DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision Date7 June 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 18.0722 hectares of land at 163 Opito Bay Road, Kerikeri, Northland.
Consideration$4,050,000
ApplicantAndrea and Malgorzata Calantzopoulos
Switzerland (100%)
VendorJenifer Eva Easton and Roderick Roy MacCarthy as Executors of the Estate of Eva Elizabeth MacCarthy
New Zealand (100%)
Background

Mr. and Mrs. Calantzopoulos plan to build a home where they can stay when visiting a farm that they recently obtained consent to acquire (Case 201620062).

They have committed to protecting and enhancing significant indigenous vegetation and fauna on the land with a QEII covenant for two significant areas of indigenous forest, as well as sponsoring a new kiwi protection programme on the Kerikeri Peninsula in Northland. These proposals will also give effect to or advance two significant government policies or strategies, being the Predator Free NZ 2050 strategy and the Kiwi Recovery Plan, and are also likely to result in the creation of a small number of short term job opportunities in New Zealand.

In addition, they will work with the Walking Access Commission and fund the creation of new public access to two bays near the land.

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)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

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

More informationCatherine Reid
Barrister