| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 14 March 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 1.3492 hectares of land at 32-48 Hamilton Road, Queenstown (Land). |
| Total Rent | Approximately $26,865,500 (being the annual rental term multiplied by the total term of the lease and the 90 day bank bill rate) |
| Applicant | Delaware North Companies (NZ) Retail Services United States of America (97.75%) Various overseas persons (2.25%) |
| Vendor | Vendor Pinewood Village Limited New Zealand (100%) |
| Background | The Applicant is part of Delaware North, a privately owned group of companies which operate in the United States, the United Kingdom, Singapore, Australia, and New Zealand. Delaware North provides a range of services including food and beverage, gaming, parks and resort lodging, retail, special events, and venue management. The Applicant seeks to acquire a 20 year leasehold interest under a sublease from the Vendor for the Land. The Applicant is also acquiring the Pinewood Lodge backpacker accommodation business, which is built and operated on that land. The Applicant has a history of other investments in New Zealand and has proposed to inject capital and resources into developing the productive capacity and services provided by the Pinewood Lodge business operated on the Land. The Applicant has committed to capital expenditure on marketing, website, and administrative enhancements, to maintaining facilities in a higher state of repair, and to offer food services on-site. |
| More information | Jane Holland Bell Gully PO Box 4199 AUCKLAND 1140 |