Overseas investment decision for case 201410022 - Turney (Andrew Phillip), Turney (Paul Robert), Peck (Andrew Edward), Peck (Fiona Louise), and Pye (Diana May)

Two retrospective overseas investments in sensitive land in 2012, being the Applicant's acquisition of:

• a 23.78% interest in the Balrath Partnership, which owns or controls a freehold interest in approximately 780.7786 hectares of land at Barnswood Road and Hackthorne Road, Mayfair; and
• a freehold interest in approximately 14.1387 hectares of land at Arundel Rakaia Gorge Road, Ashburton.

and

An overseas investment in sensitive land, being Paul Robert Turney's acquisition of rights or interests in an additional 6.205% of the Balrath Partnership, which owns or controls a freehold interest in approximately 780.7786 hectares of land at Barnswood Road and Hackthorne Road, Mayfair.

Margaret Jane Hubbard
New Zealand (100%)

Ashburton District Council
New Zealand (100%)

Andrew Phillip Turney
United Kingdom (100%)

The Applicant is a partnership that owns Balrath Farm, which is used for dairy farming.

Two transactions have been granted consent retrospectively. The purpose of the third transaction is to correct an imbalance between two partners’ interests in the partnership.

The overseas investment transactions have satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iv) – Added efficiency and productivity

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(j) – Oversight and participation by New Zealanders