| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 11 September 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 769 hectares of sensitive land located at 545 Waiwhero Road, near Motueka, known as “Paratiho estate”. |
| Consideration | $18,000,000 |
| Applicant | Church Street Trustee Limited Jean-Pierre Fourcade, French Polynesia (100.0%) |
| Vendor | Paratiho Limited Sabine Marita Whitson, United Kingdom (50.0%) Keith Roderick Whitson, United Kingdom (50.0%) |
| Background | The Applicant’s owner is a citizen of France and a resident of French Polynesia. The Applicant seeks to purchase Paratiho estate as a lifestyle property and a working farm. Sheep, cattle and deer are currently bred and fattened on the farm. The Applicant plans to undertake a capital fertiliser program on the farm, with the goal of significantly increasing stock numbers. There will be a particular focus on increasing deer numbers. The Applicant also plans to establish a brand new vineyard on the property. The developments planned by the Applicant are likely to result in the creation of at least 3 new full time equivalent jobs. The Applicant also plans to protect 13 areas of the land, comprising forest, treeland and wetland, and identified as having high ecological value. The Applicant will also arrange for five blocks on the land to be protected with Queen Elizabeth II National Trust covenants. Additionally, two new access strips will be established by the Applicant, in consultation with the New Zealand Walking Access Commission. |
| More information | Catherine Reid Steve Rutherford PO Box 2330 |