| Decision number | 200610004 |
|---|---|
| Application number | 200610002 |
| Date | 24 January 2006 |
| Offeror/applicant | Belcaster Trading Trust |
| Ultimate applicant beneficial ownership | 100 percent - United States of America, Belcaster (Paul Arthur) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Ormsby (Clynton Cowley and Miriama Bevelyn) of New Zealand |
| Business activities | Lifestyle Property |
| Details of land involved | 19.6345 hectares of freehold situated at 521 McLaren Falls Road, Tauranga being CT SA36D/992 (South Auckland Registry). |
| Regions involved | Bay of Plenty/Coromandel |
| Total consideration | $763,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The trustee of the Applicant, Mr Paul Belcaster, and family are currently residing in New Zealand and are in the process of applying for New Zealand permanent residency under the Skilled Migrant category. The land is currently utilised by the vendors for grazing and hay making. The Applicant intends to undertake a lifestyle block development upon the land. The Applicants are demonstrating a commitment to New Zealand through applying for and taking up New Zealand permanent residency. |
| Contact | Nicola Scott Lyon O'Neale Arnold PO Box 746 TAURANGA |