| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 April 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | 8.67 ha of freeland located at 6 Willowbank Road, Queensberry, Central Otago |
| Asset Value | $1,050,000 |
| Applicant | Joval Wine Group (NZ) Limited Australia (100%) |
| Vendor | Alistair Neil McLeod, Karen Margaret McLeod and GCA Legal Trustee 2008 Limited as trustees of the Egilshay Trust New Zealand (100%) |
| Background | Joval Wine Group Limited has been granted consent to expand its vineyard in Central Otago by acquiring a neighbouring property. The vineyard will be used to grow Pinot Noir grapes for its award winning ‘Nanny Goat’ premium wine brand. The Applicant will be converting the land from stock grazing land to a new vineyard at development cost of approximately $400,000. The expansion will provide security of grape supply and will enable more efficient operation of the vineyards due to economies of scale. Opening up the Australian market to Central Otago wines is likely to benefit the New Zealand wine industry generally. The Applicant has the ability (through its distribution channels) to place its products at the premium end of the market. The Applicant also has the potential to raise the profile of the region through promoting its award-winning Nanny Goat brand. The Applicant has established distribution networks in the Australian premium wines market and estimates that the new vineyard will provide approximately $300,000 per annum in additional export returns. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |