip beside the Kerikeri River.

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
17(2)(e) – Walking access
17(2)(f) – Offer to sell seabed/foreshore/riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy

More informationCatherine Reid
Barrister
Last Updated: 8 June 2018