Overseas investment decision for case 202400405 - Accolade Wines New Zealand Limited

Acquisition of the wine business and assets owned by the Vendor in relation to its wine business in New Zealand.

An overseas investment in sensitive land, being the acquisition of:

Freehold interest in: 
1.    approximately 7 hectares of land located at 112 Tironui Drive and 150 Church Road, Taradale, Hawke's Bay. 
2.    approximately 25 hectares of land located at Liverpool Street, Riverlands, Marlborough. 
3.    approximately 48 hectares of land located at 482-518 Tuki Tuki Road, Haumoana, Hawke's Bay.
4.    approximately 154 hectares of land located at Roy Hills Road, Ngatarawa, Hawke's Bay. 

Leasehold interest in:
5.    approximately 218 hectares of land located at Conders Bend Road and State Highway, Renwick, Marlborough. 
6.    approximately 29 hectares of land located at 38 Giffords Creek Lane, Rapaura, Marlborough. 
7.    approximately 60 hectares of land located at 368 Te Mata Maungateretere Road, Havelock North, Hawke's Bay. 
8.    approximately 96 hectares of land located at Conders Bend, Marlborough. 
9.    approximately 150 hectares of land at Conders Bend Road and State Highway 6, Conders Bend, Marlborough. 
10.    approximately 88 hectares of land located at Conders Bend, Marlborough.

Freehold and/or leasehold interest in: 
11.    approximately 361 hectares of land located at 110 & 327 Brancott Road, Fairhall, Marlborough. 
12.    approximately 213 hectares of land located at 412 Rapaura Road and 299 Jacksons Road, Rapaura, Marlborough.
13.    approximately 127 hectares of land located at 91 Lanark Lane, 117 Bedford Road, and Conders Bend Road, Renwick, Marlborough. 
14.    approximately 80 hectares of land located at 787 Seaview Road, Seddon, Marlborough. 
15.    approximately 363 hectares of land located at 787 Seaview Road, Seddon, Marlborough. 
16.    approximately 106 hectares of land located at 106 Steam Wharf Road, Stanford Street, 179 Vickerman Street, 91 Jones Road, and 92 Lower Wairau Road, Grovetown, Marlborough. 
17.    approximately 42 hectares of land located at 149 Omarunui Road, Waiohiki, Hawke's Bay.
18.    approximately 215 hectares of land located at 1905 Matapiro Road, Crownthorpe, Hawke's Bay. 
19.    approximately 78 hectares of land located at 28 Kings Road, Waipara, North Canterbury. 
20.    approximately 162 hectares of land located at 460 Glasnevin Road, Waipara, North Canterbury. 
 

The Applicant is part of Accolade Group, an Australian-based global premium wine company.

The land is currently used as part of the Vendor's NZ wine business concerning 2 wineries and 18 vineyards.

The acquisition of the New Zealand assets is part of a global transaction for the sale of the Vendor's wine business which includes other assets located in Spain and Australia.

The Applicant will redevelop vineyards that are nearing the end of their productive life in 2025 to 2027.

The key benefits that will likely result from this investment are new and retained jobs, and increased capital investment, production and export receipts.

Consent was granted as the Applicant met the investor test criterion and the investment is likely to benefit New Zealand.