Decision

Consent granted

Section 12(a) Overseas Investment Act 2005
Decision Date28 August 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 39.9136 hectares of land at Walter Peak Station, Mount Nicholas-Beach Road, Walter Peak, Lake Wakatipu, Queenstown.
Consideration$14,850,000
Applicant

Timothy Andrew Roberts/100WPS Limited
Timothy Andrew Roberts, Australia (100.0%)

Vendor

Walter Peak Corporate Trustee Limited as Trustee of the Walter Peak Station Trust
Morris Salomon Kahn, Israel (52.8%)
Shmuel Meitar, Israel (37.2%)
David Simon Kahn, Israel (10.0%)

Background

The Applicant has satisfied the OIO that he intends to obtain New Zealand residency and reside in New Zealand indefinitely. 

Overseas persons intending to reside in New Zealand indefinitely are not required to show that their investment in sensitive land is likely to benefit New Zealand. This is because the ownership of that land will assist new migrants to settle in New Zealand and the benefits of the proposed migration will be considered under immigration legislation

More information

Catherine Reid
Barrister
catherine@catherinereid.co.nz