Applicant
Leisure Investments NZ Limited Partnership
Case number(s)
201610013
201510068
Decision date
Type
Decision
Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision Date 2 March 2016
Investment

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

  • a leasehold interest in 358.1248 hectares of land at 225 & 365 Worsleys Rd, Christchurch; and
  • a freehold interest in 358.1248 hectares of land at 225 & 365 Worsleys Rd, Christchurch.
Consideration Rental payments – $10,687,410
Freehold interest - $10,000,000
Applicant Leisure Investments NZ Limited Partnership
Various New Zealand Individuals, New Zealand (32.85%)
Fiona Sutton, United Kingdom (20%)
Christchurch City Council, New Zealand (14.29%)
Jianping Wang, China, People's Republic of (14.29%)
Various overseas persons (8.57%)
Jeremy Charles Fry, Canada (5%)
Philippa Mary Fry, Canada (5%)
Vendor McVicar Holdings Limited
Gary Neil McVicar, New Zealand (100.0%)
Background

The Applicant is leasing the Land, with an option to purchase. The Applicant will develop what will be the largest downhill mountain bike and adventure park in the Southern Hemisphere. The Investment is likely to result in the creation of numerous jobs and the introduction into New Zealand of considerable investment for development purposes.

The overseas investment transaction has 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)(i) – Jobs
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(i) – Economic interests
More information Michael Dickie
Cavell Leitch
PO Box 799
Christchurch 8140