| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 1 December 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 26.9954 hectares of land at 609A & 609B Orapiu Road, Waiheke Island. |
| Consideration | $7,300,000 |
| Applicant | James Rudolph Baron Palumbo of Southwark (Lord Palumbo) United Kingdom (100%) |
| Vendors | Casterton No.1 Trust and Casterton No.2 Trust (1/2 share) Collow Family Trust (1/2 share) |
| Background | The Applicant plans to acquire the land for the purpose of developing an artist’s retreat for musicians. As part of the development the Applicant also intends to restore and enhance the indigenous vegetation on the land. 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 |
| More information | John Brown Brown Partners PO Box 1496 Shortland Street Auckland 1140 |