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 Lot 20 at Closeburn Station, Queenstown, being an estate in fee simple in approximately 0.4491 hectares of land, together with an estate in fee simple in a 1/27 undivided interest in approximately 1,002.678 of land at Closeburn Station.
Consideration$3,000,000
ApplicantMontpier Investments Pty Limited
Philip and Kristen Richards family, Australia (100%)
VendorDavid Salman and Walter Jared Frost
Indonesia (100%)
Background

The Applicant has been granted consent to acquire a residential lot at Closeburn Station. Closeburn Station is a rural subdivision comprising 27 residential lots with the balance of the property being a high country sheep and beef farm. Each residential lot owner also owns a 1/27 undivided interest in the 1,002.678 hectare farm. Each owner pays annual levies which support the on-going operation and viability of the farm.

The development of Closeburn Station in the late 1990’s involved significant investment into the farming operation, turning a once marginal sheep and beef farm into a well maintained and sustainable operation while improving environmental standards.

The Applicant plans to construct a residence on the Land for use while they are in New Zealand overseeing the continuation and enhancement of their family business interests here. The family business is a waste management operation which has steadily expanded over the years and now employs a significant number of employees in New Zealand.

As a result of the investment, the Applicant will also provide on-going support to regional efforts to control the spread of wilding pines, which threaten and replace native beech forests and tussock (among other things) in the Queenstown area including on Closeburn Station.

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 Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments

More informationMatthew Edwards
Berry & Co
PO Box 179
QUEENSTOWN 9348