Applicant
Lakes Marina Projects Limited
Case number(s)
201520095
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision Date6 April 2016
Investment

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

  • a leasehold interest in approximately 0.7660 hectares of land at Sugar Lane, Frankton, Queenstown; and
  • a leasehold interest in approximately 6.9481 hectares of land at Part of Lake Wakatipu.
Approximate total lease consideration$3,000,000
ApplicantLakes Marina Projects Limited
Nasser Barabi, United States of America (40.0%)
Iraj Barabi, United States of America (40.0%)
Alan John Kirker, New Zealand (20.0%)
Vendor

Queenstown Lakes District Council
New Zealand (100%)

Her Majesty the Queen (through the Commissioner of Crown Lands)
New Zealand (100%)

Background

The Applicant intends to develop and operate a marina on the onshore and lake bed land.

The Applicant has received the necessary resource consents from the Queenstown Lakes District Council and the Otago Regional Council to undertake the development of the marina.

Stage One of the marina development will include the development of 77 marina berths, 17 floating sheds, 4 buildings on land, a wave attenuator (breakwater), a fuelling station, and a carpark that will accommodate up to 136 vehicles.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The ‘benefit to New Zealand’ criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(iv) – Added market competition, greater efficiency, greater productivity or enhanced domestic services
17(2)(e) – Walking access

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

More informationJoe M Windmeyer and Ryan Turner
Russell McVeagh
PO Box 8
AUCKLAND