Applicant
Aro Ha Group
Case number(s)
201110085
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date9 November 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 6.5997 hectares of land at Wyuna Preserve, Queenstown.
Consideration$5,000,000
ApplicantAro Ha Group (being Aro Ha Custodians Limited, Aro Ha Investment Trust and Aro Ha Limited)
Christopher Bailey Madison, Elizabeth Fening Madison and William Damian Chaparro, United States of America (100.0%)
VendorWyuna Station Joint Venture
Cabo Limited, New Zealand (60.0%)
Pisidia Holdings Limited, New Zealand (40.0%)
Background

The Applicant is acquiring the land in order to establish a sustainable world class health retreat which will provide accommodation for up to 32 guests.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous Vegetation/Fauna

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(g) – Enhance the viability of other investments

More informationStephan Bosman
Sharp Tudhope
Private Bag 12020
TAURANGA