| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 February 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 5.8449 hectares of land at Westbank Road, Pokororo, Motueka Valley. |
| Consideration | $702,000 |
| Applicant | Kenneth Giles McDermott, Kathleen McDermott and Philip William Earl Donaldson as trustees of the Fair Hill Trust United States of America (100%) |
| Vendor | John Green, Marguerite Green and Fletcher Vautier Moore Trustees Limited as trustees of the J H & M H Green Family Trust New Zealand (100%) |
| Background | The Applicant owns and operates a farm on three properties in Pokororo and Motueka, which were acquired in 2003 and 2006. The Applicant seeks to purchase this land as it is adjacent to the properties it already owns and intends to incorporate it into the existing farming operation. The Applicant considers that the additional grazing land will provide greater flexibility for the farming operation. An ecological restoration project is also intended to be undertaken on the land, including riparian fencing and restorative planting. 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 Overseas Investment Regulations 2005 |
| More information | Max Tait Fletcher Vautier Moore PO Box 23 MOTUEKA 7143 |