Overseas investment decision for case 200520065 - MLP LLC

To acquire:

1. an estate or interest in land which forms part of an island; and
2. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is deemed a heritage or historic area.

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Applicant owns farmland in the Bay of Islands comprising 338.2812 hectares known as Mountain Landing. On 18 February 2005, a resource consent was granted by the Far North District Council in respect of a 39 lot subdivision of Mountain Landing. The Applicant intend to develop Mountain Landing into an integrated farm and residential lifestyle community, including a high-quality, lifestyle subdivision, with access to the coastal amenities afforded by its location. Significant conservation initiatives also underlie the proposed development including the registration of a covenant over part of the land and considerable work on identifying and recording archaeological sites. The Applicant plans to seek resource consent to build a lodge in mid-2006, with completion estimated to be completed at the end of 2007.

The Applicant proposes to acquire Motuapo Island, a protected private scenic reserve subject to the Reserves Act 1977, which is situated approximately 400 metres off the foreshore of the Mountain Landing property. The Applicant views the inclusion of the Island in the overall Mountain Landing proposal as an important step in the development plans. The Applicant proposes to refurbish the existing dwelling on the Island to provide a premium eco-retreat accommodation to be run in conjunction with the Mountain Landing lodge.

The proposal is likely to result in the following benefits:

1. the creation of new employment opportunities;
2. the introduction of development capital; and
3. the refurbishment of the dwelling which will provide enhanced domestic services to tourists.