| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 August 2014 |
| Investment | An overseas investment in sensitive land, being New Zermatt Properties Limited’s acquisition of a freehold interest in approximately 3.5585 hectares of land at lots 6 and 8 Forestlines Subdivision, Queenstown. |
| Consideration | $1,119,565 |
| Applicant | Richard Anthony Magides, Ariane Brigitte Roulet Magides and New Zermatt Properties Limited Richard Anthony Magides, United Kingdom (50%)Ariane Brigitte Magides, Switzerland (50%) |
| Vendor | Glaisnock Limited New Zealand (100%) |
| Background | The Applicant is acquiring lots 6 and 8 of Forestlines Subdivision (“Forestlines”) in Queenstown. As a result of this transaction, the Applicant will commence the development of a luxury lodge at Forestlines. This investment follows earlier investments by the Applicant which also involved the development of luxury accommodation (refer cases 201120086 and 201310022). 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 | Matthew Edwards Berry & Co PO Box 179 QUEENSTOWN 9348 |