| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 December 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 39.6505 hectares of land at Walter Peak, Queenstown. |
| Consideration | $3,850,000 |
| Applicant | Morris Salomon Kahn, Shmuel Meitar, Benjamin Yehoshua Kahn and David Simon Kahn Israel (100%) |
| Vendor | Walter Peak Developments Limited (In Receivership and Liquidation) Justin Stanley Russell, New Zealand (50.0%) Roderick William Guthrie Nielsen, New Zealand (50.0%) |
| Background | The Applicants are the beneficial owners of Walter Peak Station (a high country farming operation near Queenstown). This application relates to their acquisition of around 39 ha of adjoining land which they sold to a New Zealand property developer in 2006 (formerly part of Walter Peak Station). The property developer holds a resource consent to construct cottages and a lodge on the land. However, the property developer is now in receivership and liquidation and cannot progress the project. The Applicants are re-acquiring the land in order to complete an extensive indigenous planting programme, as well as other infrastructure improvements, required under the resource consent. They also intend to integrate the land back into its Walter Peak Station farming operation (the land currently has no productive use). 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 | John Williamson Checketts McKay PO Box 41 ALEXANDRA |